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REGISTERED NUMBER: 03195800 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

ISOL LIMITED

ISOL LIMITED (REGISTERED NUMBER: 03195800)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ISOL LIMITED

COMPANY INFORMATION
for the Year Ended 31 May 2024







DIRECTOR: Mr M A Sheehan





SECRETARY: Mr M A Sheehan





REGISTERED OFFICE: 20 Cumberland Mansions
West End Lane
West Hampstead
London
NW6 1LL





REGISTERED NUMBER: 03195800 (England and Wales)





ACCOUNTANTS: Chartswood Limited
Chartered Certified Accountants
6b Parkway
Porters Wood
St Albans
Hertfordshire
AL3 6PA

ISOL LIMITED (REGISTERED NUMBER: 03195800)

BALANCE SHEET
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 825,000 931,000

CURRENT ASSETS
Cash at bank 2,285 769

CREDITORS
Amounts falling due within one year 5 12,433 13,588
NET CURRENT LIABILITIES (10,148 ) (12,819 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

814,852

918,181

PROVISIONS FOR LIABILITIES 6 42,724 62,864
NET ASSETS 772,128 855,317

CAPITAL AND RESERVES
Called up share capital 7 2 2
Revaluation reserve 8 390,541 476,401
Retained earnings 8 381,585 378,914
SHAREHOLDERS' FUNDS 772,128 855,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2024 and were signed by:




Mr M A Sheehan - Director


ISOL LIMITED (REGISTERED NUMBER: 03195800)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Isol Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

ISOL LIMITED (REGISTERED NUMBER: 03195800)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1 June 2023 931,000
Revaluations (106,000 )
At 31 May 2024 825,000
NET BOOK VALUE
At 31 May 2024 825,000
At 31 May 2023 931,000

Cost or valuation at 31 May 2024 is represented by:

Freehold
property
£   
Valuation in 2017 539,265
Valuation in 2024 (106,000 )
Cost 391,735
825,000

Freehold land and buildings were valued on an open market basis on 31 May 2024 by the directors .

ISOL LIMITED (REGISTERED NUMBER: 03195800)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Taxation 2,706 2,408
Other creditors 7,500 -
Directors' current accounts 1,027 9,980
Accruals and deferred income 1,200 1,200
12,433 13,588

6. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax
Accelerated capital allowances 42,724 62,864

Deferred
tax
£   
Balance at 1 June 2023 62,864
Credit to Statement of Income and Retained Earnings during year (20,140 )
Balance at 31 May 2024 42,724

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
2 Ordinary £1 2 2

8. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2023 378,914 476,401 855,315
Profit for the year 2,671 2,671
Revaluation for year - (106,000 ) (106,000 )
Deferred tax on revaluation - 20,140 20,140
At 31 May 2024 381,585 390,541 772,126