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Registered number: 12586745
Isaac Poulton Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12586745
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,645 5,543
3,645 5,543
CURRENT ASSETS
Debtors 5 26,021 11,006
Cash at bank and in hand 2,791 4,711
28,812 15,717
Creditors: Amounts Falling Due Within One Year 6 (27,427 ) (19,695 )
NET CURRENT ASSETS (LIABILITIES) 1,385 (3,978 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,030 1,565
PROVISIONS FOR LIABILITIES
Deferred Taxation (729 ) (1,219 )
NET ASSETS 4,301 346
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 4,201 246
SHAREHOLDERS' FUNDS 4,301 346
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr I D Poulton
Director
21 December 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Isaac Poulton Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
When the outcome of a transaction can be estimated reliably, turnover from IT Services is recognised by reference to the stage of completion at the balance sheet date.  
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributeable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Computer Equipment 33% Straight Line
2.4. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
2.5. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2.6. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 June 2023 13,233
Additions 1,963
As at 31 May 2024 15,196
Depreciation
As at 1 June 2023 7,690
Provided during the period 3,861
As at 31 May 2024 11,551
Net Book Value
As at 31 May 2024 3,645
As at 1 June 2023 5,543
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,552 11,006
Director's loan account 15,469 -
26,021 11,006
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 25,546 17,709
Other taxes and social security - 63
Accruals and deferred income 1,881 1,757
Director's loan account - 166
27,427 19,695
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Isaac Poulton (166 ) 15,949 (312 ) - 15,471
The directors loan has been provided at the beneficial loan rate of interest of 2.25%. These loans are repayable on demand.
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