Company registration number 05489935 (England and Wales)
IUSOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
IUSOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
The following pages do not form part of the statutory financial statements
IUSOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
181
213
Investment property
5
525,000
495,000
525,181
495,213
Current assets
Debtors
6
185
58
Cash at bank and in hand
103,401
102,322
103,586
102,380
Creditors: amounts falling due within one year
7
(2,112)
(807)
Net current assets
101,474
101,573
Total assets less current liabilities
626,655
596,786
Provisions for liabilities
(38,100)
(24,200)
Net assets
588,555
572,586
Capital and reserves
Called up share capital
9
100
100
Non-distributable reserve
10
146,087
129,987
Distributable profit and loss reserves
11
442,368
442,499
Total equity
588,555
572,586

The notes on pages 3 to 6 form part of these financial statements.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

IUSOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
Mr I Uddin
Director
Company registration number 05489935 (England and Wales)
IUSOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

iUSolutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, and is stated net of discounts and of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office equipment
15% reducing balance
Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. If 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.

IUSOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
1,600
2,042
3,642
Depreciation and impairment
At 1 May 2023
1,388
2,041
3,429
Depreciation charged in the year
32
-
0
32
At 30 April 2024
1,420
2,041
3,461
Carrying amount
At 30 April 2024
180
1
181
At 30 April 2023
212
1
213
IUSOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
5
Investment property
2024
£
Fair value
At 1 May 2023
495,000
Revaluations
30,000
At 30 April 2024
525,000

Investment property is valued by the director, Mr I Uddin.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
185
-
0
Other debtors
-
58
185
58
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
90
413
Other taxation and social security
1,296
-
0
Other creditors
726
394
2,112
807
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
38,100
24,200
2024
Movements in the year:
£
Liability at 1 May 2023
24,200
Charge to profit or loss
13,900
Liability at 30 April 2024
38,100
IUSOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Non-distributable reserve
2024
2023
£
£
At the beginning of the year
129,987
-
Non distributable profits in the year
16,100
129,987
At the end of the year
146,087
129,987
11
Profit and loss reserves

Included within profit and loss reserves are non-distributable profits of £146,087 (2023: £129,987) as set out in note 13 above.

12
Related party transactions

Included in creditors is a director's loan of £624 (2023: £333) which is unsecured, repayable on demand and currently interest free.


The company is controlled by the director.

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