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Registered number: 6651127
ISSI Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Hiller Associates
F.M.A.A.T, A.T.T
7 Kingshill Avenue
St Albans
AL4 9QE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 6651127
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,195 1,140
1,195 1,140
CURRENT ASSETS
Stocks 5 3,530 4,803
Debtors 6 5,078 752
Cash at bank and in hand 18,911 30,116
27,519 35,671
Creditors: Amounts Falling Due Within One Year 7 (22,869 ) (20,922 )
NET CURRENT ASSETS (LIABILITIES) 4,650 14,749
TOTAL ASSETS LESS CURRENT LIABILITIES 5,845 15,889
Creditors: Amounts Falling Due After More Than One Year 8 (4,620 ) (10,296 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (227 ) (217 )
NET ASSETS 998 5,376
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 997 5,375
SHAREHOLDERS' FUNDS 998 5,376
Page 1
Page 2
For the year ending 30 September 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 her 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
Miss Natalie Shapton
Director
04/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
ISSI Limited is a private company, limited by shares, incorporated in England & Wales, registered number 6651127 . The registered office is 95 Fore Street, Hertford, Hertfordshire, SG14 1AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has purchased the goods.
Rendering of services
Turnover from the rendering of services is recognised at the completion of the service.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Directors & Employees 4 5
4 5
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 9,049 2,274 1,230 12,553
Additions - 727 - 727
As at 30 September 2024 9,049 3,001 1,230 13,280
Depreciation
As at 1 October 2023 7,909 2,274 1,230 11,413
Provided during the period 490 182 - 672
As at 30 September 2024 8,399 2,456 1,230 12,085
Net Book Value
As at 30 September 2024 650 545 - 1,195
As at 1 October 2023 1,140 - - 1,140
5. Stocks
2024 2023
£ £
Stock 3,530 4,803
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 752 752
Other debtors 1,094 -
Director's loan account 3,232 -
5,078 752
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,008 1,928
Bank loans and overdrafts 5,650 5,650
Other taxes and social security 12,340 12,189
Other creditors 1,171 72
Accruals and deferred income 700 700
Director's loan account - 383
22,869 20,922
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,620 10,296
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Miss Natalie Shapton - 3,240 - - 3,240
The above loan is unsecured, interest free and repayable on demand.
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