REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Isa-Lea Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Isa-Lea Limited |
Isa-Lea Limited (Registered number: 00268515) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Isa-Lea Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Colwick Quays |
Colwick |
Nottingham |
Nottinghamshire |
NG4 2JY |
Isa-Lea Limited (Registered number: 00268515) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Isa-Lea Limited (Registered number: 00268515) |
Balance Sheet - continued |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Capital redemption reserve |
Non distributable reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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 were approved by the Board of Directors and authorised for issue on |
Isa-Lea Limited (Registered number: 00268515) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Isa-Lea Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Isa-Lea Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover, which excludes value added tax, represents the invoiced value of goods and services provided and the work executed on contract business. |
Intangible assets - goodwill |
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is three years. Provision is made for any impairment. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Freehold buildings | - 2% on straight line basis |
Leasehold property improvements | - 25% on reducing balance basis |
Plant and machinery | - 15% on reducing balance basis |
Fixtures and fittings | - 25% on reducing balance basis |
Motor vehicles | - 25% on reducing balance basis |
Equipment for rental | - 20% and 25% on straight line basis |
No depreciation is provided on freehold land. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised through total comprehensive income. |
The fair value is ascertained by consideration of market evidence for similar properties in the same location and condition. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Isa-Lea Limited (Registered number: 00268515) |
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. |
Pension costs and other post-retirement benefits |
The company operates defined contribution schemes for the director and employees. The assets of the schemes are managed and held separately from those of the company. Contributions to the schemes are charged against revenue in the year in which they are payable. |
Non distributable reserve |
The non distributable reserve consists of the fair value adjustment to investment properties net of deferred tax provision on any potential gains. |
Operating leases |
i) As lessor |
Assets on rental and service contracts are capitalised and depreciated. Rentals receivable are credited to the profit and loss account over the lease term, on a straight line basis from the date of inception. Amounts received in advance are shown as deferred income. |
ii) As lessee |
Lease payments are charged to the profit and loss account on a straight line basis over the lease term. |
Finance leases |
Leasing agreements (including equivalent hire purchase or finance agreements) which transfer substantially all the benefits and risks of ownership of an asset are treated as if the asset had been purchased outright. The asset is included in fixed assets and the capital element of the leasing commitments shown within the balance sheet as a liability. The lease rentals are treated as consisting of capital and interest elements. The capital element is applied to reduce the outstanding obligations and the interest element is charged against profit in proportion to the reducing capital outstanding. Assets held under finance leases are depreciated over the useful economic lives of the equivalent owned assets, or period of lease if shorter. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Isa-Lea Limited (Registered number: 00268515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Included in cost of land and buildings is freehold land of £ 2,692 (2023 - £ 2,692 ) which is not depreciated. |
Isa-Lea Limited (Registered number: 00268515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 64-66 Outram Street, Sutton in Ashfield, Nottinghamshire, NG17 4FS |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Isa-Lea Limited (Registered number: 00268515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: 64-66 Outram Street, Sutton in Ashfield, Nottinghamshire, NG17 4FS |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The investment properties were valued on a fair value basis on 31 May 2024 by the directors. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Isa-Lea Limited (Registered number: 00268515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans after 5 years | 343,191 | 397,162 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
Invoice financing facility | 268,010 | 391,692 |
Hire purchase contracts | 82,148 | 154,109 |
The bank borrowing is secured by a debenture from Isa-Lea Limited over all of its assets and undertaking and legal charges over certain of the company's freehold properties |
The invoice financing facility is provided by RBS Invoice Finance Limited and is secured on the trade debtors of Isa-Lea Limited. |
Obligations under hire purchase contracts are secured on the assets concerned. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 800 | 800 |