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I-Stage Limited

Registered Number
08520426
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

I-Stage Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

David Anthony Waite
Paul Waite

Company Secretary

Paul Waite

Registered Address

Unit 4 Mason Court
Gillan Way
Penrith
CA11 9GR

Place of Business

JC5, Jupiter Centre

North East Business & Innovation Centre

Wearfield

Sunderland

SR5 2TA


Registered Number

08520426 (England and Wales)
I-Stage Limited
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets44,9687,451
Tangible assets653,84125,703
58,80933,154
Current assets
Debtors8218,922187,054
Cash at bank and on hand50,46354,746
269,385241,800
Creditors amounts falling due within one year9(262,876)(235,058)
Net current assets (liabilities)6,5096,742
Total assets less current liabilities65,31839,896
Creditors amounts falling due after one year10(39,753)(98,389)
Provisions for liabilities12(14,268)(4,883)
Net assets11,297(63,376)
Capital and reserves
Called up share capital6060
Profit and loss account11,237(63,436)
Shareholders' funds11,297(63,376)
The financial statements were approved and authorised for issue by the Board of Directors on 13 February 2025, and are signed on its behalf by:
David Anthony Waite
Director
Paul Waite
Director

Registered Company No. 08520426
I-Stage Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery33
Vehicles25
Office Equipment25
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
2.Average number of employees

20242023
Average number of employees during the year67
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Other

Total

££
Cost or valuation
At 01 June 2314,90014,900
At 31 May 2414,90014,900
Amortisation and impairment
At 01 June 237,4497,449
Charge for year2,4832,483
At 31 May 249,9329,932
Net book value
At 31 May 244,9684,968
At 31 May 237,4517,451
5.Useful life of intangible assets
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: - Six years straight line
6.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 June 2327,65141,18019,76988,600
Additions1,23136,85062438,705
Disposals-(4,750)-(4,750)
At 31 May 2428,88273,28020,393122,555
Depreciation and impairment
At 01 June 2323,72624,41714,75462,897
Charge for year1,5294,1981,7977,524
On disposals-(1,707)-(1,707)
At 31 May 2425,25526,90816,55168,714
Net book value
At 31 May 243,62746,3723,84253,841
At 31 May 233,92516,7635,01525,703
7.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
8.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables139,198116,052
Other debtors76,71467,016
Prepayments and accrued income3,0103,986
Total218,922187,054
9.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables128,880137,138
Bank borrowings and overdrafts51,547-
Taxation and social security70,84186,760
Other creditors8,3588,161
Accrued liabilities and deferred income3,2502,999
Total262,876235,058
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts9,89098,389
Other creditors29,863-
Total39,75398,389
11.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts29,863-
12.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

2024

2023

££
Net deferred tax liability (asset)14,2684,883
Total14,2684,883
13.Directors advances, credits and guarantees
Included within other debtors falling due within one year is £52,755 (2023 - £42,092) being the amount owed by the director. Total net amount advanced during the year was £10,663. This amount was repaid within nine months of the financial year. The loans were charged the beneficial rate of interest were applicable and was repayable on demand.