Registered number
14275722
Isalyn Property Cyf
Unaudited Filleted Accounts
30 April 2024
Isalyn Property Cyf
Registered number: 14275722
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 287,816 286,744
Current assets
Debtors 4 - 16,717
Cash at bank and in hand 301 5,535
301 22,252
Creditors: amounts falling due within one year 5 (253,604) (288,865)
Net current liabilities (253,303) (266,613)
Total assets less current liabilities 34,513 20,131
Creditors: amounts falling due after more than one year 6 (14,169) (21,066)
Provisions for liabilities (4,739) (4,535)
Net assets/(liabilities) 15,605 (5,470)
Capital and reserves
Called up share capital 100 100
Profit and loss account 15,505 (5,570)
Shareholders' funds 15,605 (5,470)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mihlayfani Sibanda
Director
Approved by the board on 25 February 2025
Isalyn Property Cyf
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Fixtures, fittings, tools and equipment over 5 years
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 262,874 29,838 292,712
Additions - 8,799 8,799
At 30 April 2024 262,874 38,637 301,511
Depreciation
At 1 May 2023 - 5,968 5,968
Charge for the year - 7,727 7,727
At 30 April 2024 - 13,695 13,695
Net book value
At 30 April 2024 262,874 24,942 287,816
At 30 April 2023 262,874 23,870 286,744
Freehold land and buildings: 2024 2023
£ £
Historical cost 262,874 262,874
Cumulative depreciation based on historical cost - -
262,874 262,874
During the 2024 yearend the directors carried out a revaluation of the property held by the Company. The estimated current resale values for the properties was established by looking at similar properties for sale in and around their immediate locations. Valuation as at 30th April 2024 is £262,873.60.
The combined historic cost value of the property was £262,873.60 . The property is not depreciated and any gain or loss under FR102 is transferred to the profit and loss account as non distributable reserves.
4 Debtors 2024 2023
£ £
Trade debtors - 16,000
Other debtors - 717
- 16,717
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,096 3,654
Director's Loan 245,059 284,491
Taxation and social security costs 160 -
Other creditors 1,289 720
253,604 288,865
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,169 21,066
7 Loan Guarantees
Each of the two Directors has provided a personal guarantee in relation to the loan.
8 Related party transactions
The company rents 59 Balmoral Road to Luba Care Cyf, which is owned by the Shareholders of Isalyn Property Cyf. The property is rented at full commercial rates.
9 Transactions with Directors
During the year the directors used current accounts with the company to record amounts due to them and amounts drawn by them. The accounts show an amount owing back to the directors as at 30th April 2024 of £245,059.44 ( 2023: £234,612.97). The amount is repayable on demand and carries interest.
10 Controlling party
Mihlayfani Sibanda and Jane Sibanda each own 50% of the shareholding and jointly manage the day to day running of the company. They are therefore both the controlling parties of Isalyn Property Cyf.
11 Other information
Isalyn Property Cyf is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Old Bank
Beaufort Street
Abergavenny
Monmouthshire
NP8 1AD
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