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REGISTERED NUMBER: SC565933 (Scotland)















Isol8 Limited

Financial Statements For The Year Ended 31 May 2024






Isol8 Limited (Registered number: SC565933)






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

Chartered Accountants' Report 7

Isol8 Limited

Company Information
For The Year Ended 31 May 2024







DIRECTORS: A Louden
J W Laidlaw





SECRETARY: LC Secretaries Ltd





REGISTERED OFFICE: Johnstone House
52 - 54 Rose Street
Aberdeen
Grampian
AB10 1HA





REGISTERED NUMBER: SC565933 (Scotland)





ACCOUNTANTS: The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB

Isol8 Limited (Registered number: SC565933)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 299,359 341,496

CURRENT ASSETS
Stocks 223,714 217,961
Debtors 5 243,749 258,438
Cash at bank 688,740 1,802,235
1,156,203 2,278,634
CREDITORS
Amounts falling due within one year 6 6,233,410 6,459,341
NET CURRENT LIABILITIES (5,077,207 ) (4,180,707 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,777,848

)

(3,839,211

)

CAPITAL AND RESERVES
Called up share capital 7 500 500
Retained earnings (4,778,348 ) (3,839,711 )
SHAREHOLDERS' FUNDS (4,777,848 ) (3,839,211 )

Isol8 Limited (Registered number: SC565933)

Balance Sheet - continued
31 May 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





A Louden - Director


Isol8 Limited (Registered number: SC565933)

Notes to the Financial Statements
For The Year Ended 31 May 2024

1. STATUTORY INFORMATION

Isol8 Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis which is based on the ongoing support of the shareholders.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Isol8 Limited (Registered number: SC565933)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 June 2023 590,614
Additions 103,749
Disposals (28,411 )
At 31 May 2024 665,952
DEPRECIATION
At 1 June 2023 249,118
Charge for year 128,202
Eliminated on disposal (10,727 )
At 31 May 2024 366,593
NET BOOK VALUE
At 31 May 2024 299,359
At 31 May 2023 341,496

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 9,535 46,770
Amounts owed by group undertakings 54,493 12,671
Other debtors 179,721 198,997
243,749 258,438

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 77,797 171,632
Amounts owed to group undertakings 5,100,076 5,198,355
Social security and other taxes 23,078 68,398
Sundry creditors 6,906 48,296
Directors' current accounts 209,991 209,991
Deferred income 793,453 737,360
Accrued expenses 22,109 25,309
6,233,410 6,459,341

7. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
5,000 Ordinary shares £0.10 500 500

Isol8 Limited (Registered number: SC565933)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

8. RELATED PARTY DISCLOSURES

A Louden
is a director in the company.


Included in other creditors is an interest free directors loan. There are no repayment terms.

31.5.24 31.5.23
£    £   
Amount due to related party at the balance sheet date 175,001 175,001

J W Laidlaw
is a director of the company.


Included in other creditors is an interest free directors loan. There are no repayment terms.

31.5.24 31.5.23
£    £   
Amount due to related party at the balance sheet date 34,990 34,990

Isol8 Holdings Ltd

A company which controls Isol8 Limited.


The interest free unsecured loan is included in creditors (see note 8) and is repayable on demand.

31.5.24 31.5.23
£    £   
Amount due to related party at the balance sheet date 5,100,076 5,198,355

Isol8 Inc


The interest free unsecured loan is included in debtors (see note 7) and is repayable on demand.

31.5.24 31.5.23
£    £   
Amount due from related party at the balance sheet date 54,493 12,671

9. ULTIMATE CONTROLLING PARTY

Isol8 (Holdings) Ltd has control of the company but no single party has ultimate control.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Isol8 Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Isol8 Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Isol8 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Isol8 Limited and state those matters that we have agreed to state to the Board of Directors of Isol8 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Isol8 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Isol8 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Isol8 Limited. You consider that Isol8 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Isol8 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB


30 October 2024