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Registration number: 10189381

ISCA Finance Ltd

Annual Report and Unaudited Financial Statements

for the year ended 30 June 2024

 

ISCA Finance Ltd

Contents

Balance sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

ISCA Finance Ltd

(Registration number: 10189381)
Balance sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

63,740

86,580

Current assets

 

Debtors

5

11,275,382

8,044,974

Cash at bank and in hand

 

695,738

1,815,885

 

11,971,120

9,860,859

Creditors: Amounts falling due within one year

6

(11,606,652)

(9,539,675)

Net current assets

 

364,468

321,184

Total assets less current liabilities

 

428,208

407,764

Creditors: Amounts falling due after more than one year

6

(38,919)

(55,332)

Provisions for liabilities

-

(2,140)

Net assets

 

389,289

350,292

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

389,189

350,192

Shareholders' funds

 

389,289

350,292

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and loss account.

 

ISCA Finance Ltd

(Registration number: 10189381)
Balance sheet as at 30 June 2024

Approved and authorised for issue by the Board on 5 March 2025 and signed on its behalf by:
 


Mrs J A Salam
Director


Mr O Salam
Director

 
     
 

ISCA Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Queensgate House
48 Queen Street
EXETER
Devon
EX4 3SR

These financial statements were authorised for issue by the Board on 5 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

ISCA Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

20% straight line basis

 

ISCA Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Motor vehicles

25% reducing balance

Office equipment

50% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

ISCA Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

ISCA Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and preference shares that are classified as debt.
 Recognition and measurement
Basic financial assets are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors under service contract) during the year, was 3 (2023 - 3).

 

ISCA Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,278

14,060

83,000

100,338

Additions

-

499

-

499

At 30 June 2024

3,278

14,559

83,000

100,837

Depreciation

At 1 July 2023

1,967

11,507

284

13,758

Charge for the year

655

2,005

20,679

23,339

At 30 June 2024

2,622

13,512

20,963

37,097

Carrying amount

At 30 June 2024

656

1,047

62,037

63,740

At 30 June 2023

1,311

2,553

82,716

86,580

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

5,998

3,150

Prepayments

 

5,541

-

Other debtors

 

11,263,843

8,041,824

   

11,275,382

8,044,974

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,391,413

9,364,668

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

12,333

7,589

Taxation and social security

 

136,736

88,728

Accruals and deferred income

 

54,867

78,690

Other creditors

 

11,303

-

 

11,606,652

9,539,675

 

ISCA Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

38,919

55,332

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

HP loan owed over 1yr

38,919

55,332

2024
£

2023
£

Current loans and borrowings

Bank borrowings

4,050,000

2,000,000

Redeemable preference shares

7,325,000

7,350,000

HP loan owed under 1yr

16,413

14,668

11,391,413

9,364,668

9

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

At 30 June 2024
£

Interest free loan to director

-

2,148

2,148

       
     

 

 

ISCA Finance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Parent and ultimate parent undertaking

The company's immediate parent is ISCA Group Holdings Ltd, incorporated in England.