I-Smalls Ltd

	Page
Abridged Balance Sheet	1
Notes to the Abridged Financial Statements	2—3

Registered number: 07352431

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		17,675		18,891

			17,675		18,891
CURRENT ASSETS
Stocks		159,738		130,291
Debtors		4,883		22,717
Cash at bank and in hand		42,206		89,669

		206,827		242,677
Creditors: Amounts Falling Due Within One Year		(66,409 )		(84,943 )

NET CURRENT ASSETS (LIABILITIES)			140,418		157,734

TOTAL ASSETS LESS CURRENT LIABILITIES			158,093		176,625

NET ASSETS			158,093		176,625

CAPITAL AND RESERVES
Called up share capital	5		2		2
Profit and Loss Account			158,091		176,623

SHAREHOLDERS' FUNDS			158,093		176,625

For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 July 2024 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mrs Meenu Bassi Director	Mr Sanjay Bassi Director
19/03/2025

The notes on pages 2 to 3 form part of these financial statements.

1. General Information

I-Smalls Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07352431 . The registered office is 195A Grove Lane, Cheadle Hulme, Stockport, Cheshire, SK8 7NG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

2.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	15% WDV
Computer Equipment	15% WDV

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2024	2023
Sales, marketing and distribution	9	11

	9	11

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I-Smalls Ltd

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 July 2024

4. Tangible Assets

	Total
	£
Cost
As at 1 August 2023	77,484
Additions	1,903

As at 31 July 2024	79,387

Depreciation
As at 1 August 2023	58,593
Provided during the period	3,119

As at 31 July 2024	61,712

Net Book Value
As at 31 July 2024	17,675

As at 1 August 2023	18,891

5. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

6. Ultimate Controlling Party

The company's ultimate controlling party is Mr Sanjay & Mrs Meenu Bassi by virtue of their ownership of 100% of the issued share capital in the company.

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