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REGISTRAR OF COMPANIES |
Registration number:
1 November 2023 to
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REGISTRAR OF COMPANIES |
Registration number:
1 November 2023 to
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Islam Issa Limited
Contents
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Islam Issa Limited
for the Period Ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Islam Issa Limited for the period ended 31 August 2024 as set out on pages 2 to 9 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 at http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Islam Issa Limited, as a body, in accordance with the terms of our engagement letter dated 25 November 2024. Our work has been undertaken solely to prepare for your approval the accounts of Islam Issa Limited and state those matters that we have agreed to state to the Board of Directors of Islam Issa Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Islam Issa Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Islam Issa Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Islam Issa Limited. You consider that Islam Issa Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Islam Issa 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 accounts.
Chartered Accountants
Cornmarket
PENRITH
CA11 7HW
Islam Issa Limited
(Registration number: 13089165)
Balance Sheet as at 31 August 2024
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Note |
31 August 2024 |
31 October 2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
13,560 |
11,450 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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Islam Issa Limited
(Registration number: 13089165)
Balance Sheet as at 31 August 2024 (continued)
For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
I A Issa
Director
Islam Issa Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
4 Fairlawn
Westbourne Road
Edgbaston
BIRMINGHAM
B15 3TL
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The company has net current liabilities at 31 August 2024 and meets its day to day working capital requirements through short term loans from the directors. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.
However, should the company not have the support of its directors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.
Disclosure of long or short period
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.
Islam Issa Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024 (continued)
Tax
The tax expense for the period comprises 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet 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:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and office equipment |
25% straight line |
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 the sale of goods 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. Trade creditors 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 where due after more than one year.
Islam Issa Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024 (continued)
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.
Financial instruments
Classification
Recognition and measurement
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment
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Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Islam Issa Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024 (continued)
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Tangible assets |
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Furniture, fittings and office equipment |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
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At 31 August 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the period |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 October 2023 |
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Islam Issa Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024 (continued)
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Other financial assets (current and non-current) |
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31 August 2024 |
31 October 2023 |
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Non-current financial assets |
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Financial assets at fair value through profit and loss |
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Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 November 2023 |
11,450 |
11,450 |
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Fair value adjustments |
2,110 |
2,110 |
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At 31 August 2024 |
13,560 |
13,560 |
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Impairment |
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Carrying amount |
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At 31 August 2024 |
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13,560 |
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Debtors |
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31 August 2024 |
31 October 2023 |
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Other debtors |
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Creditors |
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Note |
31 August 2024 |
31 October 2023 |
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Due within one year |
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Loans and borrowings |
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Other creditors |
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Islam Issa Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 August 2024 (continued)
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Loans and borrowings |
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31 August 2024 |
31 October 2023 |
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Current loans and borrowings |
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Other borrowings |
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Financial instruments |
Financial assets measured at fair value
Portfolio of equities and bonds
Value at quoted market prices in active markets.
The fair value is £13,560 (2023 - £11,450) and the change in value included in profit or loss is £2,110 (2023 - £298).