Registered number
09843942
Ioseph Limited
Unaudited Filleted Accounts
31 August 2024
Ioseph Limited
Registered number: 09843942
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 110,093 142,361
Investments 4 30 30
110,123 142,391
Current assets
Debtors 5 13,526,537 15,579,967
Cash at bank and in hand 2,134,358 74,552
15,660,895 15,654,519
Creditors: amounts falling due within one year 6 (10,270,873) (10,780,823)
Net current assets 5,390,022 4,873,696
Net assets 5,500,145 5,016,087
Capital and reserves
Called up share capital 150 150
Profit and loss account 5,499,995 5,015,937
Shareholders' funds 5,500,145 5,016,087
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 financial statements.
The financial statements have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue on:
Antonis Theori
Director
Signed on behalf of the board on 21 November 2024
Ioseph Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
Ioseph Limited is a company limited by shares incorporated in England within the United Kingdom. The registration number and the address of the registered address is given in the company information on page 1 of these financial statements. The principal place of business can be found in the note 10 of Financial Statements.

The financial statements cover the individual entity , are presented in sterling which is the functional currency of the company and are not rounded.

The Financial Statements 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).

The significant accounting policies applied in the preparation of these financial statements are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes arrangement fees and interest income from provision of bridging loans. The arrangement fees and initial interest is charged to client for minimum period which varies from facility to facility. Both arrangement fees and initial interest are added to the loans issued. They both are spread over the period by using the effective interest method. The arrangement fees and initial interest on Mezzanine loans are also added to the loans and they are spread over the period by using the effective interest method.
Loans and Borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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 at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% on straight line
Leasehold improvements 20% on straight line
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 9
3 Tangible fixed assets
Leasehold Improvements Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2023 152,532 29,661 182,193
Additions - 5,001 5,001
At 31 August 2024 152,532 34,662 187,194
Depreciation
At 1 September 2023 32,979 6,853 39,832
Charge for the year 30,507 6,762 37,269
At 31 August 2024 63,486 13,615 77,101
Net book value
At 31 August 2024 89,046 21,047 110,093
At 31 August 2023 119,553 22,808 142,361
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 September 2023 30
At 31 August 2024 30
Ethical Bridging Ltd is 100% owned by Ioseph Ltd, a company registered in England with registered office at 9 Vermont Place, Tongwell, Milton keynes, MK15 8JA.
5 Debtors 2024 2023
£ £
Trade debtors 4,410,983 10,105,834
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,005,415 -
Prepayments & accrued income 121,966 2,255,392
Other debtors 7,988,173 3,218,741
13,526,537 15,579,967
6 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertaking - 9,486,416
Taxation and social security costs - 13,792
Accruals & deferred income 16,370 156,771
Other loans & finance - 1,120,000
Other creditors 10,254,503 3,844
10,270,873 10,780,823
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases
Within 1 year 48,000 48,000
Between 1 & 5 years
48,000 48,000
8 Related party transactions & disclosures
Transactions with Parent Entity
The parent in 2024 is Ioseph Commercial Limited (in 2023 Theori Housing Management Services Ltd).
2024 2023
£ £
Loan due to parent undertaking - 9,486,416
Loan is interest free and repayable on demand.
Loan due from parent undertaking 1,005,415 -
Loan is interest free and repayable on demand.
Other related parties
Rent paid to Brick Street Gallery Limited 48,000 31,500
Consultancy fees paid - -
Balance due from connected companies 7,977,787 10,342,575
Balance due to connected companies 10,236,415 10,606,415
Included in the balance due to connected company is a loan of £750,000 charged at 7% interest P.A (2023 £1,120,000)
9 Controlling party
The controlling party is Ioseph Commercial Limited , a company registered in England with registered office at Olive Tree Centre, 472a Larkshall Road, London, E4 9HH.
10 Other information
The company principal place of business is as follows:
135 Ballards Lane
London
N3 1LJ
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