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Registered number: 10937127
I Stay Apartments Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Elsby & Company Limited
155 Wellingborough Road
Rushden
Northamptonshire
NN10 9TB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 10937127
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 500 958
500 958
CURRENT ASSETS
Debtors 5 2,400 59
Cash at bank and in hand 1,680 7,735
4,080 7,794
Creditors: Amounts Falling Due Within One Year 6 (18,428 ) (21,572 )
NET CURRENT ASSETS (LIABILITIES) (14,348 ) (13,778 )
TOTAL ASSETS LESS CURRENT LIABILITIES (13,848 ) (12,820 )
Creditors: Amounts Falling Due After More Than One Year 7 (15,756 ) (18,853 )
NET LIABILITIES (29,604 ) (31,673 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (29,704 ) (31,773 )
SHAREHOLDERS' FUNDS (29,604) (31,673)
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
On behalf of the board
S Brociek
Director
19th March 2025
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
I Stay Apartments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10937127 . The registered office is 54 Garnet House, 11 Merrivale Mews, Milton Keynes, MK9 2FQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Motor Vehicles 25% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 25% on cost
2.4. Taxation
The taxation expense represents the sum of the corporation tax currently payable and any deferred tax.
The corporation tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years 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.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at 31 August 2024.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 1,250 1,957 4,304 7,511
As at 31 August 2024 1,250 1,957 4,304 7,511
Depreciation
As at 1 September 2023 1,042 1,207 4,304 6,553
Provided during the period 208 250 - 458
As at 31 August 2024 1,250 1,457 4,304 7,011
Net Book Value
As at 31 August 2024 - 500 - 500
As at 1 September 2023 208 750 - 958
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,400 -
Other debtors - 59
2,400 59
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,652 2,185
Bank loans and overdrafts 2,876 2,800
Other creditors - 1,474
Accruals and deferred income 1,374 1,200
Director's loan account 9,526 13,913
18,428 21,572
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 15,756 18,853
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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