BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the manufacture and sale of ceramic insulators and insulating fittings. 26 June 2025 0 0 13983033 2024-03-31 13983033 2023-03-31 13983033 2022-03-31 13983033 2023-04-01 2024-03-31 13983033 2022-04-01 2023-03-31 13983033 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13983033 uk-curr:PoundSterling 2023-04-01 2024-03-31 13983033 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13983033 uk-bus:FullAccounts 2023-04-01 2024-03-31 13983033 uk-bus:Director1 2023-04-01 2024-03-31 13983033 uk-bus:CompanySecretary1 2023-04-01 2024-03-31 13983033 uk-bus:RegisteredOffice 2023-04-01 2024-03-31 13983033 uk-bus:Agent1 2023-04-01 2024-03-31 13983033 uk-core:ShareCapital 2024-03-31 13983033 uk-core:ShareCapital 2023-03-31 13983033 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 13983033 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 13983033 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 13983033 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 13983033 uk-bus:FRS102 2023-04-01 2024-03-31 13983033 uk-core:PlantMachinery 2023-04-01 2024-03-31 13983033 uk-bus:Audited 2023-04-01 2024-03-31 13983033 uk-core:CurrentFinancialInstruments 2024-03-31 13983033 uk-core:CurrentFinancialInstruments 2023-03-31 13983033 uk-core:WithinOneYear 2024-03-31 13983033 uk-core:WithinOneYear 2023-03-31 13983033 uk-core:EmployeeBenefits 2023-03-31 13983033 uk-core:EmployeeBenefits 2023-04-01 2024-03-31 13983033 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 13983033 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 13983033 uk-core:OtherDeferredTax 2024-03-31 13983033 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 13983033 uk-core:EmployeeBenefits 2024-03-31 13983033 uk-countries:Italy 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: 13983033
 
 
Insulation Global Solutions Limited
 
Financial Statements
 
for the financial year ended 31 March 2024
Insulation Global Solutions Limited
DIRECTOR AND OTHER INFORMATION

 
Director Gerald Brian Taylor
 
 
Company Secretary Lincoln Secretaries Limited
 
 
Company Registration Number 13983033
 
 
Registered Office and Business Address 12 Bridewell Place
Third Floor East
London
EC6V 6AP
United Kingdom
 
 
Independent Auditors Clinton Higgins
Chartered Accountants and Statutory Auditor
Trident House
Dublin Road
Naas
Co. Kildare
Ireland
 
 
Bankers Intesa Sanpaolo
  90 Queen Street
  London
  EC4N 1SA
  United Kingdom



Insulation Global Solutions Limited
Company Registration Number: 13983033
BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 8 7,773 9,757
───────── ─────────
 
Current Assets
Stocks 9 - 13,847
Debtors 10 1,834 15,483
Cash and cash equivalents 140,090 57,635
───────── ─────────
141,924 86,965
───────── ─────────
Creditors: amounts falling due within one year 11 (52,563) (68,268)
───────── ─────────
Net Current Assets 89,361 18,697
───────── ─────────
Total Assets less Current Liabilities 97,134 28,454
 
Provisions for liabilities 13 (1,476) (1,951)
───────── ─────────
Net Assets 95,658 26,503
═════════ ═════════
 
Capital and Reserves
Called up share capital 1 1
Retained earnings 95,657 26,502
───────── ─────────
Equity attributable to owners of the company 95,658 26,503
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
Approved by the Director and authorised for issue on 26 June 2025
           
           
________________________________          
Gerald Brian Taylor          
Director          
           



Insulation Global Solutions Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Insulation Global Solutions Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 13983033. The registered office of the company is 12 Bridewell Place, Third Floor East, London, EC6V 6AP, United Kingdom which is also the principal place of business of the company. The principal activity of the company is the manufacture and sale of ceramic insulators and insulating fittings. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents net sales to customers and excludes trade discounts and value added tax.
Turnover from the provision of services is recognised in the accounting period in which the services are rendered and the outcome of the contract can be estimated reliably.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is measured based on surveys of work performed. Variations in contract work, claims and incentive payments are included to the extent that it is probable that they will result in revenue and they are capable of being reliably measured.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred and that it is probable it will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates by definition may not always equal the related actual results. The key estimates and assumptions used in preparing the financial statements are discussed below.

(i) Revenue stage of completion

In determining revenue on customer engagements, management makes certain estimates as to the stage of completion of those engagements. Management estimates the remaining time and external costs to be incurred in completing the engagements and the customer's willingness and ability to pay for the services provided. A different assessment of the outturn on an engagement may result in a different value being determined for the revenue and also a different carrying value being determined for unbilled revenues for customer work.
   
4. Period of financial statements
 
The comparative figures relate to the 14 month period ended 31 March 2023.
   
5. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Clinton Higgins.
The Auditor's Report was signed by Niall Clinton (Senior Statutory Auditor) for and on behalf of Clinton Higgins on 26th June 2025.
 
   
6. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to His Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
7. Employees
 
The average monthly number of employees during the financial year was 2 (2023: nil).
       
8. Tangible assets
  Plant and Total
  machinery  
     
  £ £
Cost
At 1 April 2023 9,922 9,922
  ───────── ─────────
 
At 31 March 2024 9,922 9,922
  ───────── ─────────
Depreciation
At 1 April 2023 165 165
Charge for the financial year 1,984 1,984
  ───────── ─────────
At 31 March 2024 2,149 2,149
  ───────── ─────────
Net book value
At 31 March 2024 7,773 7,773
  ═════════ ═════════
At 31 March 2023 9,757 9,757
  ═════════ ═════════
       
9. Stocks 2024 2023
  £ £
 
Work in progress - 13,847
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
10. Debtors 2024 2023
  £ £
 
Trade debtors - 13,453
Other debtors 1 1
Taxation  (Note 12) 638 -
Prepayments and accrued income 1,195 2,029
  ───────── ─────────
  1,834 15,483
  ═════════ ═════════
 
Trade debtors are repayable in accordance with standard commercial credit terms.

Taxation is repayable in accordance with the statutory provisions.
       
11. Creditors 2024 2023
Amounts falling due within one year £ £
 
Payments received on account 1,218 -
Trade creditors 12,384 17,073
Amounts owed to group undertakings 2,287 38,287
Taxation  (Note 12) 24,837 7,156
Other creditors 1,751 -
Accruals 10,086 5,752
  ───────── ─────────
  52,563 68,268
  ═════════ ═════════
 
Trade Creditors and Accruals are payable in accordance with standard commercial credit terms.

Taxation is payable in accordance with the statutory provisions.

Included in the amounts owed to group undertakings is a shareholders loan bearing annual interest at 2% and at 3 -month Euribor rate.

The shareholders loan is repayable within 30 days after the date of demand. The accrued interest is payable within 60 days after the financial year end.

       
12. Taxation 2024 2023
  £ £
 
Debtors:
VAT 222 -
PAYE / NI 416 -
  ───────── ─────────
  638 -
  ═════════ ═════════
Creditors:
VAT - 2,770
Corporation tax 24,837 4,386
  ───────── ─────────
  24,837 7,156
  ═════════ ═════════
         
13. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 1,951 1,951 -
Charged to profit and loss (475) (475) 1,951
  ───────── ───────── ─────────
At financial year end 1,476 1,476 1,951
  ═════════ ═════════ ═════════
       
14. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2024.
           
15. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
16. Controlling interest
 
The company regards Olivetti S.r.l. as its parent company.

The address of Olivetti S.r.l. is 71 Via Monteu Roero, Canala, Italy, 12043.

The ultimate controlling party is Mr. Alessandro Olivetti.
   
17. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.