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REGISTERED NUMBER: 12031270 (England and Wales)













Financial Statements

for the Period

1 July 2023 to 31 December 2024

for

ILASP Limited

ILASP Limited (Registered number: 12031270)






Contents of the Financial Statements
for the Period 1 July 2023 to 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ILASP Limited

Company Information
for the Period 1 July 2023 to 31 December 2024







DIRECTORS: Dr M Law
Mrs L H Law





REGISTERED OFFICE: Office 34 Autumn Park Business Centre
Dysart Road
GRANTHAM
Lincolnshire
NG31 7EU





REGISTERED NUMBER: 12031270 (England and Wales)





ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

ILASP Limited (Registered number: 12031270)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,941 17,536

CURRENT ASSETS
Debtors 5 113,514 267,110
Cash at bank 260,919 51,695
374,433 318,805
CREDITORS
Amounts falling due within one year 6 159,504 114,025
NET CURRENT ASSETS 214,929 204,780
TOTAL ASSETS LESS CURRENT
LIABILITIES

235,870

222,316

PROVISIONS FOR LIABILITIES 5,235 -
NET ASSETS 230,635 222,316

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 230,633 222,314
230,635 222,316

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ILASP Limited (Registered number: 12031270)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:





Dr M Law - Director


ILASP Limited (Registered number: 12031270)

Notes to the Financial Statements
for the Period 1 July 2023 to 31 December 2024

1. STATUTORY INFORMATION

ILASP Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has transitioned from FRS 105 to FRS 102 Section 1A with an effective transition date of 1 July 2022. The transition has been applied retrospectively in accordance with the provisions of FRS 102. No material adjustments were required on transition. While a deferred tax liability of £4.3k would have been recognised in the comparative period under FRS 102, this amount is not considered material for the purposes of these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance and 20% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 period 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.

ILASP Limited (Registered number: 12031270)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 December 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2023 8,930 13,875 22,805
Additions 6,083 6,768 12,851
At 31 December 2024 15,013 20,643 35,656
DEPRECIATION
At 1 July 2023 1,794 3,475 5,269
Charge for period 3,851 5,595 9,446
At 31 December 2024 5,645 9,070 14,715
NET BOOK VALUE
At 31 December 2024 9,368 11,573 20,941
At 30 June 2023 7,136 10,400 17,536

ILASP Limited (Registered number: 12031270)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 December 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 28,800
Directors' current accounts 4,655 -
Prepayments and accrued income 108,859 238,310
113,514 267,110

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 10,903 -
Tax 110,079 100,760
Social security and other taxes 11,616 6,087
VAT 21,405 3,730
Other creditors 3,764 989
Directors' current accounts - 1,164
Accruals and deferred income 1,737 1,295
159,504 114,025

7. OTHER FINANCIAL COMMITMENTS

The minimum payments under non-cancellable operating leases fall due as follows £19,306 (2023 - £27,337).

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2024 and the year ended 30 June 2023:

2024 2023
£    £   
Mrs L H Law and Mrs L H Law
Balance outstanding at start of period - -
Amounts advanced 22,177 -
Amounts repaid (17,522 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 4,655 -