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Registration number: 03349759

Isoma Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Isoma Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Isoma Limited

Company Information

Directors

Mr T J Starkey

Mr M E Marks

Mr W S Peace

Mr S Riley

Mr B C Gibbons

Mr S J Fee

Mr K R Price

Registered office

George Holmes Way
Swadlincote
Derbyshire
DE11 9DF

Accountants

Wychbury Greaves Station House
Station Road
Rugeley
Staffordshire
WS15 3HA

 

Isoma Limited

(Registration number: 03349759)
Balance Sheet as at 31 October 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

175,631

158,757

 

175,632

158,758

Current assets

 

Stocks

6

129,141

136,657

Debtors

1,620,723

607,441

Cash at bank and in hand

 

421,117

1,618,741

 

2,170,981

2,362,839

Creditors: Amounts falling due within one year

(1,564,354)

(1,741,117)

Net current assets

 

606,627

621,722

Total assets less current liabilities

 

782,259

780,480

Creditors: Amounts falling due after more than one year

(102,534)

(256,334)

Provisions for liabilities

(42,695)

(41,438)

Net assets

 

637,030

482,708

Capital and reserves

 

Called up share capital

7

72,000

72,000

Retained earnings

565,030

410,708

Shareholders' funds

 

637,030

482,708

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

 

Isoma Limited

(Registration number: 03349759)
Balance Sheet as at 31 October 2024

.........................................
Mr T J Starkey
Director

.........................................
Mr S Riley
Director

 

Isoma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
George Holmes Way
Swadlincote
Derbyshire
DE11 9DF

These financial statements were authorised for issue by the Board on 26 June 2025.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Isoma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

 

Isoma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 50 (2023 - 44).

 

Isoma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

1

1

At 31 October 2024

1

1

Amortisation

Carrying amount

At 31 October 2024

1

1

At 31 October 2023

1

1

5

Tangible assets

Leasehold Improvements
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 November 2023

155,837

105,062

245,611

118,250

Additions

-

8,939

43,120

-

Disposals

-

-

(17,310)

-

At 31 October 2024

155,837

114,001

271,421

118,250

Depreciation

At 1 November 2023

155,837

90,347

105,712

114,107

Charge for the year

-

11,164

22,464

1,242

Eliminated on disposal

-

-

(16,995)

-

At 31 October 2024

155,837

101,511

111,181

115,349

Carrying amount

At 31 October 2024

-

12,490

160,240

2,901

At 31 October 2023

-

14,715

139,899

4,143

 

Isoma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Total
£

Cost or valuation

At 1 November 2023

624,760

Additions

52,059

Disposals

(17,310)

At 31 October 2024

659,509

Depreciation

At 1 November 2023

466,003

Charge for the year

34,870

Eliminated on disposal

(16,995)

At 31 October 2024

483,878

Carrying amount

At 31 October 2024

175,631

At 31 October 2023

158,757

 

Isoma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Stocks

2024
£

2023
£

Other inventories

129,141

136,657

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

72,000

72,000

72,000

72,000

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

102,534

256,334

Current loans and borrowings

2024
£

2023
£

Bank borrowings

153,800

153,800

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

168,746

124,068

Later than one year and not later than five years

74,349

39,777

243,095

163,845

The amount of non-cancellable operating lease payments recognised as an expense during the year was £162,449 (2023 - £125,108).

10

Related party transactions

 

Isoma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Transactions with directors

2024

At 1 November 2023
£

Repayments by director
£

At 31 October 2024
£

Mr T J Starkey

Mr T Starkey Directors loan account

25,804

(30,941)

(5,137)

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr T J Starkey

Mr T Starkey Directors loan account

(4,724)

130,528

(100,000)

25,804