Ispaniel Limited

(Registration number: 10674398)
Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	73,130	197,177
Current assets
Stocks	6	200	252
Debtors	7	707	1,265
Cash at bank and in hand		1,082	3,608
		1,989	5,125
Creditors: Amounts falling due within one year	8	(6,627)	(4,832)
Net current (liabilities)/assets		(4,638)	293
Total assets less current liabilities		68,492	197,470
Creditors: Amounts falling due after more than one year	8	(35,000)	(35,000)
Net assets		33,492	162,470
Capital and reserves
Called up share capital		2,008	2,008
Share premium reserve		703,071	703,071
Retained earnings		(671,587)	(542,609)
Shareholders' funds		33,492	162,470

For the financial period ending 30 September 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 period 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 15 September 2025 and signed on its behalf by:
 

Ispaniel Limited

(Registration number: 10674398)
Balance Sheet as at 30 September 2024

......................................... W F Webb Director

Ispaniel Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

1	General information

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

The address of its registered office is:
The Brewery
Newhouse Farm
Tenbury Road
Cleobury Mortimer
DY14 8RD

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

Ispaniel Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 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:

Asset class	Depreciation method and rate
Computer equipment	33% on cost

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:

Asset class	Amortisation method and rate
Patents and licences	Amortised evenly over a 5 year useful life
Development costs	Amortised evenly over a 5 year useful life

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Ispaniel Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4 (2023 - 4).

Ispaniel Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

4	Intangible assets

	Trademarks, patents and licenses  £	Internally generated software development costs  £	Total £
Cost or valuation
At 1 April 2023	35,112	642,123	677,235
At 30 September 2024	35,112	642,123	677,235
Amortisation
At 1 April 2023	35,112	444,946	480,058
Amortisation charge	-	124,047	124,047
At 30 September 2024	35,112	568,993	604,105
Carrying amount
At 30 September 2024	-	73,130	73,130
At 31 March 2023	-	197,177	197,177

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2023	832	832
At 30 September 2024	832	832
Depreciation
At 1 April 2023	832	832
At 30 September 2024	832	832
Carrying amount
At 30 September 2024	-	-

Ispaniel Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2024

6

Stocks

	2024 £	2023 £
Other inventories	200	252

7

Debtors

Current	2024 £	2023 £
Trade debtors	707	639
Other debtors	-	626
	707	1,265

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	150	225
Taxation and social security	141	-
Accruals and deferred income	1,788	1,607
Other creditors	4,548	3,000
	6,627	4,832

Creditors: amounts falling due after more than one year

	2024 £	2023 £
Due after one year
Other non-current financial liabilities	35,000	35,000