Isubc Diving Equipment Ltd 28/02/2025 iXBRL

Company registration number: 11828317

Isubc Diving Equipment Ltd

Unaudited filleted financial statements

28 February 2025

Isubc Diving Equipment Ltd

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Isubc Diving Equipment Ltd

Directors and other information


	Directors	Mr Murugan Krishna Moorthy
		Mr Ross Stephen Connolly


	Company number	11828317


	Registered office	Unit 10 Holly Close
		Whitehills Business Park
		Westby With Plumptons
		Blackpool, England
		FY4 5QP


	Accountants	Nagle James Associates Limited
		Amba House, 4th Floor
		15 College Road
		Harrow,
		Middlesex
		HA1 1BA

Isubc Diving Equipment Ltd

Statement of financial position

28 February 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	5	40,880		30,692
		_______		_______
			40,880		30,692

Current assets
Stocks		329,374		522,496
Debtors	6	305,534		169,989
Cash at bank and in hand		531,110		211,183
		_______		_______
		1,166,018		903,668
Creditors: amounts falling due
within one year	7	( 454,912)		( 511,196)
		_______		_______
Net current assets			711,106		392,472
			_______		_______
Total assets less current liabilities			751,986		423,164


Provisions for liabilities			( 10,220)		( 7,673)

			_______		_______
Net assets			741,766		415,491
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			741,764		415,489
			_______		_______
Shareholders funds			741,766		415,491
			_______		_______

For the year ending 28 February 2025 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 01 September 2025 , and are signed on behalf of the board by:

Mr Murugan Krishna Moorthy Mr Ross Stephen Connolly

Director Director

Company registration number: 11828317

Isubc Diving Equipment Ltd

Notes to the financial statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10 Holly Close, Whitehills Business Park, Westby With Plumptons, Blackpool, England, FY4 5QP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	20 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2024: 6).

5. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£
Cost
At 29 February 2024	45,122	-	45,122
Additions	7,451	11,500	18,951
	_______	_______	_______
At 28 February 2025	52,573	11,500	64,073
	_______	_______	_______
Depreciation
At 29 February 2024	14,430	-	14,430
Charge for the year	7,204	1,559	8,763
	_______	_______	_______
At 28 February 2025	21,634	1,559	23,193
	_______	_______	_______
Carrying amount
At 28 February 2025	30,939	9,941	40,880
	_______	_______	_______
At 28 February 2024	30,692	-	30,692
	_______	_______	_______

6. Debtors

	2025	2024
	£	£
Prepayments and accrued income	10,884	10,863
Other debtors	294,650	159,126
	_______	_______
	305,534	169,989
	_______	_______

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	163,935	261,862
Accruals and deferred income	53,684	132,771
Corporation tax	205,778	114,152
Social security and other taxes	30,625	1,284
Director loan accounts	89	406
Other creditors	801	721
	_______	_______
	454,912	511,196
	_______	_______

8. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	40,000	40,000
	_______	_______

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Murugan Krishna Moorthy	129,046	165,604	294,650
	Mr Ross Stephen Connolly	( 406)	317	( 89)
		_______	_______	_______
		128,640	165,921	294,561
		_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Murugan Krishna Moorthy	147,768	( 18,722)	129,046
	Mr Ross Stephen Connolly	( 526)	120	( 406)
		_______	_______	_______
		147,242	( 18,602)	128,640
		_______	_______	_______