REGISTERED NUMBER: 01965187 (England and Wales)

Isberg Limited

Unaudited Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Bjornsson

K Petursson

REGISTERED OFFICE:

Room 1

Brough Business Centre

Baffin Way

Brough

HU15 1YU

REGISTERED NUMBER:

01965187 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

8,940

8,940

Investment property

6

350,000

400,000

358,940

408,940

CURRENT ASSETS

Stocks

242,707

250,000

Debtors

7

2,052,732

2,358,907

Cash at bank

30,873

10,720

2,326,312

2,619,627

CREDITORS

Amounts falling due within one year

8

170,330

200,989

NET CURRENT ASSETS

2,155,982

2,418,638

TOTAL ASSETS LESS CURRENT LIABILITIES

2,514,922

2,827,578

CREDITORS

Amounts falling due after more than one year

9

(62,000

)

(198,000

)

PROVISIONS FOR LIABILITIES

(3,975

)

(16,475

)

NET ASSETS

2,448,947

2,613,103

CAPITAL AND RESERVES

Called up share capital

684,000

684,000

Share premium

238,000

238,000

Fair value reserve

210,139

247,639

Capital redemption reserve

150,000

150,000

Retained earnings

1,166,808

1,293,464

SHAREHOLDERS' FUNDS

2,448,947

2,613,103

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

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 30th September 2025 and were signed on its behalf by:

K Petursson - Director

1.	STATUTORY INFORMATION

Isberg 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Isberg Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% straight line

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost less any provision for impairment.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st January 2024

and 31st December 2024

20,666

DEPRECIATION

At 1st January 2024

and 31st December 2024

20,666

NET BOOK VALUE

At 31st December 2024

-

At 31st December 2023

-

5.	FIXED ASSET INVESTMENTS

Interest

Shares in

Interest

in other

group

in

participating

undertakings

associates

interests

Totals

£

£

£

£

COST

At 1st January 2024

and 31st December 2024

56,193

200

25,320

81,713

PROVISIONS

At 1st January 2024

and 31st December 2024

47,453

-

25,320

72,773

NET BOOK VALUE

At 31st December 2024

8,740

200

-

8,940

At 31st December 2023

8,740

200

-

8,940

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2024

400,000

Impairments

(50,000

)

At 31st December 2024

350,000

NET BOOK VALUE

At 31st December 2024

350,000

At 31st December 2023

400,000

The investment property has been included at its open market value, as assessed by the director.

Fair value at 31st December 2024 is represented by:

£

Valuation in 2006

272,110

Valuation in 2023

(7,996

)

Valuation in 2024

(50,000

)

Cost

135,886

350,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

652,172

652,172

Other debtors

1,400,560

1,706,735

2,052,732

2,358,907

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

4,234

5,574

Amounts owed to group undertakings

8,740

8,740

Taxation and social security

-

24,421

Other creditors

157,356

162,254

170,330

200,989

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

62,000

198,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other loans

198,000

334,000

The other loan is secured by a legal charge over the company's land and buildings.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors are loans to a director totalling £28,226 (2023 £105,202). The loan is payable on demand and interest is charged at HMRC rates.

12.	ULTIMATE CONTROLLING PARTY

The parent company of Isberg Limited is Isberg Holdings Limited, a company registered in England and Wales.

Isberg Holdings Limited is also the company's ultimate parent undertaking and its registered office is Room , Brough Business Centre, Baffin Way, Brough, England, HU15 1YU