Company registration number 05819495 (England and Wales)
ISC EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
ISC EUROPE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ISC EUROPE LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
4
448,925
899,459
Cash at bank and in hand
3,689
7,278
452,614
906,737
Creditors: amounts falling due within one year
5
(4,916,145)
(4,276,548)
Net current liabilities
(4,463,531)
(3,369,811)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(4,463,631)
(3,369,911)
Total equity
(4,463,531)
(3,369,811)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
Matthew Eric Berliner
Director
Company registration number 05819495 (England and Wales)
ISC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
1
Accounting policies
Company information

ISC Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5a Bear Lane, Southwark, London, United Kingdom, SE1 0UH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The going concern basis of preparation is no longer appropriate. The directors intend to cease trading as explained in true n ote 9. Therefore, the financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company's assets to net realisable value. The financial statements do not include any provision or the future costs of ceasing the trade of the company except to the extent that such costs were committed at the balance sheet date.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown gross of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ISC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Foreign exchange

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 the profit and loss account.

1.8

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ISC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
3
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
2,760
Other debtors
448,925
896,699
448,925
899,459
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
65,490
67,866
Other creditors
4,839,455
4,188,773
Accruals and deferred income
11,200
19,909
4,916,145
4,276,548
6
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

ISC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
7
Audit report information
(Continued)
- 5 -

Emphasis of matter

We draw attention to Notes 1.2 and 9 of the financial statements. Note 1.2 describes the fact that the financial statements have been prepared on a basis other than going concern, as a result of events occurring after the reporting date, detailed in Note 1 0. Our opinion is not modified in this respect.

Senior Statutory Auditor:
Austin Jacobs
Statutory Auditor:
Prager Metis LLP
Date of audit report:
31 July 2025
8
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

9
Events after the reporting date

The closure of the company is under consideration by the directors.

10
Directors' advances, credits and guarantees

At the year end, M Aliotta, a former director, owed the company £79,197 (2024: £151,592) Interest of £3,401 (2024: £3,375) has been charged on the loan at a rate of 2.25%. The maximum overdrawn amount during the year was £154,993. The amount is net of a provision of 50% against the full balance of £154,993.

11
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2025
2024
2025
2024
£
£
£
£
Alliotta Holdings Limited
-
0
-
0
3,200
3,200
Importers Service Corporation
-
0
-
0
4,737,509
4,185,573
Ingrediex Polska
189,933
379,865
-
0
-
0
RE International Limited
179,785
359,571
-
0
-
0
Other information

Alliotta Holdings Limited, RE International Limited, Ingrediex UK and Ingrediex Polska are entities that a former director has an interest in.

Amounts are net of a 50% provision against the full balances of £379,865 due from Ingrediex Polska and £359,571 due from RE International Limited.

ISC EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
12
Parent company

Importers Service Corporation, is the parent entity due to its shareholding in the company. Importers Service Corporation prepares consolidated financial statements and is both the largest and smallest group which ISC Europe Limited is consolidated into. The consolidated financial statements may be obtained from their registered office is 65 Brunswick Avenue, Edison, NJ, 08817.

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