ISUM LIMITED 28/02/2019 iXBRL

ISUM LIMITED 28/02/2019 iXBRL

ISUM LIMITED - Company Information

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28/02/2019 2019-02-28 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-03-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 09437664 2018-03-01 2019-02-28 09437664 2019-02-28 09437664 2018-02-28 09437664 2017-03-01 2018-02-28 09437664 2018-02-28 09437664 core:FurnitureFittingsToolsEquipment 2018-03-01 2019-02-28 09437664 bus:Director1 2018-03-01 2019-02-28 09437664 core:FurnitureFittingsToolsEquipment 2018-02-28 09437664 core:FurnitureFittingsToolsEquipment 2019-02-28 09437664 core:WithinOneYear 2019-02-28 09437664 core:WithinOneYear 2018-02-28 09437664 core:ShareCapital 2019-02-28 09437664 core:ShareCapital 2018-02-28 09437664 core:RetainedEarningsAccumulatedLosses 2019-02-28 09437664 core:RetainedEarningsAccumulatedLosses 2018-02-28 09437664 core:FurnitureFittingsToolsEquipment 2018-02-28 09437664 bus:SmallEntities 2018-03-01 2019-02-28 09437664 bus:AuditExempt-NoAccountantsReport 2018-03-01 2019-02-28 09437664 bus:FullAccounts 2018-03-01 2019-02-28 09437664 bus:SmallCompaniesRegimeForAccounts 2018-03-01 2019-02-28 09437664 bus:PrivateLimitedCompanyLtd 2018-03-01 2019-02-28
Company registration number: 09437664
ISUM LIMITED
Unaudited filleted financial statements
28 February 2019
ISUM LIMITED
Contents
Statement of financial position
Notes to the financial statements
ISUM LIMITED
Statement of financial position
28 February 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 2,156 1,403
_______ _______
2,156 1,403
Current assets
Debtors 6 46,122 37,193
Cash at bank and in hand 94,822 8,145
_______ _______
140,944 45,338
Creditors: amounts falling due
within one year 7 ( 75,565) ( 26,970)
_______ _______
Net current assets 65,379 18,368
_______ _______
Total assets less current liabilities 67,535 19,771
Provisions for liabilities ( 337) ( 238)
_______ _______
Net assets 67,198 19,533
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 67,098 19,433
_______ _______
Shareholders funds 67,198 19,533
_______ _______
For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 October 2019 , and are signed on behalf of the board by:
Mr Benjamin Giles Patmore
Director
Company registration number: 09437664
ISUM LIMITED
Notes to the financial statements
Year ended 28 February 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
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.
Turnover
Turnover is measured at the fair value of the consideration received for services rendered, net of discounts and Value Added Tax.
Revenue from the services provided, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 - 15 % 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2018 1,841 1,841
Additions 1,067 1,067
_______ _______
At 28 February 2019 2,908 2,908
_______ _______
Depreciation
At 1 March 2018 438 438
Charge for the year 314 314
_______ _______
At 28 February 2019 752 752
_______ _______
Carrying amount
At 28 February 2019 2,156 2,156
_______ _______
At 28 February 2018 1,403 1,403
_______ _______
6. Debtors
2019 2018
£ £
Trade debtors 1,231 13,818
Other debtors 44,891 23,375
_______ _______
46,122 37,193
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 17 1,059
Corporation tax 12,634 1,230
Social security and other taxes 8,626 3,361
Other creditors 54,288 21,320
_______ _______
75,565 26,970
_______ _______