IS Research Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06177639 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

IS Research Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I A Spence

Mrs A M Spence

P E Carse

SECRETARY:

I A Spence

REGISTERED OFFICE:

The Granary, Home Farm

Ridge Lane

Rotherwick

Hook

Hampshire

RG27 9AX

REGISTERED NUMBER:

06177639 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Tangible assets

4

99,022

164,985

CURRENT ASSETS

Debtors

5

1,602,775

1,651,787

Cash at bank

1,035,247

626,314

2,638,022

2,278,101

CREDITORS

Amounts falling due within one year

6

2,522,534

2,173,054

NET CURRENT ASSETS

115,488

105,047

TOTAL ASSETS LESS CURRENT LIABILITIES

214,510

270,032

CREDITORS

Amounts falling due after more than one year

7

-

(188,218

)

PROVISIONS FOR LIABILITIES

10

(18,140

)

(30,525

)

NET ASSETS

196,370

51,289

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

195,370

50,289

SHAREHOLDERS' FUNDS

196,370

51,289

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2021 and were signed on its behalf by:

I A Spence - Director

1.	STATUTORY INFORMATION

IS Research Ltd 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.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

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

Office equipment

-

25% on cost

Financial instruments

Debtors and creditors payable/receivable 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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, adjusted for indexation where applicable.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, 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 29 (2020 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 April 2020

296,452

Additions

7,497

At 31 March 2021

303,949

DEPRECIATION

At 1 April 2020

131,467

Charge for year

73,460

At 31 March 2021

204,927

NET BOOK VALUE

At 31 March 2021

99,022

At 31 March 2020

164,985

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

428,880

476,348

Other debtors

1,173,895

1,175,439

1,602,775

1,651,787

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

250,000

-

Trade creditors

13,265

10,296

Taxation and social security

437,236

241,728

Other creditors

1,822,033

1,921,030

2,522,534

2,173,054

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Other creditors

-

188,218

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.21

31.3.20

£

£

Within one year

128,490

128,490

Between one and five years

128,490

256,980

256,980

385,470

9.	SECURED DEBTS

The company has a fixed and floating charge over all of its property and undertakings.

10.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

18,140

30,525

Deferred

tax

£

Balance at 1 April 2020

30,525

Accelerated capital allowances

(12,385

)

Balance at 31 March 2021

18,140

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

100

Ordinary A

£1

100

100

700

Ordinary B

£1

700

700

200

Ordinary D

£1

200

200

1,000

1,000