Isoclad Limited - Accounts to registrar (filleted) - small 18.2
Isoclad Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
ISOCLAD LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
ISOCLAD LIMITED (REGISTERED NUMBER: 04963372) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ISOCLAD LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
CARDIFF |
County of Cardiff |
CF23 8RS |
ISOCLAD LIMITED (REGISTERED NUMBER: 04963372) |
BALANCE SHEET |
31 MAY 2021 |
2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ISOCLAD LIMITED (REGISTERED NUMBER: 04963372) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
1. | STATUTORY INFORMATION |
Isoclad Limited is a |
The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound. |
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
There have been no material departures from Financial Reporting Standard 102 1A. |
Going Concern |
The directors are satisfied that despite the Coronavirus pandemic, it is appropriate for the company's financial statements to be prepared on a going concern basis. The directors have taken steps to minimise the effect on the company and will continue to do so. In the circumstances they have concluded that no adjustments are required to the financial statements at this time. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold Property | 2% straight line |
Plant and Machinery | 10 - 50% straight line and 20% reducing balance |
Fixtures and Fittings | 20% reducing balance |
Motor Vehicles | 20% reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
ISOCLAD LIMITED (REGISTERED NUMBER: 04963372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Freehold | Plant and |
Property | Land | machinery |
£ | £ | £ |
COST |
At 1 June 2020 |
Additions |
Disposals |
At 31 May 2021 |
DEPRECIATION |
At 1 June 2020 |
Charge for year |
Eliminated on disposal |
At 31 May 2021 |
NET BOOK VALUE |
At 31 May 2021 |
At 31 May 2020 |
ISOCLAD LIMITED (REGISTERED NUMBER: 04963372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Office |
Fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2021 |
DEPRECIATION |
At 1 June 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2021 |
NET BOOK VALUE |
At 31 May 2021 |
At 31 May 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Financing of trade debtors |
Corporation tax recoverable | 76,368 | 59,459 |
VAT | - | 8,266 |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 134,357 | - |
Other creditors |
Financing of trade debtors | - | 79,408 |
Commercial mortgage | 80,350 | 40,880 |
Accruals and deferred income |
ISOCLAD LIMITED (REGISTERED NUMBER: 04963372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loan |
Hire purchase contracts |
Commercial mortgage |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 61,926 | 88,000 |
Financing of trade debtors | - | 79,408 |
Commercial mortgage | 942,266 | 977,602 |
9. | PROVISIONS FOR LIABILITIES |
The provision for liabilities relates to a deferred tax liability only. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 37,500 | 37,500 |
11. | CAPITAL COMMITMENTS |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |
The above capital commitments are in respect of plant and machinery. |
12. | RELATED PARTY DISCLOSURES |
During the year the company entered into transactions with its related parties. At 31 May 2021 the following related party balances existed: |
31.05.21 | 31.05.20 |
Other related parties | £ | £ |
Debtors: Amounts falling due within one year | 90,018 | 141,057 |
Creditors: Amounts falling due within one year | 268,830 | 484,483 |
13. | ULTIMATE PARENT COMPANY |
On 17 January 2022 a reorganisation took place and a Share Exchange Agreeement came into effect. This resulted in 100% of the ordinary shares of the company transferring to Isoclad Holdings Limited, parent company, with the same registered office. |