IZUDOO LTD

2021-09-012022-08-312022-08-31falseNI069786IZUDOO 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IZUDOO LTD

Registered Number
NI069786
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 August 2022

IZUDOO LTD

Company Information
for the year from 1 September 2021 to 31 August 2022


Directors	James Foster
	Clare Foster
	Kenneth Foster
	Mary Foster


Registered Address	28 Upper Galliagh Road
	Londonderry
	Co Londonderry
	BT48 8LW


Registered Number	NI069786 (Northern Ireland)

IZUDOO LTD

Balance Sheet as at
31 August 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	5		26,354		23,557
			26,354		23,557
Current assets
Debtors	6	33,730		48,051
Cash at bank and on hand		194,758		78,670
		228,488		126,721
Creditors amounts falling due within one year	7	(57,231)		(31,654)
Net current assets (liabilities)			171,257		95,067
Total assets less current liabilities			197,611		118,624
Creditors amounts falling due after one year	8		(45,853)		(50,000)
Net assets			151,758		68,624
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			150,758		67,624
Shareholders' funds			151,758		68,624

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 16 February 2023, and are signed on its behalf by:

James Foster
Director
Registered Company No. NI069786

IZUDOO LTD

Notes to the Financial Statements
for the year ended 31 August 2022

1.	Statutory information
	The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Office Equipment: 25% Straight Line Fixtures & Fittings: 25% Straight Line Plant & Machinery: 10% Straight Line

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Taxation policy
	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.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

4.	Employee information


		2022		2021
	Average number of employees during the year	1		1

5.	Property, plant and equipment

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 September 21	7,742	20,122	1,998	29,862
Additions	6,225	2,780	1,207	10,212
At 31 August 22	13,967	22,902	3,205	40,074
Depreciation and impairment
At 01 September 21	774	5,031	500	6,305
Charge for year	1,190	5,527	698	7,415
At 31 August 22	1,964	10,558	1,198	13,720
Net book value
At 31 August 22	12,003	12,344	2,007	26,354
At 31 August 21	6,968	15,091	1,498	23,557

6.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	31,230	36,068
Other debtors	-	11,983
Prepayments and accrued income	2,500	-
Total	33,730	48,051


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

7.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	5,581	9,637
Taxation and social security	51,650	20,582
Other creditors	-	235
Accrued liabilities and deferred income	-	1,200
Total	57,231	31,654


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Creditors after one year

	2022	2021
	£	£
Bank borrowings and overdrafts	45,853	50,000
Total	45,853	50,000