| iScrapp Limited |
| Notes to the Accounts |
| for the year ended 31 May 2023 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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. 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
0% reducing balance |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2023 |
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2022 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 June 2022 |
7,236 |
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At 31 May 2023 |
7,236 |
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Depreciation |
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At 31 May 2023 |
- |
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Net book value |
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At 31 May 2023 |
7,236 |
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At 31 May 2022 |
7,236 |
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| 4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
| £ |
£ |
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Other creditors |
18,054 |
|
14,705 |
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| 5 |
Related party transactions |
2023 |
|
2022 |
| £ |
£ |
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Directors' Loan Account |
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The director is a related party to the company |
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At 31st May, the company owed the related party the following |
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interest-free, unsecured loans which are repayable upon demand: |
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Amount due to the related party |
10,200 |
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9,900 |
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| 6 |
Controlling party |
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The director is the ultimate controlling party by virtue of his 100% ownership of the issued share capital of the company. |
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| 7 |
Other information |
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iScrapp Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
89 Chorley Road |
|
Swinton |
|
Manchester |
|
M27 4AA |
