Company registration number 10852321 (England and Wales)
ISLEND LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ISLEND LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 7
ISLEND LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of property development.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr I Sellars
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr I Sellars
Director
19 December 2022
ISLEND LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ISLEND LIMITED FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Islend Limited for the year ended 31 March 2022 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Islend Limited, as a body, Our work has been undertaken solely to prepare for your approval the financial statements of Islend Limited
and state those matters that we have agreed to state to the Board of Directors of Islend Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Islend Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Islend Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Islend Limited. You consider that Islend Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Islend Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Begbies
19 December 2022
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
ISLEND LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 3 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
342,346
342,346
Creditors: amounts falling due within one year
4
(264,523)
(281,275)
Net current assets
77,823
61,071
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
77,822
61,070
Total equity
77,823
61,071
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 December 2022
Mr I Sellars
Director
Company Registration No. 10852321
ISLEND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2020
1
44,318
44,319
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
16,752
16,752
Balance at 31 March 2021
1
61,070
61,071
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
16,752
16,752
Balance at 31 March 2022
1
77,822
77,823
ISLEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
1
Accounting policies
Company information
Islend Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
9 Bonhill Street, London, EC2A 4DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared
under
the historical cost convention except for the modification
to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.2
Stocks
Stock and work in progress
are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the
stock and work in progress
to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section
12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial
assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially
measured at transaction price including transaction costs and are subsequently carried at amortised cost
using the effective interest method less any impairment.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ISLEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
1.8
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,200
Amounts owed to group undertakings
257,385
275,337
Other creditors
5,938
5,938
264,523
281,275
ISLEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1