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Registration number: 10238342

Island Feather Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Island Feather Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Island Feather Limited

(Registration number: 10238342)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

2,570

1,379

Current assets

 

Stocks

5

11,694

20,816

Debtors

6

1,585

4,877

Cash at bank and in hand

 

212

835

 

13,491

26,528

Creditors: Amounts falling due within one year

7

(44,610)

(37,399)

Net current liabilities

 

(31,119)

(10,871)

Net liabilities

 

(28,549)

(9,492)

Capital and reserves

 

Called up share capital

8

10

10

Profit and loss account

(28,559)

(9,502)

Total equity

 

(28,549)

(9,492)

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Island Feather Limited

(Registration number: 10238342)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 8 November 2018 and signed on its behalf by:
 

.........................................

Mr P Hargreaves
Director

.........................................

Miss C Albrecht
Director

 

Island Feather Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 Great Southsea Street
Southsea
Hampshire
PO5 3BY

These financial statements were authorised for issue by the Board on 8 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors have agreed not to withdraw their loan facility, should it render the company unable to pay its liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Island Feather Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2017 - 0).

 

Island Feather Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2017

1,346

125

1,471

Additions

1,454

593

2,047

At 31 March 2018

2,800

718

3,518

Depreciation

At 1 April 2017

84

8

92

Charge for the year

679

177

856

At 31 March 2018

763

185

948

Carrying amount

At 31 March 2018

2,037

533

2,570

At 31 March 2017

1,262

117

1,379

5

Stocks

2018
£

2017
£

Other inventories

11,694

20,816

6

Debtors

2018
£

2017
£

Prepayments

1,585

4,877

1,585

4,877

 

Island Feather Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Other creditors

 

44,610

37,399

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10