Registered number
00863266
ISLAND MOBILITY LIMITED
Filleted Accounts
31 December 2021
ISLAND MOBILITY LIMITED
Registered number: 00863266
Balance Sheet
At 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 4 192,544 58,229
Current assets
Stocks 207,292 175,664
Debtors 5 52,889 69,995
Cash at bank and in hand 141,579 148,843
401,760 394,502
Creditors: amounts falling due within one year 6 (143,724) (151,779)
Net current assets 258,036 242,723
Net assets 450,580 300,952
Capital and reserves
Called up share capital 1,503 1,503
Profit and loss account 449,077 299,449
Shareholders' funds 450,580 300,952
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R G Horton
Director
Approved by the board on 31 August 2022
ISLAND MOBILITY LIMITED
Notes to the Accounts
For the year ended 31 December 2021
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 13 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2021 75,000
At 31 December 2021 75,000
Amortisation
At 1 January 2021 75,000
At 31 December 2021 75,000
Net book value
At 31 December 2021 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2021 62,008 371,163 60,564 493,735
Additions 67,309 61,607 43,100 172,016
At 31 December 2021 129,317 432,770 103,664 665,751
Depreciation
At 1 January 2021 29,180 346,462 59,864 435,506
Charge for the year 5,173 21,578 10,950 37,701
At 31 December 2021 34,353 368,040 70,814 473,207
Net book value
At 31 December 2021 94,964 64,730 32,850 192,544
At 31 December 2020 32,828 24,701 700 58,229
5 Debtors 2021 2020
£ £
Trade debtors 19,912 39,066
Other debtors 32,977 30,929
52,889 69,995
6 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 67,214 61,892
Other taxes and social security costs 18,442 11,626
Other creditors 58,068 78,261
143,724 151,779
7 Controlling party
The company is controlled by Mr R G Horton
8 Other information
ISLAND MOBILITY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
32 Dodnor Lane
Newport
Isle of Wight
PO30 5XA
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