Registered number
NI663532
Three Islands 2020 Ltd
Unaudited Filleted Accounts
for the year ended
28 February 2023
Three Islands 2020 Ltd
Registered number: NI663532
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 50,000 50,000
Investments 4 5,090,485 5,090,485
5,140,485 5,140,485
Current assets
Debtors 5 7,061 -
Cash at bank and in hand 238,939 125,802
246,000 125,802
Creditors: amounts falling due within one year 6 (1,492,179) (1,591,289)
Net current liabilities (1,246,179) (1,465,487)
Total assets less current liabilities 3,894,306 3,674,998
Creditors: amounts falling due after more than one year 7 (3,247,128) (3,552,720)
Net assets 647,178 122,278
Capital and reserves
Called up share capital 10 10
Profit and loss account 647,168 122,268
Shareholders' funds 647,178 122,278
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.
Ms. P. M. Casement
Director
Approved by the board on 1 November 2023
Three Islands 2020 Ltd
Notes to the Accounts
for the period from 1 September 2022 to 28 February 2023
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).
Consolidated accounts
In accordance with the provisions at Companies Act 2006, s399(2A) yhe director considers that the company is subject to the small companies regime, and as such is exempt from the requirement to prepare consolidated accounts.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Freehold land
£
Cost
At 1 September 2022 50,000
At 28 February 2023 50,000
Depreciation
At 28 February 2023 -
Net book value
At 28 February 2023 50,000
At 31 August 2022 50,000
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 September 2022 5,090,485
At 28 February 2023 5,090,485
The company owns 100% of the share capital of Three Islands Ltd.
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 3,622 -
Other debtors 3,439 -
7,061 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 615,144 607,478
Other loans 549,993 599,993
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 57,974
Director's account 71,085 71,085
Other creditors 255,957 254,759
1,492,179 1,591,289
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,047,128 2,352,720
Other creditors 1,200,000 1,200,000
3,247,128 3,552,720
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 534,722 534,722
Secured bank loans 2,908,048 2,908,048
The bank holds a first and only all monies debenture over all the Borrowers property, assets and undertaking inlcuding property situated at 62-66 Main Street, Toombridge incorporated within the balance sheet of Three Islands Ltd a wholly-owned subsidiary.
9 Related party transactions
The company owed the controlling party, Mrs. P. M. Casement, £1,271,095 at year end.

The company received dividends from Three Islands Ltd, a wholly-owned subsidiary, totalling £630,000 (2022: £4,075,406).
10 Controlling party
Mrs. P. M. Casement is the controlling party by virtue of her interest in the equity of the company.
11 Other information
Three Islands 2020 Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
62 - 66 Main Street
Toombridge
Co. Antrim
BT41 3NJ
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