Registered number
NI052087
Three Islands Limited
Unaudited Filleted Accounts
for the year ended
28 February 2023
Three Islands Limited
Registered number: NI052087
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,001,878 989,310
Current assets
Debtors 4 6,693 64,499
Cash at bank and in hand 375,250 4,293,499
381,943 4,357,998
Creditors: amounts falling due within one year 5 (314,408) (496,940)
Net current assets 67,535 3,861,058
Total assets less current liabilities 1,069,413 4,850,368
Provisions for liabilities (9,558) (7,170)
Net assets 1,059,855 4,843,198
Capital and reserves
Called up share capital 300 300
Profit and loss account 1,059,555 4,842,898
Shareholders' funds 1,059,855 4,843,198
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.
Patricia Casement
Director
Approved by the board on 1 November 2023
Three Islands Limited
Notes to the Accounts
for the year ended 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from Health Trusts in respect of the provision of nursing care facilities which is recognised as the services are provided.
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:
Plant and machinery 25% reducing balance
Fixtures and fittings 25% reducing balance
Motor vehicles 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 2023 2022
Number Number
Average number of persons employed by the company 49 50
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 951,574 231,555 52,360 1,235,489
Additions - 27,788 - 27,788
Disposals - - (33,000) (33,000)
At 28 February 2023 951,574 259,343 19,360 1,230,277
Depreciation
At 1 March 2022 - 203,133 43,046 246,179
Charge for the year - 10,500 1,531 12,031
On disposals - - (29,811) (29,811)
At 28 February 2023 - 213,633 14,766 228,399
Net book value
At 28 February 2023 951,574 45,710 4,594 1,001,878
At 28 February 2022 951,574 28,422 9,314 989,310
4 Debtors 2023 2022
£ £
Trade debtors - 50,110
Resident's control account 3,484 -
Other debtors 2,288 14,389
Prepayments and accrued income 921 -
6,693 64,499
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 69,783 10,619
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,622 -
Taxation and social security costs 188,655 437,678
Other creditors 1,400 -
Accruals and deferred income 50,948 48,643
314,408 496,940
6 Capital reduction
On 14 January 2022 the company passed a resolution pursant to Chapter 2 of Part 13 of the Companies Act 2006 proposing a Special Resolution stating that the share premium account of the Company be cancelled (the Capital Reduction) and the amount by which the share premium account is so reduced be created to a reserve. Accordingly, the share premium accounts was converted to distributable reserves.
7 Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
8 Controlling party
Mrs. P . Casement is the controlling party by virtue of her interest in the equity of Three Islands 2020 Limited, a company which owns the share capital of Three Islands Ltd.
9 Other information
Three Islands Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
62-66 Main Street
Toomsbridge
Co Antrim
BT41 3NJ
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