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REGISTERED NUMBER: 05666306 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Island Furnishing Ltd

Island Furnishing Ltd (Registered number: 05666306)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Island Furnishing Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr S J Lacey
Mr M D Grafham



SECRETARY:



REGISTERED OFFICE: 16c Sandown Road
Lake
Isle of Wight
PO36 9JP



REGISTERED NUMBER: 05666306 (England and Wales)



ACCOUNTANTS: Allegri & Co.
16c Sandown Road
Lake
Isle of Wight
PO36 9JP



BANKERS: Lloyds Bank
St.Thomas Square
Newport
Isle of Wight
PO30

Island Furnishing Ltd (Registered number: 05666306)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,124 10,598

CURRENT ASSETS
Stocks 27,000 25,000
Debtors 5 29,970 56,954
Cash at bank 82,679 38,879
139,649 120,833
CREDITORS
Amounts falling due within one year 6 65,791 58,997
NET CURRENT ASSETS 73,858 61,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

81,982

72,434

CREDITORS
Amounts falling due after more than one
year

7

8,798

13,598
NET ASSETS 73,184 58,836

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 73,082 58,734
SHAREHOLDERS' FUNDS 73,184 58,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Island Furnishing Ltd (Registered number: 05666306)

Balance Sheet - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:





Mr S J Lacey - Director


Island Furnishing Ltd (Registered number: 05666306)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Island Furnishing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 33,817
Additions 233
At 31 January 2024 34,050
DEPRECIATION
At 1 February 2023 23,219
Charge for year 2,707
At 31 January 2024 25,926
NET BOOK VALUE
At 31 January 2024 8,124
At 31 January 2023 10,598

Island Furnishing Ltd (Registered number: 05666306)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 29,970 56,954

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 45,568 38,484
Taxation and social security 18,292 18,818
Other creditors 1,931 1,695
65,791 58,997

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts 8,798 13,598

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
Mr S J Lacey
Balance outstanding at start of year (472 ) (4,769 )
Amounts advanced 13,638 15,797
Amounts repaid (13,656 ) (11,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (490 ) (472 )

Mr M D Grafham
Balance outstanding at start of year (472 ) (4,769 )
Amounts advanced 13,638 15,797
Amounts repaid (13,656 ) (11,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (490 ) (472 )