Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31true2022-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10840265 2022-04-01 2023-03-31 10840265 2021-04-01 2022-03-31 10840265 2023-03-31 10840265 2022-03-31 10840265 c:Director1 2022-04-01 2023-03-31 10840265 c:Director2 2022-04-01 2023-03-31 10840265 c:RegisteredOffice 2022-04-01 2023-03-31 10840265 d:CurrentFinancialInstruments 2023-03-31 10840265 d:CurrentFinancialInstruments 2022-03-31 10840265 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10840265 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10840265 d:ShareCapital 2023-03-31 10840265 d:ShareCapital 2022-03-31 10840265 d:RetainedEarningsAccumulatedLosses 2023-03-31 10840265 d:RetainedEarningsAccumulatedLosses 2022-03-31 10840265 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 10840265 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 10840265 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10840265 c:OrdinaryShareClass1 2023-03-31 10840265 c:OrdinaryShareClass1 2022-03-31 10840265 c:OrdinaryShareClass2 2022-04-01 2023-03-31 10840265 c:OrdinaryShareClass2 2023-03-31 10840265 c:OrdinaryShareClass2 2022-03-31 10840265 c:FRS102 2022-04-01 2023-03-31 10840265 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10840265 c:FullAccounts 2022-04-01 2023-03-31 10840265 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10840265 2 2022-04-01 2023-03-31 10840265 6 2022-04-01 2023-03-31 10840265 1 2023-03-31 10840265 1 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 10840265












ISLAY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

ISLAY INVESTMENTS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 9


 

ISLAY INVESTMENTS LIMITED
 
COMPANY INFORMATION


Directors
C Mitchell-Thomson 
V Mitchell-Thomson 




Registered number
10840265



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10840265
ISLAY INVESTMENTS LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
3,474,406
2,988,505

Current assets
  

Debtors: amounts falling due within one year
 5 
88
69,368

Current asset investments
 6 
508,828
596,258

Bank and cash balances
  
1,137,237
1,570,898

  
1,646,153
2,236,524

Creditors: amounts falling due within one year
 7 
(4,725,516)
(4,612,663)

Net current liabilities
  
 
 
(3,079,363)
 
 
(2,376,139)

Provisions for liabilities
  

Deferred tax
 8 
(154,272)
-

  
 
 
(154,272)
 
 
-

Net assets
  
240,771
612,366


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
240,671
612,266

Total equity
  
240,771
612,366


Page 2


 
REGISTERED NUMBER:10840265
ISLAY INVESTMENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Mitchell-Thomson
Director

Date: 5 February 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

ISLAY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Islay Investments Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Revenue

Sale of investments
Revenue comprises proceeds from the disposal of listed investments held for sale and is recognised on the date upon which the transaction takes place.
Dividends
Dividend income is recognised in the profit and loss account on an accrual basis.

 
2.4

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 4

 

ISLAY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

ISLAY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.7

Share capital

Ordinary shares are classified as equity.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 

ISLAY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administrative expenses'. 

 
2.11

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 

ISLAY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Listed investments

£



Valuation


At 1 April 2022
2,988,505


Additions
498,349


Revaluations
(12,448)



At 31 March 2023
3,474,406






Net book value



At 31 March 2023
3,474,406



At 31 March 2022
2,988,505

The historic cost of the listed investments was £2,930,268 (2022- £2,877,724).


5.


Debtors

2023
2022
£
£


Other debtors
88
69,368


Page 8

 

ISLAY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Current asset investments

2023
2022
£
£

Listed investments
508,828
596,258


The historic cost of the listed investments was £446,701 (2022 - £499,457). 


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
4,712,316
4,600,663

Accruals
13,200
12,000

4,725,516
4,612,663



8.


Deferred tax liability





Deferred tax

£





Charged to profit or loss
154,272



At 31 March 2023
154,272


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



80 (2022 - 80) Class A Ordinary shares of £1.00 each
80
80
20 (2022 - 20) Class B Ordinary shares of £1.00 each
20
20

100

100



10.


Related party transactions

As at the year end date, the company owed £4,712,316 (2022 - £4,600,663) to the directors of the company. The amount is interest free, unsecured and repayable on demand.

 
Page 9