Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31true058001112022-04-01false44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05800111 2022-04-01 2023-03-31 05800111 2021-04-01 2022-03-31 05800111 2023-03-31 05800111 2022-03-31 05800111 c:Director2 2022-04-01 2023-03-31 05800111 d:CurrentFinancialInstruments 2023-03-31 05800111 d:CurrentFinancialInstruments 2022-03-31 05800111 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05800111 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05800111 d:ShareCapital 2023-03-31 05800111 d:ShareCapital 2022-03-31 05800111 d:RetainedEarningsAccumulatedLosses 2023-03-31 05800111 d:RetainedEarningsAccumulatedLosses 2022-03-31 05800111 c:OrdinaryShareClass1 2022-04-01 2023-03-31 05800111 c:OrdinaryShareClass1 2023-03-31 05800111 c:FRS102 2022-04-01 2023-03-31 05800111 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05800111 c:FullAccounts 2022-04-01 2023-03-31 05800111 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05800111 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05800111














ISLANDPOST LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
ISLANDPOST LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 6


 
ISLANDPOST LIMITED
REGISTERED NUMBER:05800111

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1,101
1,101

  
1,101
1,101

Current assets
  

Stocks
 5 
626,976
1,253,953

Debtors: amounts falling due within one year
 6 
5,969,201
5,556,244

Cash at bank and in hand
 7 
1,064
844

  
6,597,241
6,811,041

Creditors: amounts falling due within one year
 8 
(4,793,951)
(4,884,943)

Net current assets
  
 
 
1,803,290
 
 
1,926,098

Total assets less current liabilities
  
1,804,391
1,927,199

  

Net assets
  
1,804,391
1,927,199


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
1,804,389
1,927,197

  
1,804,391
1,927,199


1

 
ISLANDPOST LIMITED
REGISTERED NUMBER:05800111
    
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: 



................................................
G A Lee
Director

Date: 22 December 2023

The notes on pages 3 to 6 form part of these financial statements.

2

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

1.


General information

Islandpost Limited is principally engaged in property development and property trading.
The company is a private company, limited by shares and is registered in England and Wales. The address of its registered office and principal place of business is Grove Lodge, 287 Regents Park Road, London, N3 3JY. 

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 company's functional and presentational currency is pound sterling.
The company is the parent undertaking of a small group and as such is not required by the Company Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
 
The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents sales of properties. Turnover is recognised as earned when, and to the extent that, the firm completes an exchange of a sale of the properties held. 

 
2.3

 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.

 
2.4

Current and deferred taxation

Tax is recognised in profit or loss 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.

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.

 
2.5

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks of development property are stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an actual basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

3

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

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

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

 
2.9

 Creditors

Short-term creditors are measured at the transaction price.

 
2.10

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from and to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2022
1,101



At 31 March 2023
1,101





5.


Stocks

2023
2022
£
£

Development property
626,976
1,253,953


4

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

6.


Debtors

2023
2022
£
£


Trade debtors
10,045
8,364

Amounts owed by group undertakings
5,932,019
5,546,588

Other debtors
300
-

Prepayments and accrued income
26,837
1,292

5,969,201
5,556,244



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,064
844



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
19,538
15,580

Amounts owed to group undertakings
1,946,998
2,034,870

Corporation tax
6,107
7,883

Other taxation and social security
41,606
5,043

Other creditors
2,762,232
2,761,575

Accruals and deferred income
17,470
59,992

4,793,951
4,884,943



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2  ordinary shares of £1 each
2
2

There is one class of share. There are no restrictions on the distribution of dividends and the repayment of capital.

5

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

10.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.

At the year end, the company owed £1,645,797 (2022 - 1,654,502) to Kerrington Limited, a 50% shareholder. The loan is interest free and repayable on demand.

At the year end, the company owed £2,756,174 (2022 - 2,756,174) to A.R. & V. Investments Limited, a 50% shareholder. The loan is interest free and repayable on demand.

 
6