IRIS Accounts Production v23.4.0.336 04675414 Board of Directors Board of Directors 1.8.22 31.7.23 31.7.23 false true false false true false 61914 58869 30373 44767 18800 41722 73487 61914 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh046754142022-07-31046754142023-07-31046754142022-08-012023-07-31046754142021-07-31046754142021-08-012022-07-31046754142022-07-3104675414ns15:EnglandWales2022-08-012023-07-3104675414ns14:PoundSterling2022-08-012023-07-3104675414ns10:Director12022-08-012023-07-3104675414ns10:Director22022-08-012023-07-3104675414ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3104675414ns10:SmallEntities2022-08-012023-07-3104675414ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3104675414ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3104675414ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3104675414ns10:FullAccounts2022-08-012023-07-310467541442ns10:Director22022-07-310467541442ns10:Director22021-07-310467541442ns10:Director22022-08-012023-07-310467541442ns10:Director22021-08-012022-07-310467541442ns10:Director22023-07-310467541442ns10:Director22022-07-3104675414ns10:RegisteredOffice2022-08-012023-07-3104675414ns5:CurrentFinancialInstruments2023-07-3104675414ns5:CurrentFinancialInstruments2022-07-3104675414ns5:Non-currentFinancialInstruments2023-07-3104675414ns5:Non-currentFinancialInstruments2022-07-3104675414ns5:ShareCapital2023-07-3104675414ns5:ShareCapital2022-07-3104675414ns5:RetainedEarningsAccumulatedLosses2023-07-3104675414ns5:RetainedEarningsAccumulatedLosses2022-07-3104675414ns5:LongLeaseholdAssetsns5:LandBuildings2022-08-012023-07-3104675414ns5:PlantMachinery2022-08-012023-07-3104675414ns5:FurnitureFittings2022-08-012023-07-3104675414ns5:ComputerEquipment2022-08-012023-07-3104675414ns5:LongLeaseholdAssetsns5:LandBuildings2022-07-3104675414ns5:PlantMachinery2022-07-3104675414ns5:FurnitureFittings2022-07-3104675414ns5:ComputerEquipment2022-07-3104675414ns5:LongLeaseholdAssetsns5:LandBuildings2023-07-3104675414ns5:PlantMachinery2023-07-3104675414ns5:FurnitureFittings2023-07-3104675414ns5:ComputerEquipment2023-07-3104675414ns5:LongLeaseholdAssetsns5:LandBuildings2022-07-3104675414ns5:PlantMachinery2022-07-3104675414ns5:FurnitureFittings2022-07-3104675414ns5:ComputerEquipment2022-07-3104675414ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3104675414ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3104675414ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-07-3104675414ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-07-3104675414ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-07-3104675414ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-07-31046754141ns10:Director12022-07-31046754141ns10:Director12021-07-31046754141ns10:Director12022-08-012023-07-31046754141ns10:Director12021-08-012022-07-31046754141ns10:Director12023-07-31046754141ns10:Director12022-07-31
REGISTERED NUMBER: 04675414 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st July 2023

for

IZZY ISLAND LIMITED

IZZY ISLAND LIMITED (REGISTERED NUMBER: 04675414)






Contents of the Financial Statements
for the Year Ended 31st July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IZZY ISLAND LIMITED

Company Information
for the Year Ended 31st July 2023







DIRECTORS: Mr D V Ireland
Mrs M Ireland





REGISTERED OFFICE: The Old Dairy
High Biggins
Carnforth
Lancashire
LA6 2NP





REGISTERED NUMBER: 04675414 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

IZZY ISLAND LIMITED (REGISTERED NUMBER: 04675414)

Balance Sheet
31st July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,250 10,930

CURRENT ASSETS
Debtors 5 99,319 84,157
Cash at bank and in hand 10 12,459
99,329 96,616
CREDITORS
Amounts falling due within one year 6 85,622 75,770
NET CURRENT ASSETS 13,707 20,846
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,957

31,776

CREDITORS
Amounts falling due after more than one
year

7

(19,861

)

(29,616

)

PROVISIONS FOR LIABILITIES (2,475 ) (1,826 )
NET ASSETS 4,621 334

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,521 234
4,621 334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 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.

IZZY ISLAND LIMITED (REGISTERED NUMBER: 04675414)

Balance Sheet - continued
31st July 2023


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 11th April 2024 and were signed on its behalf by:




Mr D V Ireland - Director



Mrs M Ireland - Director


IZZY ISLAND LIMITED (REGISTERED NUMBER: 04675414)

Notes to the Financial Statements
for the Year Ended 31st July 2023

1. STATUTORY INFORMATION

Izzy Island Limited 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.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Toys - 33.3% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 40% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

IZZY ISLAND LIMITED (REGISTERED NUMBER: 04675414)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2023

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold Toys fittings equipment Totals
£    £    £    £    £   
COST
At 1st August 2022 23,243 23,707 30,355 6,729 84,034
Additions - - 4,733 - 4,733
At 31st July 2023 23,243 23,707 35,088 6,729 88,767
DEPRECIATION
At 1st August 2022 23,243 23,707 21,685 4,469 73,104
Charge for year - - 2,104 309 2,413
At 31st July 2023 23,243 23,707 23,789 4,778 75,517
NET BOOK VALUE
At 31st July 2023 - - 11,299 1,951 13,250
At 31st July 2022 - - 8,670 2,260 10,930

IZZY ISLAND LIMITED (REGISTERED NUMBER: 04675414)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 1,476 1,862
Other debtors 26 -
Tax recoverable 23,243 19,365
Directors' current accounts 73,487 61,914
Prepayments and accrued income 1,087 1,016
99,319 84,157

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 20,809 10,000
Trade creditors 3,007 3,390
Tax 25,678 33,255
Social security and other taxes 4,399 -
Other creditors 16,246 12,199
Accrued expenses 15,483 16,926
85,622 75,770

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 9,861 19,616
19,861 29,616

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st July 2023 and 31st July 2022:

31.7.23 31.7.22
£    £   
Mr D V Ireland and Mrs M Ireland
Balance outstanding at start of year 61,914 58,869
Amounts advanced 30,373 44,767
Amounts repaid (18,800 ) (41,722 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,487 61,914

The terms of the loan are that any monies lent are charged interest at 2% to 5th Aril 2023 and at 2.25% thereafter and is repayable on demand.

During the year the company paid rent of £24,000 (2022 - £24,000) to Mr and Mrs Ireland, directors, for the property from which the company operates.

IZZY ISLAND LIMITED (REGISTERED NUMBER: 04675414)

Notes to the Financial Statements - continued
for the Year Ended 31st July 2023

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr and Mrs D V Ireland.