Acorah Software Products - Accounts Production 15.0.500 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 11626677 Ms Becki-Lee Shilcock Mr Kieron Ash iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11626677 2022-10-31 11626677 2023-10-31 11626677 2022-11-01 2023-10-31 11626677 frs-core:CurrentFinancialInstruments 2023-10-31 11626677 frs-core:Non-currentFinancialInstruments 2023-10-31 11626677 frs-core:ComputerEquipment 2022-11-01 2023-10-31 11626677 frs-core:FurnitureFittings 2022-11-01 2023-10-31 11626677 frs-core:InvestmentPropertyIncludedWithinPPE 2023-10-31 11626677 frs-core:InvestmentPropertyIncludedWithinPPE 2022-11-01 2023-10-31 11626677 frs-core:InvestmentPropertyIncludedWithinPPE 2022-10-31 11626677 frs-core:MotorVehicles 2022-11-01 2023-10-31 11626677 frs-core:PlantMachinery 2023-10-31 11626677 frs-core:PlantMachinery 2022-11-01 2023-10-31 11626677 frs-core:PlantMachinery 2022-10-31 11626677 frs-core:ShareCapital 2023-10-31 11626677 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 11626677 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11626677 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 11626677 frs-bus:SmallEntities 2022-11-01 2023-10-31 11626677 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 11626677 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 11626677 frs-bus:Director1 2022-11-01 2023-10-31 11626677 frs-bus:Director2 2022-11-01 2023-10-31 11626677 frs-countries:EnglandWales 2022-11-01 2023-10-31 11626677 2021-10-31 11626677 2022-10-31 11626677 2021-11-01 2022-10-31 11626677 frs-core:CurrentFinancialInstruments 2022-10-31 11626677 frs-core:Non-currentFinancialInstruments 2022-10-31 11626677 frs-core:ShareCapital 2022-10-31 11626677 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 11626677
Island Property Holdings Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11626677
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,677 305,330
21,677 305,330
CURRENT ASSETS
Debtors 5 2,610 2,430
Cash at bank and in hand 883 5
3,493 2,435
Creditors: Amounts Falling Due Within One Year 6 (19,509 ) (95,994 )
NET CURRENT ASSETS (LIABILITIES) (16,016 ) (93,559 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,661 211,771
Creditors: Amounts Falling Due After More Than One Year 7 (50,000 ) (186,138 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,277 ) (1,277 )
NET (LIABILITIES)/ASSETS (45,616 ) 24,356
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (45,618 ) 24,354
SHAREHOLDERS' FUNDS (45,616) 24,356
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Becki-Lee Shilcock
Director
31/07/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Island Property Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11626677 . The registered office is 49 Mill Hill Road, Cowes, Isle of Wight, PO31 7EG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises income from property letting in the United Kingdom.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 5 Years Straight Line
Fixtures & Fittings 25% reducing balance
Computer Equipment 3 years straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.6. Financial Instruments
Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 3
Page 4
2.7. Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Investment Properties Plant & Machinery etc. Total
£ £ £
Cost or Valuation
As at 1 November 2022 300,000 15,210 315,210
Additions - 22,801 22,801
Disposals (300,000 ) - (300,000 )
As at 31 October 2023 - 38,011 38,011
Depreciation
As at 1 November 2022 - 9,880 9,880
Provided during the period - 6,454 6,454
As at 31 October 2023 - 16,334 16,334
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 October 2023 - 21,677 21,677
As at 1 November 2022 300,000 5,330 305,330
Cost or valuation as at 31 October 2023 represented by:
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
At cost - 638 20,000 11,789
- 638 20,000 11,789
Computer Equipment Total
£ £
At cost 5,584 38,011
5,584 38,011
The freehold investment property was sold on an open market during the year.
If the investment property was stated on a historical cost basis rather than a fair value basis, the amount would have been included as follows (2022:£229,609).
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,360 -
Other debtors 250 2,430
2,610 2,430
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,238 (2 )
Bank loans and overdrafts - 7,864
Other creditors 10,941 81,049
Taxation and social security 4,330 7,083
19,509 95,994
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 50,000 186,138
During the prior financial period the company was granted a bounce back loan, which will be repaid in line with the accepted government terms. It is denominated in £ with a nominal interest rate of 2.5% and the final instalment is due in December 2028. The carrying amount at the year end is £50,000.
Page 5
Page 6
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
Page 6