Company Registration No. 05685151 (England and Wales)
ISLAND HOLIDAY MEDIA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ISLAND HOLIDAY MEDIA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ISLAND HOLIDAY MEDIA LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,849
10,547
Current assets
Debtors
4
93,049
84,161
Cash at bank and in hand
127
3,062
93,176
87,223
Creditors: amounts falling due within one year
5
(84,708)
(95,052)
Net current assets/(liabilities)
8,468
(7,829)
Total assets less current liabilities
16,317
2,718
Creditors: amounts falling due after more than one year
6
(20,000)
(25,000)
Provisions for liabilities
(1,131)
(1,621)
Net liabilities
(4,814)
(23,903)
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
25,000
25,000
Profit and loss reserves
(30,814)
(49,903)
Total equity
(4,814)
(23,903)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ISLAND HOLIDAY MEDIA LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
Mr D Brooks
Mr T Addison
Director
Director
Company Registration No. 05685151
ISLAND HOLIDAY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Island Holiday Media Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 35 Orchard Street, Newport, Isle Of Wight, PO30 1JZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

ISLAND HOLIDAY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

 

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ISLAND HOLIDAY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

 

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

1.10

Contingent Liabilities

A charge has been registered being a fixed and floating charge over all the property and undertakings of the company in relation to a loan taken out by the director, Mr T Addison, in order to purchase a property from which the company is trading. The maximum liability regarding the charge is £95,000.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
10
ISLAND HOLIDAY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Office equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
22,039
4,554
37,400
37,474
101,467
Additions
-
0
-
0
200
-
0
200
At 31 December 2023
22,039
4,554
37,600
37,474
101,667
Depreciation and impairment
At 1 January 2023
19,914
3,834
37,130
30,042
90,920
Depreciation charged in the year
531
180
329
1,858
2,898
At 31 December 2023
20,445
4,014
37,459
31,900
93,818
Carrying amount
At 31 December 2023
1,594
540
141
5,574
7,849
At 31 December 2022
2,125
720
270
7,432
10,547

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
-
0
5,950
-
5,950
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
40,394
31,931
Other debtors
42,567
41,960
82,961
73,891
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
10,088
10,270
Total debtors
93,049
84,161
ISLAND HOLIDAY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,517
20,083
Obligations under finance leases
-
0
4,377
Trade creditors
26,535
24,352
Corporation tax
13,747
3,339
Other taxation and social security
4,501
20,895
Other creditors
8,350
10,545
Accruals and deferred income
5,058
11,461
84,708
95,052

In creditors payable in less than 1 year hire purchase contracts of £Nil (2022: £4,377) are secured over the assets which they relate.

6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20,000
25,000
7
Financial commitments, guarantees and contingent liabilities

A charge has been registered being a fixed and floating charge over all the property and the undertakings of the company in relation to a loan taken out by the director, Mr T Addison, in order to purchase the property from which the company is trading. The maximum liability regarding the charge is £95,000.

 

8
Prior period adjustment

Following on a review of a Commercial Agreement with the Company's main supplier it was deemed the Commission was misstatement in prior year accounts. This has been rectified in this financial year.

ISLAND HOLIDAY MEDIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Commission no longer payable
-
45,552
Corporation tax payable
-
(3,339)
Corporation tax loss carried back reversal
-
(5,316)
Total adjustments
-
36,897
Equity as previously reported
(35,769)
(60,800)
Equity as adjusted
(35,769)
(23,903)
Analysis of the effect upon equity
Profit and loss reserves
-
36,897
Reconciliation of changes in (loss)/profit for the previous financial period
2022
£
Adjustments to prior year
Commission no longer payable
45,552
Corporation tax payable
(3,339)
Corporation tax loss carried back reversal
(5,316)
Total adjustments
36,897
Loss as previously reported
(25,031)
Profit as adjusted
11,866
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