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REGISTERED NUMBER: 06767575 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

IOW RESIDENTIAL LIMITED

IOW RESIDENTIAL LIMITED (REGISTERED NUMBER: 06767575)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

IOW RESIDENTIAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: K Trigg
Mrs L S Trigg





SECRETARY:





REGISTERED OFFICE: Trigg House
Monks Brook
St Cross Business Park
Newport
Isle of Wight
PO30 5WB





REGISTERED NUMBER: 06767575 (England and Wales)





ACCOUNTANTS: Harrison Black Limited
East Quay
Kite Hill
Wootton Bridge
Isle of Wight
PO33 4LA

IOW RESIDENTIAL LIMITED (REGISTERED NUMBER: 06767575)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 13,360 16,728
Investments 4 800 238,944
14,160 255,672

CURRENT ASSETS
Debtors 5 32,415 25,805
Cash at bank and in hand 260,527 459,407
292,942 485,212
CREDITORS
Amounts falling due within one year 6 87,679 90,804
NET CURRENT ASSETS 205,263 394,408
TOTAL ASSETS LESS CURRENT
LIABILITIES

219,423

650,080

CREDITORS
Amounts falling due after more than one
year

7

32,222

36,667
NET ASSETS 187,201 613,413

CAPITAL AND RESERVES
Called up share capital 50 100
Capital redemption reserve 50 -
Retained earnings 187,101 613,313
SHAREHOLDERS' FUNDS 187,201 613,413

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

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

IOW RESIDENTIAL LIMITED (REGISTERED NUMBER: 06767575)

BALANCE SHEET - continued
31 DECEMBER 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 6 September 2024 and were signed on its behalf by:





K Trigg - Director


IOW RESIDENTIAL LIMITED (REGISTERED NUMBER: 06767575)

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


1. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

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.

IOW RESIDENTIAL LIMITED (REGISTERED NUMBER: 06767575)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


1. ACCOUNTING POLICIES - continued

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 10 ) .

3. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 21,782 9,896 29,182 60,860
DEPRECIATION
At 1 January 2023 16,194 4,774 23,164 44,132
Charge for year 838 1,025 1,505 3,368
At 31 December 2023 17,032 5,799 24,669 47,500
NET BOOK VALUE
At 31 December 2023 4,750 4,097 4,513 13,360
At 31 December 2022 5,588 5,122 6,018 16,728

4. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 800 800
Other loans - 238,144
800 238,944

IOW RESIDENTIAL LIMITED (REGISTERED NUMBER: 06767575)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 800
NET BOOK VALUE
At 31 December 2023 800
At 31 December 2022 800
Other
loans
£   
At 1 January 2023 238,144
Repayment in year (238,144 )
At 31 December 2023 -

Fixed asset investments consists of the ownership of a subsidiary company, IOW Holiday Lettings Limited, which is 100% owned by IOW Residential Limited.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 13,831 7,112
Related company loan (note 10) 17,509 17,010
Other debtors 1,075 1,683
32,415 25,805

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,056 9,167
Trade creditors 15,898 11,943
Taxation and social security 48,643 49,493
Other creditors 15,082 20,201
87,679 90,804

IOW RESIDENTIAL LIMITED (REGISTERED NUMBER: 06767575)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 32,222 36,667

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors, K Trigg and L Trigg, hold a joint directors loan and at the year end the company owes the directors £11,874 (2022 - £11,172).

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed an amount of £500 from IOW Developments Limited, a company under common control of the directors.

At the balance sheet date, £17,009 was owed to the company by IOW Holiday Lettings Limited, a subsidiary company of IOW Residential Limited.

10. ULTIMATE CONTROLLING PARTY

The directors, Keith and Lisa Trigg, are the controlling party via their 100% share ownership of the issued share capital.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
IOW RESIDENTIAL LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IOW Residential Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of IOW Residential Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of IOW Residential Limited and state those matters that we have agreed to state to the Board of Directors of IOW Residential Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IOW Residential Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that IOW Residential Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of IOW Residential Limited. You consider that IOW Residential Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of IOW Residential Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Harrison Black Limited
East Quay
Kite Hill
Wootton Bridge
Isle of Wight
PO33 4LA


Date: .............................................