REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
TROWLOCK ISLAND LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
TROWLOCK ISLAND LIMITED |
TROWLOCK ISLAND LIMITED (REGISTERED NUMBER: 00258758) |
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 |
Accountants' Report | 8 |
TROWLOCK ISLAND LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
TROWLOCK ISLAND LIMITED (REGISTERED NUMBER: 00258758) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Fair value reserve |
Retained earnings |
Shareholders' funds |
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. |
TROWLOCK ISLAND LIMITED (REGISTERED NUMBER: 00258758) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TROWLOCK ISLAND LIMITED (REGISTERED NUMBER: 00258758) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Trowlock Island Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The directors have considered the relevant information including the annual budget, and in response to Covid-19, have considered the company's available resources and ability to continue to operate for the foreseeable future. Based on these assessments, the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in determining fair value for investment property. The value of investment property is reviewed by management annually. Whilst every attempt is made to ensure that the valuation is as accurate as possible, there remains a risk that the carrying value does not match the transaction price that would have been receivable in an arm's length exchange at the balance sheet date. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
Turnover |
Turnover is derived from the company's principal activity, being the operation and maintenance of Trowlock Island. |
Turnover represents amounts receivable for moorings and service charges provided in the normal course of business net of any discounts and sales-related taxes. Turnover is recognised when the company has a legal right to the income and the amount can be quantified with reasonable accuracy. |
TROWLOCK ISLAND LIMITED (REGISTERED NUMBER: 00258758) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Tangible fixed assets |
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Freehold Buildings - 5% per annum on cost |
Plant & machinery - 25% per annum on cost |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The cumulative aggregate value of unrealised gains and losses on investment property are disclosed as Fair Value Reserves to distinguish them as undistributable profit and loss reserves. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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. |
Grant income |
Grant income is recognised under the accrual model of Financial Reporting Standard 102. |
Grant income is recognised in the profit and loss account on a systematic basis over the period in |
which the company recognises the related costs for which the grant is intended to compensate. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
TROWLOCK ISLAND LIMITED (REGISTERED NUMBER: 00258758) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | Tangible fixed assets |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Accruals and deferred income |
TROWLOCK ISLAND LIMITED (REGISTERED NUMBER: 00258758) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 0.05 | 275 | 275 |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Trowlock Island 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 Trowlock Island Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of Trowlock Island 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 Trowlock Island Limited and state those matters that we have agreed to state to the Board of Directors of Trowlock Island Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Trowlock Island 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 Trowlock Island Limited. You consider that Trowlock Island 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 Trowlock Island 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. |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |