Company Registration No. 10251591 (England and Wales)
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 5
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
8,298
2,621
Cash at bank and in hand
76,767
156,517
85,065
159,138
Creditors: amounts falling due within one year
5
(14,699)
(121,700)
Net current assets
70,366
37,438
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
70,365
37,437
Total equity
70,366
37,438

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 member has 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.

The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
Mr M Hillcock
Director
Company Registration No. 10251591
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
10,862
10,863
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
37,437
37,437
Distributions to parent charity under gift aid
-
(10,862)
(10,862)
Balance at 31 December 2022
1
37,437
37,438
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
70,365
70,365
Distributions to parent charity under gift aid
-
(37,437)
(37,437)
Balance at 31 December 2023
1
70,365
70,366
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

RSPCA Isle of Wight Trading Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Isle of Wight Animal Centre, Bohemia Corner, Godshill, Isle of Wight, PO38 3NA.

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.

1.2
Turnover

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

 

Services provided are supplied over a period of time, the turnover from such services is recognised in the accounts for the period in which the services are provided. Any payment for services not to be provided for the current period is held as a creditor to be recognised in the period to which the service relates.

 

1.3
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.

1.4
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.

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.

RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from the parent charity, 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.

1.5
Taxation

No tax or deferred tax is reflected in the accounts because the company is a trading subsidiary of the RSPCA Isle of Wight branch, a UK charity and is required to donate all profits to that charity. As a result of this donation no tax charges are expected to arise.

1.6

Employees

The staff are employed by the parent charity and recharged to the company on the basis of the amount of time spent on the activities of the company.

1.7

Gift aid payment to parent charity

The company pays all its taxable profits for the reporting period to its parent charity under the gift aid scheme. These gift aid payments are recognised as distributions to owners in equity with retained earnings.

At the reporting date there was no legal obligation in place for the company to make this gift aid payment, although prior to the reporting date, the board had indicated its intention to pay the taxable profits to the parent charity in respect of the reporting period. The payment is expected to be made within nine months of the end of the reporting date.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,428
2,621
Amounts owed by group undertakings
3,870
-
0
8,298
2,621
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
103
-
0
Amounts owed to group undertakings
-
0
88,066
Taxation and social security
1,142
23,115
Other creditors
13,454
10,519
14,699
121,700
6
Ultimate Controlling Party

RSPCA Isle of Wight Trading Company Limited is the wholly owned subsidiary of the RSPCA Isle of Wight Branch, which draws up consolidated financial statements for the group. The parent charity is registered at the same address as the company, which can be found on the company information page.

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