0 17 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 180,000 64,500 115,500 115,500 278,140 236,572 155,959 15,525 374,278 374,278 278,140 xbrli:pure xbrli:shares iso4217:GBP 4830850 2023-07-01 2024-06-30 4830850 2024-06-30 4830850 2023-06-30 4830850 2022-07-01 2023-06-30 4830850 2023-06-30 4830850 2022-06-30 4830850 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 4830850 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 4830850 bus:Director1 2023-07-01 2024-06-30 4830850 bus:Director3 2023-07-01 2024-06-30 4830850 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 4830850 core:WithinOneYear 2024-06-30 4830850 core:WithinOneYear 2023-06-30 4830850 core:ShareCapital 2024-06-30 4830850 core:ShareCapital 2023-06-30 4830850 core:SharePremium 2024-06-30 4830850 core:SharePremium 2023-06-30 4830850 core:RetainedEarningsAccumulatedLosses 2024-06-30 4830850 core:RetainedEarningsAccumulatedLosses 2023-06-30 4830850 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 4830850 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-06-30 4830850 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-06-30 4830850 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 4830850 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 4830850 core:Non-currentFinancialInstruments 2024-06-30 4830850 core:Non-currentFinancialInstruments 2023-06-30 4830850 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 4830850 bus:Director3 2023-06-30 4830850 bus:Director3 2022-06-30 4830850 bus:SmallEntities 2023-07-01 2024-06-30 4830850 bus:Audited 2023-07-01 2024-06-30 4830850 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 4830850 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 4830850 bus:FullAccounts 2023-07-01 2024-06-30 4830850 bus:OrdinaryShareClass1 2024-06-30 4830850 bus:OrdinaryShareClass1 2023-06-30
COMPANY REGISTRATION NUMBER: 4830850
Duck Island Limited
Filleted Financial Statements
30 June 2024
Duck Island Limited
Directors' Responsibilities Statement
Year ended 30 June 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Duck Island Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
115,500
115,500
Investments
5
374,278
278,140
---------
---------
489,778
393,640
Current assets
Stocks
97,944
80,805
Debtors
6
70,293
79,410
Cash at bank and in hand
217,845
238,563
---------
---------
386,082
398,778
Creditors: amounts falling due within one year
7
109,219
106,471
---------
---------
Net current assets
276,863
292,307
---------
---------
Total assets less current liabilities
766,641
685,947
---------
---------
Net assets
766,641
685,947
---------
---------
Capital and reserves
Called up share capital
9
111,000
111,000
Share premium account
120,000
120,000
Profit and loss account
535,641
454,947
---------
---------
Shareholders funds
766,641
685,947
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
M H J Plaut
Director
Company registration number: 4830850
Duck Island Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The principal activity of the company during the year was the supply of goods to the hotel and leisure industry. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible 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 property
-
2% straight line
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
4. Tangible assets
Freehold property
£
Cost
At 1 July 2023 and 30 June 2024
180,000
---------
Depreciation
At 1 July 2023 and 30 June 2024
64,500
---------
Carrying amount
At 30 June 2024
115,500
---------
At 30 June 2023
115,500
---------
5. Investments
Other investments other than loans
£
Valuation
At 1 July 2023
278,140
Additions
236,572
Disposals
( 155,959)
Revaluations
15,525
---------
At 30 June 2024
374,278
---------
Impairment
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
374,278
---------
At 30 June 2023
278,140
---------
6. Debtors
2024
2023
£
£
Trade debtors
50,302
63,510
Other debtors
19,991
15,900
--------
--------
70,293
79,410
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
84,415
84,802
Corporation tax
17,114
8,596
Social security and other taxes
1,959
Other creditors
7,690
11,114
---------
---------
109,219
106,471
---------
---------
8. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
374,278
278,140
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
111,000
111,000
111,000
111,000
---------
---------
---------
---------
10. Summary audit opinion
The auditor's report dated 17 September 2024 was unqualified .
The senior statutory auditor was Sonia Yeshin BFP FCA , for and on behalf of Leaman Mattei .
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
T Boundford
12,000
12,000
--------
--------
12. Related party transactions
During the period, the company received rental income of £10,250 (2023: £10,250) from Northmace & Hendon Limited, a company controlled by M H J Plaut and a close family member. The company also paid management charges of £40,291 (2023: £40,291) to Northmace & Hendon Limited.
13. Controlling party
The ultimate controlling party is M H J Plaut and a close family member.