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REGISTERED NUMBER: 09883017 (England and Wales)















Island Vape UK Ltd

Unaudited Financial Statements

for the Year Ended 31st January 2024






Island Vape UK Ltd (Registered number: 09883017)






Contents of the Financial Statements
for the year ended 31st January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


Island Vape UK Ltd

Company Information
for the year ended 31st January 2024







DIRECTORS: Miss J K L Goodman
E Z Mehrabadi





REGISTERED OFFICE: 20 Wellingborough Road
Northampton
Northamptonshire
NN1 4DN





BUSINESS ADDRESS: 1 Bartletts Well
Holcot Road
Brixworth
Northamptonshire
NN6 9FQ





REGISTERED NUMBER: 09883017 (England and Wales)





ACCOUNTANTS: Cheney & Co
310 Wellingborough Road
Northampton
NN1 4EP

Island Vape UK Ltd (Registered number: 09883017)

Balance Sheet
31st January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 5,076 2,784

CURRENT ASSETS
Stocks 61,500 61,500
Debtors 6 215,169 178,889
Cash at bank and in hand 12,714 36,913
289,383 277,302
CREDITORS
Amounts falling due within one year 7 269,907 248,904
NET CURRENT ASSETS 19,476 28,398
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,552

31,182

CREDITORS
Amounts falling due after more than one
year

8

(13,331

)

(23,331

)

PROVISIONS FOR LIABILITIES 10 (1,000 ) (800 )
NET ASSETS 10,221 7,051

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 10,121 6,951
SHAREHOLDERS' FUNDS 10,221 7,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 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.

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 3rd October 2024 and were signed on its behalf by:





Miss J K L Goodman - Director


Island Vape UK Ltd (Registered number: 09883017)

Notes to the Financial Statements
for the year ended 31st January 2024

1. STATUTORY INFORMATION

Island Vape UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company in the year under review was that of a vaping store.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistency applied to all years presented unless otherwise stated.

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.
Motor vehicles - 25% on cost
Computer equipment - 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Island Vape UK Ltd (Registered number: 09883017)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st February 2023 13,268 15,329 28,597
Additions 811 2,900 3,711
At 31st January 2024 14,079 18,229 32,308
DEPRECIATION
At 1st February 2023 14,079 11,734 25,813
Charge for year - 1,419 1,419
At 31st January 2024 14,079 13,153 27,232
NET BOOK VALUE
At 31st January 2024 - 5,076 5,076
At 31st January 2023 (811 ) 3,595 2,784

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,719
Amounts owed by participating interests 109,414 22,782
Other debtors 105,755 154,388
215,169 178,889

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 18,109 13,325
Trade creditors 124,804 63,932
Amounts owed to participating interests - 64,408
Taxation and social security 122,701 103,637
Other creditors 4,293 3,602
269,907 248,904

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 13,331 23,331

Island Vape UK Ltd (Registered number: 09883017)

Notes to the Financial Statements - continued
for the year ended 31st January 2024

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 8,110 3,326
Bank loans 9,999 9,999
18,109 13,325

Amounts falling due between one and two years:
Bank loans - 1-2 years 9,999 9,999

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,332 13,332

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,000 800

Deferred
tax
£   
Balance at 1st February 2023 800
Provided during year 200
Movement in year
Balance at 31st January 2024 1,000

The hire purchase liabilities are secured by the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. CONTINGENT LIABILITIES

There were no contingent liabilities at 31st January 2024 or 31st January 2023.

13. CAPITAL COMMITMENTS

There were no capital commitments at 31st January 2024 or 31st January 2023.