Acorah Software Products - Accounts Production 16.0.110 false true 31 December 2022 1 February 2022 false 1 January 2023 31 December 2023 31 December 2023 10577724 Dilip Kumar Karsanji Parmar Sangita Parmar Sangita Parmar iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10577724 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-12-31 10577724 2022-12-31 10577724 2023-12-31 10577724 2023-01-01 2023-12-31 10577724 frs-core:Non-currentFinancialInstruments 2023-12-31 10577724 frs-core:SharePremium 2023-12-31 10577724 frs-core:ShareCapital 2023-12-31 10577724 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10577724 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10577724 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10577724 frs-bus:AbridgedAccounts 2023-01-01 2023-12-31 10577724 frs-bus:SmallEntities 2023-01-01 2023-12-31 10577724 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10577724 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10577724 frs-bus:Director1 2023-01-01 2023-12-31 10577724 frs-bus:Director2 2023-01-01 2023-12-31 10577724 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 10577724 frs-countries:EnglandWales 2023-01-01 2023-12-31 10577724 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2022-12-31 10577724 2022-01-31 10577724 2022-12-31 10577724 2022-02-01 2022-12-31 10577724 frs-core:Non-currentFinancialInstruments 2022-12-31 10577724 frs-core:SharePremium 2022-01-31 10577724 frs-core:SharePremium 2022-12-31 10577724 frs-core:ShareCapital 2022-01-31 10577724 frs-core:ShareCapital 2022-12-31 10577724 frs-core:RetainedEarningsAccumulatedLosses 2022-02-01 2022-12-31 10577724 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-01-31 10577724 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10577724
Island Portfolio Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2023
JMS Accounting Services Ltd
485 Catalyst House
720 Centennial Court, Centennial Park
Elstree
Herfordshire
WD6 3SY
Contents
Page
Abridged Statement of Financial Position 1—2
Statement of Changes in Equity 3
Notes to the Abridged Financial Statements 4—5
Page 1
Abridged Statement of Financial Position
Registered number: 10577724
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 43,751,677 43,751,677
43,751,677 43,751,677
CURRENT ASSETS
Debtors 427,760 130,760
Cash at bank and in hand 3,707,235 3,633,604
4,134,995 3,764,364
Creditors: Amounts Falling Due Within One Year (622,602 ) (271,472 )
NET CURRENT ASSETS (LIABILITIES) 3,512,393 3,492,892
TOTAL ASSETS LESS CURRENT LIABILITIES 47,264,070 47,244,569
Creditors: Amounts Falling Due After More Than One Year 5 (25,718,902 ) (25,718,902 )
NET ASSETS 21,545,168 21,525,667
CAPITAL AND RESERVES
Called up share capital 7 14 14
Share premium account 21,419,772 21,419,772
Income Statement 125,382 105,881
SHAREHOLDERS' FUNDS 21,545,168 21,525,667
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
The financial statements were approved by the board of directors on 24 October 2024 and were signed on its behalf by:
Dilip Kumar Karsanji Parmar
Director
24/10/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Share Premium Income Statement Total
£ £ £ £
As at 1 February 2022 14 21,419,772 89,455 21,509,241
Profit for the period and total comprehensive income - - 16,426 16,426
As at 31 December 2022 and 1 January 2023 14 21,419,772 105,881 21,525,667
Profit for the year and total comprehensive income - - 49,501 49,501
Dividends paid - - (30,000) (30,000)
As at 31 December 2023 14 21,419,772 125,382 21,545,168
Page 3
Page 4
Notes to the Abridged Financial Statements
1. General Information
Island Portfolio Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10577724 . The registered office is 1 Alexandra Road , Hornsey, London, N8 0PJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
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4. Investment Property
31 December 2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 43,751,677
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
31 December 2023 31 December 2022
£ £
Cost 43,751,677 43,751,677
5. Creditors: amounts falling due after five years
Of the creditors falling due after more than one year the following amounts are due after more than five years.
31 December 2023 31 December 2022
£ £
Bank loans 25,718,902 25,718,902
6. Secured Creditors
Of the creditors the following amounts are secured.
31 December 2023 31 December 2022
£ £
Bank loans and overdrafts 25,718,902 25,718,902
7. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 14 14
8. Directors Advances, Credits and Guarantees
The Directors gave personal guarantees to company mortgage lenders in addition to the lenders taking equitable charge over each individual investment properties.
Page 5