1 March 2023 false Taxfiler 2024.6 08981190business:PrivateLimitedCompanyLtd2023-03-012024-02-28 089811902023-02-28 089811902023-03-012024-02-28 08981190business:AuditExemptWithAccountantsReport2023-03-012024-02-28 08981190business:FilletedAccounts2023-03-012024-02-28 089811902024-02-28 08981190business:Director12023-03-012024-02-28 08981190business:RegisteredOffice2023-03-012024-02-28 089811902023-02-28 08981190core:WithinOneYear2024-02-28 08981190core:WithinOneYear2023-02-28 08981190core:AfterOneYear2024-02-28 08981190core:AfterOneYear2023-02-28 08981190core:ShareCapitalcore:PreviouslyStatedAmount2024-02-28 08981190core:ShareCapitalcore:PreviouslyStatedAmount2023-02-28 08981190core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-02-28 08981190core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-02-28 08981190core:PreviouslyStatedAmount2024-02-28 08981190core:PreviouslyStatedAmount2023-02-28 08981190business:SmallEntities2023-03-012024-02-28 08981190countries:EnglandWales2023-03-012024-02-28 08981190core:MotorVehicles2023-03-012024-02-28 08981190core:FurnitureFittings2023-03-012024-02-28 08981190core:FurnitureFittings2023-02-28 08981190core:FurnitureFittings2024-02-28 089811902022-03-012023-02-28 iso4217:GBP xbrli:pure
Company Registration No. 08981190 (England and Wales)
Islands Discounts Limited Unaudited accounts for the period from 1 March 2023 to 28 February 2024
Islands Discounts Limited Unaudited accounts Contents
Page
- 2 -
Islands Discounts Limited Company Information for the period from 1 March 2023 to 28 February 2024
Director
Mr P. Doherty
Company Number
08981190 (England and Wales)
Registered Office
103 High Street Waltham Cross Hertfordshire EN8 7AN
Accountants
Brindley Goldstein Ltd 103 High Street Waltham Cross EN8 7AN
- 3 -
Islands Discounts Limited Statement of financial position as at 28 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
44 
68 
Current assets
Inventories
6,240 
4,835 
Cash at bank and in hand
3,013 
6,708 
9,253 
11,543 
Creditors: amounts falling due within one year
(112,584)
(112,614)
Net current liabilities
(103,331)
(101,071)
Total assets less current liabilities
(103,287)
(101,003)
Creditors: amounts falling due after more than one year
(12,733)
(13,235)
Net liabilities
(116,020)
(114,238)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(116,120)
(114,338)
Shareholders' funds
(116,020)
(114,238)
For the period ending 28 February 2024 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 November 2024 and were signed on its behalf by
Mr P. Doherty Director Company Registration No. 08981190
- 4 -
Islands Discounts Limited Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
1
Statutory information
Islands Discounts Limited is a private company, limited by shares, registered in England and Wales, registration number 08981190. The registered office is 103 High Street, Waltham Cross, Hertfordshire, EN8 7AN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% Straightline
Fixtures & fittings
10% Straightline
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
- 5 -
Islands Discounts Limited Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 March 2023
238 
At 28 February 2024
238 
Depreciation
At 1 March 2023
170 
Charge for the period
24 
At 28 February 2024
194 
Net book value
At 28 February 2024
44 
At 28 February 2023
68 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Other creditors
1,080 
- 
Loans from directors
111,504 
111,504 
Accruals
- 
1,110 
112,584 
112,614 
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
12,733 
13,235 
7
Transactions with related parties
The company was under the control of Mr P. Doherty during the current year. Mr P. Doherty is personally interested in 100% of the company's share capital.
8
Average number of employees
During the period the average number of employees was 4 (2023: 4).
- 6 -