Registered number
08874697
Isla Properties Ltd
Filleted Accounts
29 February 2024
Isla Properties Ltd
Registered number: 08874697
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 80,310 62,314
Investments 4 292,450 285,650
372,760 347,964
Current assets
Debtors 5 561,125 144,190
Cash at bank and in hand 58 115,715
561,183 259,905
Creditors: amounts falling due within one year 6 (251,175) (254,455)
Net current assets 310,008 5,450
Total assets less current liabilities 682,768 353,414
Creditors: amounts falling due after more than one year 7 (679,480) (366,112)
Provisions for liabilities (2,948) -
Net assets/(liabilities) 340 (12,698)
Capital and reserves
Called up share capital 2 2
Profit and loss account 338 (12,700)
Shareholders' funds 340 (12,698)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts have been prepared on the going concern basis, on the understanding that the directors will continue to financially support the company for the foreseable future.
Hamilton Butcher
Director
Approved by the board on 25 November 2024
Isla Properties Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets have been prepared in accordance with IAS 38, Intangible Assets and IAS 21, The Effects of Changes in Foreign Exchange rates. It is measured at cost on initial recognition and subsequently measured at fair value less accumulative amortisation and any accumulative impairment losses.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Cryptocurrency and NFT:
Cost
At 1 March 2023 62,314
Revaluation 21,989
Disposals (3,993)
At 29 February 2024 80,310
Amortisation
At 29 February 2024 -
Net book value
At 29 February 2024 80,310
At 28 February 2023 62,314
Cryptocurrency was purchased during the year for £34,600 most of which was invested in various NFT assets during the year.
The assets have been revalued as at 28 February 2023 according to IAS 38, Intangible assets and IAS 21, The Effects of Changes in Foreign Exchange Rates.
The valuation for cryptocurrency was based on the market closing prices on 28 February 2023, NFT valuations were based on cost price as at 28 February 2023.
Various NFT assets have been sold during the year and the company made a profit of £396.00 from the sale of these assets.
Carrying amount under cost model:
Cryptocurrency: £41,593
NFT: £30,690
4 Investments
Other
investments
£
Cost
At 1 March 2023 285,650
Additions 6,800
At 29 February 2024 292,450
5 Debtors 2024 2023
£ £
Other debtors 561,125 144,190
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,864 1,864
Directors loan 247,635 250,915
Other creditors 1,676 1,676
251,175 254,455
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,935 10,373
Other creditors 670,545 355,739
679,480 366,112
8 Other information
Isla Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Headley Lodge
Ockford Road
Godalming
England
GU7 1QP
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