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Registration number: 13729174

Funder Island Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Funder Island Holdings Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Funder Island Holdings Ltd

(Registration number: 13729174)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

982,964

985,336

Current assets

 

Cash at bank and in hand

 

3,825

2,842

Creditors: Amounts falling due within one year

5

(489,705)

(529,341)

Net current liabilities

 

(485,880)

(526,499)

Total assets less current liabilities

 

497,084

458,837

Creditors: Amounts falling due after more than one year

5

-

(23,680)

Net assets

 

497,084

435,157

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

497,082

435,155

Shareholders' funds

 

497,084

435,157

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 


Mr G Holland
Director

 

Funder Island Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is that of acting as holding company.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Going concern

The financial statements have been prepared on a going concern basis.

 

Funder Island Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

Funder Island Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investments

2024
£

2023
£

Investments in subsidiaries

982,964

985,336

Subsidiaries

£

Cost or valuation

At 1 April 2023

985,336

Disposals

(2,372)

At 31 March 2024

982,964

Provision

Carrying amount

At 31 March 2024

982,964

At 31 March 2023

985,336

 

Funder Island Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

70,000

105,518

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

328

333

Accruals and deferred income

 

2,000

2,000

Other creditors

 

417,377

421,490

 

489,705

529,341


Creditors include bank loans and overdrafts which are secured of £0 (2023 - £35,518).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

23,680


Creditors include bank loans and overdrafts which are secured of £0 (2023 - £23,680).

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Funder Island Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Other payments made to company by director
£

At 31 March 2024
£

Directors

(403,945)

(13,432)

(417,377)

       
     

 

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Directors

-

(403,945)

(403,945)

 

The loans are interest free and repayable on demand.

 

Funder Island Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Related party transactions (continued)

Other transactions with directors

The loans are interest free and repayable on demand.

Loans from related parties

2024

Subsidiary
£

Total
£

At start of period

(333)

(333)

Advanced

(67,995)

(67,995)

Repaid

68,000

68,000

At end of period

(328)

(328)

2023

Subsidiary
£

Total
£

Advanced

(333)

(333)

At end of period

(333)

(333)

Terms of loans from related parties

The loan is interest free and repayable on demand.