Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31058001112023-04-01false44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05800111 2023-04-01 2024-03-31 05800111 2022-04-01 2023-03-31 05800111 2024-03-31 05800111 2023-03-31 05800111 c:Director2 2023-04-01 2024-03-31 05800111 d:CurrentFinancialInstruments 2024-03-31 05800111 d:CurrentFinancialInstruments 2023-03-31 05800111 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05800111 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05800111 d:ShareCapital 2024-03-31 05800111 d:ShareCapital 2023-03-31 05800111 d:RetainedEarningsAccumulatedLosses 2024-03-31 05800111 d:RetainedEarningsAccumulatedLosses 2023-03-31 05800111 c:OrdinaryShareClass1 2023-04-01 2024-03-31 05800111 c:OrdinaryShareClass1 2024-03-31 05800111 c:FRS102 2023-04-01 2024-03-31 05800111 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05800111 c:FullAccounts 2023-04-01 2024-03-31 05800111 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05800111 6 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05800111














ISLANDPOST LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ISLANDPOST LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 6


 
ISLANDPOST LIMITED
REGISTERED NUMBER:05800111

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
101
1,101

  
101
1,101

Current assets
  

Stocks
 5 
626,976
626,976

Debtors: amounts falling due within one year
 6 
4,644,186
5,969,201

Cash at bank and in hand
 7 
13,105
1,064

  
5,284,267
6,597,241

Creditors: amounts falling due within one year
 8 
(3,592,580)
(4,793,951)

Net current assets
  
 
 
1,691,687
 
 
1,803,290

Total assets less current liabilities
  
1,691,788
1,804,391

  

Net assets
  
1,691,788
1,804,391


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
1,691,786
1,804,389

  
1,691,788
1,804,391


1

 
ISLANDPOST LIMITED
REGISTERED NUMBER:05800111
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





................................................
G A Lee
Director

Date: 16 December 2024

The notes on pages 3 to 6 form part of these financial statements.

2

 
ISLANDPOST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Islandpost Limited is principally engaged in property development and property trading.
The company is a private company, limited by shares and is registered in England and Wales. The address of its registered office and principal place of business is Grove Lodge, 287 Regents Park Road, London, N3 3JY. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company is the parent undertaking of a small group and as such is not required by the Company Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
The company's functional and presentational currency is pound sterling.
 
The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents amounts receivable for sale of properties, which is recognised on an exchange of contracts. 

 
2.3

 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.5

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks of development property are stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an actual basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

3

 
ISLANDPOST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

 Creditors

Short-term creditors are measured at the transaction price.

 
2.10

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from and to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
1,101


Amounts written off
(1,000)



At 31 March 2024
101





5.


Stocks

2024
2023
£
£

Development property
626,976
626,976


4

 
ISLANDPOST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
7,497
10,045

Amounts owed by group undertakings
4,602,108
5,932,019

Other debtors
6,748
300

Prepayments and accrued income
27,833
26,837

4,644,186
5,969,201



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
13,105
1,064



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
40,687
19,538

Amounts owed to group undertakings
333,976
1,946,998

Corporation tax
-
6,107

Other taxation and social security
28,187
41,606

Other creditors
3,174,597
2,762,232

Accruals and deferred income
15,133
17,470

3,592,580
4,793,951



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2  ordinary shares of £1 each
2
2

There is one class of share. There are no restrictions on the distribution of dividends and the repayment of capital.

5

 
ISLANDPOST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.

At the year end, the company owed £1,008,675 (2023 - 1,645,797) to Kerrington Limited, a 50% shareholder. The loan is interest free and repayable on demand.

At the year end, the company owed £3,166,174 (2023 - 2,756,174) to A.R. & V. Investments Limited, a 50% shareholder. The loan is interest free and repayable on demand.

 
6