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REGISTERED NUMBER: 13753708 (England and Wales)







Unaudited Financial Statements for the Year Ended 31 March 2024

for

Insula Letting Limited

Insula Letting Limited (Registered number: 13753708)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Insula Letting Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr A J McGhee
Mrs K L McGhee





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY





REGISTERED NUMBER: 13753708 (England and Wales)





ACCOUNTANTS: Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY

Insula Letting Limited (Registered number: 13753708)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,648,975 1,648,975

CURRENT ASSETS
Debtors 5 186 -
Cash at bank 27,248 55,913
27,434 55,913
CREDITORS
Amounts falling due within one year 6 2,512 18,547
NET CURRENT ASSETS 24,922 37,366
TOTAL ASSETS LESS CURRENT LIABILITIES 1,673,897 1,686,341

CREDITORS
Amounts falling due after more than one year 7 (1,014,487 ) (1,014,421 )

PROVISIONS FOR LIABILITIES (49,575 ) (53,435 )
NET ASSETS 609,835 618,485

CAPITAL AND RESERVES
Called up share capital 9 237,760 237,760
Share premium 10 237,660 237,660
Fair value reserve 10 164,163 -
Retained earnings 10 (29,748 ) 143,065
SHAREHOLDERS' FUNDS 609,835 618,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Insula Letting Limited (Registered number: 13753708)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2025 and were signed on its behalf by:





Mr A J McGhee - Director


Insula Letting Limited (Registered number: 13753708)

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

1. STATUTORY INFORMATION

Insula Letting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,648,975
NET BOOK VALUE
At 31 March 2024 1,648,975
At 31 March 2023 1,648,975

Insula Letting Limited (Registered number: 13753708)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 213,738
Cost 1,435,237
1,648,975

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 1,435,237 1,435,237

The investment properties were valued on an open market basis on 31 March 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Directors' current accounts 186 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other creditors 1,000 1,000
Directors' current accounts - 16,646
Accrued expenses 1,512 901
2,512 18,547

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans more 5 yrs non-inst 1,014,487 1,014,421

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,014,487 1,014,421

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 1,014,487 1,014,421

The bank loans are secured on the properties owned by the company.

Insula Letting Limited (Registered number: 13753708)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
237,760 Ordinary £1 237,760 237,760

10. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 143,065 237,660 - 380,725
Deficit for the year (8,650 ) (8,650 )
Assets revalued in period (164,163 ) - 164,163 -
At 31 March 2024 (29,748 ) 237,660 164,163 372,075

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2024 and the period ended 31 March 2023:

31.3.24 31.3.23
£    £   
Mrs K L McGhee and Mr A J McGhee
Balance outstanding at start of year (16,646 ) (16,646 )
Amounts advanced 23,737 -
Amounts repaid (6,905 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 186 (16,646 )

The directors loan account was fully repaid within nine months of the balance sheet date.