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REGISTERED NUMBER: 10763092 (England and Wales)











































Isle Of Cowes Limited

Unaudited Financial Statements

for the Year Ended 30th May 2024






Isle Of Cowes Limited (Registered number: 10763092)






Contents of the Financial Statements
for the year ended 30th May 2024




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 6


Isle Of Cowes Limited

Company Information
for the year ended 30th May 2024







Directors: C Pearson
Ms S Watson





Registered office: Cowes Building
64-66 Bridge Street
Berwick Upon Tweed
Northumberland
TD15 1AQ





Registered number: 10763092 (England and Wales)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Isle Of Cowes Limited (Registered number: 10763092)

Balance Sheet
30th May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 14,191 16,481

Current assets
Stocks 2,800 2,500
Debtors 5 34,700 29,097
Cash at bank 3,086 6,325
40,586 37,922
Creditors
Amounts falling due within one year 6 18,876 56,609
Net current assets/(liabilities) 21,710 (18,687 )
Total assets less current liabilities 35,901 (2,206 )

Creditors
Amounts falling due after more than one
year

7

(21,621

)

(22,373

)

Provisions for liabilities (2,232 ) (2,489 )
Net assets/(liabilities) 12,048 (27,068 )

Capital and reserves
Called up share capital 133 133
Retained earnings 11,915 (27,201 )
Shareholders' funds 12,048 (27,068 )

Isle Of Cowes Limited (Registered number: 10763092)

Balance Sheet - continued
30th May 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th May 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th February 2025 and were signed on its behalf by:





Ms S Watson - Director


Isle Of Cowes Limited (Registered number: 10763092)

Notes to the Financial Statements
for the year ended 30th May 2024

1. Statutory information

Isle Of Cowes 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.

Turnover
Turnover represents the total invoice value, excluding value added tax, of food and drink sales during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of food and drink is recognised immediately when the sale is made.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Website - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade creditors, bank loans, other loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade creditors and other loans are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.


Isle Of Cowes Limited (Registered number: 10763092)

Notes to the Financial Statements - continued
for the year ended 30th May 2024

2. Accounting policies - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the statement of income and retained earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 4 (2023 - 5 ) .

4. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Website Totals
£    £    £    £   
Cost
At 31st May 2023 15,548 31,090 1,650 48,288
Additions 1,122 - - 1,122
At 30th May 2024 16,670 31,090 1,650 49,410
Depreciation
At 31st May 2023 8,596 21,561 1,650 31,807
Charge for year 1,507 1,905 - 3,412
At 30th May 2024 10,103 23,466 1,650 35,219
Net book value
At 30th May 2024 6,567 7,624 - 14,191
At 30th May 2023 6,952 9,529 - 16,481

Isle Of Cowes Limited (Registered number: 10763092)

Notes to the Financial Statements - continued
for the year ended 30th May 2024

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Other debtors 34,700 29,097

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 2,722 2,658
Trade creditors 1,444 1,163
Taxation and social security 11,131 10,002
Other creditors 3,579 42,786
18,876 56,609

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 21,621 22,373

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after five years 9,193 10,458

8. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30th May 2024 and 30th May 2023:

20242023
££
Director 1
Balance outstanding at start of year12,0443,568
Amounts advanced31,83737,411
Amounts repaid(28,231)(28,935)
Balance outstanding at end of year15,65012,044

20242023
££
Director 2
Balance outstanding at start of year13,6535,320
Amounts advanced48,75237,781
Amounts repaid(46,755)(29,448)
Balance outstanding at end of year15,65013,653

These loans are unsecured, repayable on demand and interest has been charged at the official rates published by HMRC.