Island House Restoration Ltd 12452655 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the development and restoration of building projects. Digita Accounts Production Advanced 6.30.9574.0 true true 12452655 2023-04-01 2024-03-31 12452655 2024-03-31 12452655 bus:OrdinaryShareClass1 2024-03-31 12452655 core:CurrentFinancialInstruments 2024-03-31 12452655 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 12452655 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 12452655 core:OfficeEquipment 2024-03-31 12452655 core:PlantMachinery 2024-03-31 12452655 bus:SmallEntities 2023-04-01 2024-03-31 12452655 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12452655 bus:FilletedAccounts 2023-04-01 2024-03-31 12452655 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12452655 bus:RegisteredOffice 2023-04-01 2024-03-31 12452655 bus:Director1 2023-04-01 2024-03-31 12452655 bus:Director2 2023-04-01 2024-03-31 12452655 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 12452655 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12452655 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12452655 core:OfficeEquipment 2023-04-01 2024-03-31 12452655 core:PlantMachinery 2023-04-01 2024-03-31 12452655 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-01 2024-03-31 12452655 countries:EnglandWales 2023-04-01 2024-03-31 12452655 2023-03-31 12452655 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 12452655 core:OfficeEquipment 2023-03-31 12452655 core:PlantMachinery 2023-03-31 12452655 2022-04-01 2023-03-31 12452655 2023-03-31 12452655 bus:OrdinaryShareClass1 2023-03-31 12452655 core:CurrentFinancialInstruments 2023-03-31 12452655 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12452655 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 12452655 core:OfficeEquipment 2023-03-31 12452655 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Filleted
Registration number: 12452655

Island House Restoration Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Island House Restoration Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Island House Restoration Ltd

Company Information

Directors

Mr P Bond

Mr S C Kirkwood

Registered office

Globe House
Market Street
Laugharne
Carmarthen
SA33 4SA

 

Island House Restoration Ltd

(Registration number: 12452655)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,920,808

1,750,981

Current assets

 

Debtors

5

1,691

11,053

Cash at bank and in hand

 

65,494

60,453

 

67,185

71,506

Creditors: Amounts falling due within one year

6

(2,673,432)

(2,395,816)

Net current liabilities

 

(2,606,247)

(2,324,310)

Net liabilities

 

(685,439)

(573,329)

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

(686,439)

(574,329)

Shareholders' deficit

 

(685,439)

(573,329)

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 and 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 Profit and Loss Account.

Approved and authorised by the Board on 16 April 2025 and signed on its behalf by:
 

.........................................
Mr P Bond
Director

.........................................
Mr S C Kirkwood
Director

 
     
 

Island House Restoration 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:
Globe House
Market Street
Laugharne
Carmarthen
SA33 4SA

These financial statements were authorised for issue by the Board on 16 April 2025.

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.

Going concern

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Variable rates at reducing balance

Plant and equipment

20% straight line

 

Island House Restoration Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Island House Restoration Ltd

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

1,748,755

-

5,903

1,754,658

Additions

158,620

12,732

1,032

172,384

At 31 March 2024

1,907,375

12,732

6,935

1,927,042

Depreciation

At 1 April 2023

-

-

3,677

3,677

Charge for the year

-

947

1,610

2,557

At 31 March 2024

-

947

5,287

6,234

Carrying amount

At 31 March 2024

1,907,375

11,785

1,648

1,920,808

At 31 March 2023

1,748,755

-

2,226

1,750,981

Included within the net book value of land and buildings above is £1,907,375 (2023 - £1,748,755) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Other debtors

1,691

11,053

 

1,691

11,053

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

16,044

69,860

Amounts owed to related parties

8

2,655,888

2,323,810

Other creditors

 

1,500

2,146

 

2,673,432

2,395,816

 

Island House Restoration Ltd

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

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

8

Related party transactions

As at the balance sheet date, the following amounts were owed by the company to the directors:
Mr P Bond: £772,625 (2023: £772,625)
Mr S C Kirkwood: £402 (2023: £402)

Summary of transactions with all entities with joint control or significant interest

Sancler 3 Ltd and Salem Construction Ltd is considered to be a related party of the entity by virtue of common control. As at the balance sheet date the entity owed a balance of £1,880,000 (2023 : £1,550,000) to Sancler 3 Ltd and £2,862 (2023 : £784) to Salem Construction Ltd.