Registered Number
02526882
Island Leisure (Wales) Limited
Report And Accounts
31 July 2024
Island Leisure (Wales) Limited
Registered Number: 02526882
Director's Report
The director presents his report and accounts for the year ended 31 July 2024.
Principal activities
The company's principal activity during the year continued to be the letting of its investment property.
Directors
The following persons served as directors during the year:
S.J. Parker
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 19 April 2025 and signed on its behalf.
Steven J. Parker
Director
Island Leisure (Wales) Limited
Accountant's Report
Accountant's Report To The Director Of
Island Leisure (Wales) Limited
You consider that the company is exempt from an audit for the year ended 31 July 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, I have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to me.
I have not carried out an audit or any other review, and consequently I do not express any opinion on these accounts.
P.J. Reed
Chartered Accountant
20A Pantbach Road
Birchgrove
Cardiff
CF14 1UA
19 April 2025
Island Leisure (Wales) Limited
Profit And Loss Account
For The Year Ended 31 July 2024
2024 2023
£ £
Administrative expenses (533) (569)
Operating loss (533) (569)
Loss on revaluation of investments - (5,000)
Income from investments 7,800 7,098
Interest payable (31) (19)
Profit before taxation 7,236 1,510
Tax on profit (1,375) (287)
Profit for the financial year 5,861 1,223
Island Leisure (Wales) Limited
Registered Number: 02526882
Balance Sheet
As At 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 55,000 55,000
Current assets
Cash at bank and in hand 495 50
Creditors: amounts falling due within one year 4 (3,561) (4,317)
Net current liabilities (3,066) (4,267)
Total assets less current liabilities 51,934 50,733
Provisions for liabilities (2,304) (2,304)
Net assets 49,630 48,429
Capital and reserves
Called up share capital 4 4
Non-distributable reserve 5 30,515 30,515
Profit and loss account 19,111 17,910
Shareholder's funds 49,630 48,429
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
Steven J. Parker
Director
Approved by the board on 19 April 2025
Island Leisure (Wales) Limited
Statement Of Changes In Equity
For The Year Ended 31 July 2024
Share Non- Profit Total
capital distributable and loss
reserve account
£ £ £ £
At 1 August 2022 4 34,565 19,527 54,096
Profit for the financial year (4,050) 5,273 1,223
Dividends (6,890) (6,890)
At 31 July 2023 4 30,515 17,910 48,429
At 1 August 2023 4 30,515 17,910 48,429
Profit for the financial year 5,861 5,861
Dividends (4,660) (4,660)
At 31 July 2024 4 30,515 19,111 49,630
Island Leisure (Wales) Limited
Notes To The Accounts
For The Year Ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Investments
Investment properties are measured at fair value. Changes in fair value are included in the profit and loss account.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Investments
Investment
property
£
Fair value
At 1 August 2023 55,000
At 31 July 2024 55,000
Historical cost
At 1 August 2023 22,181
At 31 July 2024 22,181
The property was valued at fair value on 31 July 2024 by the director.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,375 2,351
Other creditors 2,186 1,966
3,561 4,317
5 Non-distributable reserve 2024 2023
£ £
At 1 August 2023 30,515 34,565
Loss on revaluation of investments - (5,000)
Deferred taxation arising on the revaluation of investments - 950
At 31 July 2024 30,515 30,515
6 Other information
Island Leisure (Wales) Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Laburnum Way
Dinas Powys
South Glamorgan
Wales
CF64 4TH
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