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Registration number: 08920980

Island Organics Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2024 to 31 December 2024

 

Island Organics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Island Organics Limited

Company Information

Director

G Fileppo

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Island Organics Limited

(Registration number: 08920980)
Balance Sheet as at 31 December 2024

Note

31 December
2024
£

31 March
2024
£

Fixed assets

 

Intangible assets

4

445,616

23,959

Tangible assets

5

4,545

50,578

 

450,161

74,537

Current assets

 

Stocks

6

154,161

121,976

Debtors

7

16,570

42,075

Cash at bank and in hand

 

251,090

909,295

 

421,821

1,073,346

Creditors: Amounts falling due within one year

8

(117,483)

(160,909)

Net current assets

 

304,338

912,437

Net assets

 

754,499

986,974

Capital and reserves

 

Called up share capital

2

2

Capital contribution reserve

9

500,000

-

Retained earnings

254,497

986,972

Shareholders' funds

 

754,499

986,974

 

Island Organics Limited

(Registration number: 08920980)
Balance Sheet as at 31 December 2024

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director on 23 May 2025
 

.........................................
G Fileppo
Director

 

Island Organics Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 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:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
United Kingdom

The principal place of business is:
Unit 7-9 Romsey Industrial Estate
Greatbridge Road
Romsey
Hampshire
SO51 0AD
United Kingdom

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

 

Island Organics Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

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

33% Straight Line Basis

Motor Vehicles

20% Straight Line Basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

10% Straight Line

Purchase of IP

33% Straight Line

 

Island Organics Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Island Organics Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

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 the director) during the period, was 2 (2024 - 4).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2024

27,500

27,500

Additions acquired separately

506,550

506,550

At 31 December 2024

534,050

534,050

Amortisation

At 1 April 2024

3,541

3,541

Amortisation charge

84,893

84,893

At 31 December 2024

88,434

88,434

Carrying amount

At 31 December 2024

445,616

445,616

At 31 March 2024

23,959

23,959

 

Island Organics Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

15,843

58,385

74,228

Disposals

-

(55,180)

(55,180)

At 31 December 2024

15,843

3,205

19,048

Depreciation

At 1 April 2024

9,878

13,772

23,650

Charge for the period

2,328

3,172

5,500

Eliminated on disposal

-

(14,647)

(14,647)

At 31 December 2024

12,206

2,297

14,503

Carrying amount

At 31 December 2024

3,637

908

4,545

At 31 March 2024

5,965

44,613

50,578

6

Stocks

31 December
2024
£

31 March
2024
£

Other inventories

154,161

121,976

7

Debtors

Current

Note

31 December
2024
£

31 March
2024
£

Trade debtors

 

13,181

24,685

Amounts owed by related parties

10

62

-

Prepayments

 

3,327

17,390

   

16,570

42,075

 

Island Organics Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

31 December
2024
£

31 March
2024
£

Due within one year

Trade creditors

60,961

48,718

Taxation and social security

48,398

91,566

Accruals and deferred income

5,065

6,792

Other creditors

3,059

13,833

117,483

160,909

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Capital contribution reserve
£

Other comprehensive income

500,000

 

Island Organics Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

10

Related party transactions

Transactions with the director

2024

At 1 April 2024
£

Advances to director
£

Other payments made to company by director
£

At 31 December 2024
£

R Myles

Directors current account

871

(67,289)

66,418

-

A Anderson

Directors current account

386

(30,780)

30,394

-

G Fileppo

Directors current account

-

-

844

844

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 March 2024
£

R Myles

Directors current account

1,458

(572)

-

(15)

871

A Anderson

Directors current account

257

(600)

811

(82)

386

 

Island Organics Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

Director's remuneration

The director's remuneration for the period was as follows:

31 December
2024
£

31 March
2024
£

Remuneration

8,334

25,000

Contributions paid to money purchase schemes

60,000

117,000

68,334

142,000

Income and receivables from related parties

2024

Parent
£

Sale of goods

1,443

2024

Expenditure with and payables to related parties

2024

Parent
£

Purchase of goods

1,381

2024

11

Parent and ultimate parent undertaking

The company's immediate parent is FARMODERM s.r.l., incorporated in Italy.