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Company registration number: SC593998
Isla Temple Limited
Unaudited filleted abridged financial statements
31 March 2025
Isla Temple Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Isla Temple Limited
Directors and other information
Director Colin Temple
Company number SC593998
Registered office Albany House
80 Rose Street
Dunfermline
Fife
KY12 0RE
Accountants Paterson Boyd & Co
8 Mitchell Street
Leven
Fife
KY8 4HJ
Bankers Lloyds Bank
25 Gresham Street
London
EC2V 7HN
Isla Temple Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Isla Temple Limited
Year ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Isla Temple Limited for the year ended 31 March 2025 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of Isla Temple Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Isla Temple Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Isla Temple Limited and its director as a body for our work or for this report.
It is your duty to ensure that Isla Temple Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Isla Temple Limited. You consider that Isla Temple Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Isla Temple Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
9 June 2025
Isla Temple Limited
Abridged statement of financial position
31 March 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 4 1,661,056 2,119,765
_______ _______
1,661,056 2,119,765
Current assets
Debtors 825,000 200,000
Cash at bank and in hand 96,610 138,549
_______ _______
921,610 338,549
Creditors: amounts falling due
within one year ( 25,366) ( 21,330)
_______ _______
Net current assets 896,244 317,219
_______ _______
Total assets less current liabilities 2,557,300 2,436,984
Creditors: amounts falling due
after more than one year ( 2,126,924) ( 2,064,541)
_______ _______
Net assets 430,376 372,443
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 430,375 372,442
_______ _______
Shareholder funds 430,376 372,443
_______ _______
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 09 June 2025 , and are signed on behalf of the board by:
Colin Temple
Director
Company registration number: SC593998
Isla Temple Limited
Notes to the financial statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Albany House, 80 Rose Street, Dunfermline, Fife, KY12 0RE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable in relation to property rental income.Revenue is recognised when it can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
£
Cost
At 1 April 2024 2,119,765
Additions 69,716
Disposals ( 528,425)
_______
At 31 March 2025 1,661,056
_______
Depreciation
At 1 April 2024 and 31 March 2025 -
_______
Carrying amount
At 31 March 2025 1,661,056
_______
At 31 March 2024 2,119,765
_______
The investment property is included at cost, the director considers this to be in line with fair value.
5. Related party transactions
Creditors falling due after more than one year is an amount £2,126,924 (2024: £2,064,541) due to the shareholder from the company. This loan is interest free and has no fixed terms of repayment.