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Island Property LTD
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Notes to the financial statements
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for the year ended 31 December 2024
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1
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Company information
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Island Property LTD is a private company registered in England and Wales. Its registered number is
09297611. The company is limited by shares. Its registered office is ********.
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2
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Accounting policies
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Basis of preparing the financial statements
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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 historic cost convention.
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Going concern
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In preparing these financial statements, the director has assessed whether there are any material
uncertainties related to events or conditions that cast significant doubt upon the company's ability to
continue as a going concern. In making this assessment, the director takes into account all available
information about the future which is at least 12 months from the date that the financial statements are
authorised for issue.
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The director considers that the company has adequate resources to continue in business for the
foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial
statements.
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Tangible fixed assets
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated
useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
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Land and buildings:
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Freehold property
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-
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The company's properties are held for long-term
investment an are included in the Balance Sheet at
their open market values. The surplus or deficit on
annual revaluation of such properties is transferred to
the revaluation reserve. Depreciation is not provided in
respect of land and building.
The policy represents a departure from statutory
accounting principles, which require depreciation to be
provided on all fixed assets. The director considers that
this policy is necessary in order that the accounts may
give a true and fair view because current values and
changes in current values are prime importance rather
than the calculation of systematic annual depreciation.
Depreciation is only one of many factors reflected in the
annual valuation and the amount which might otherwise
have been shown cannot be separately identified or
quantified.
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3
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Average number of employees
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During the year the average number of employees was Nil (2023 - Nil).
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2
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