Company registration number 10251591 (England and Wales)
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
12,358
8,298
Cash at bank and in hand
16,999
76,767
29,357
85,065
Creditors: amounts falling due within one year
5
(26,809)
(14,699)
Net current assets
2,548
70,366
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,547
70,365
Total equity
2,548
70,366

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

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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
Mr M R Hillcock
Director
Company registration number 10251591 (England and Wales)
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
37,437
37,438
Year ended 31 December 2023:
Profit and total comprehensive income
-
70,365
70,365
Distributions to parent charity under gift aid
-
(37,437)
(37,437)
Balance at 31 December 2023
1
70,365
70,366
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,547
2,547
Distributions to parent charity under gift aid
-
(70,365)
(70,365)
Balance at 31 December 2024
1
2,547
2,548
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

RSPCA Isle of Wight Trading Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Isle of Wight Animal Centre, Bohemia Corner, Godshill, Isle of Wight, PO38 3NA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied, other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are all due within one year and are all measured at transaction price.

RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from the parent charity, are recognised at transaction price and are all due within one year.

 

 

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities as are all due within one year and measured at transaction price.

1.6
Taxation

No tax or deferred tax is reflected in the accounts because the company is a trading subsidiary of the RSPCA Isle of Wight branch, a UK charity and is required to donate all profits to that charity. As a result of this donation no tax charges are expected to arise.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8

Employees

The staff are employed by the parent charity and recharged to the company on the basis of the amount of time spent on the activities of the company.

1.9

Gift aid payment to parent charity

The company pays all its taxable profits for the reporting period to its parent charity under the gift aid scheme. These gift aid payments are recognised as distributions to owners in equity with retained earnings.

At the reporting date there was no legal obligation in place for the company to make this gift aid payment, although prior to the reporting date, the board had indicated its intention to pay the taxable profits to the parent charity in respect of the reporting period. The payment is expected to be made within nine months of the end of the reporting date.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
RSPCA ISLE OF WIGHT TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
484
14,525
Donation to parent charity tax relief
(484)
(14,525)
Total current tax
-
0
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
410
4,428
Amounts owed by group undertakings
11,223
3,870
Other debtors
725
-
0
12,358
8,298
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,380
103
VAT
3,365
1,142
Deferred income
19,414
11,954
Accruals and deferred income
1,650
1,500
26,809
14,699
6
Ultimate Controlling Party

RSPCA Isle of Wight Trading Company Limited is the wholly owned subsidiary of the RSPCA Isle of Wight Branch, which draws up consolidated financial statements for the group. The parent charity is registered at the same address as the company, which can be found on the company information page.

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