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REGISTERED NUMBER: 11498146 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

INISHBOFIN HOLDINGS LIMITED

INISHBOFIN HOLDINGS LIMITED (REGISTERED NUMBER: 11498146)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INISHBOFIN HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2024







DIRECTORS: M J de Courcey
A M de Courcey





REGISTERED OFFICE: 18 Sarlou Court
Uplands
Swansea
SA2 0LW





REGISTERED NUMBER: 11498146 (England and Wales)





AUDITORS: HB&O Ltd
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB

INISHBOFIN HOLDINGS LIMITED (REGISTERED NUMBER: 11498146)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 64,577 119,334
Investment property 6 10,358,443 10,358,443
10,423,020 10,477,777

CURRENT ASSETS
Debtors 7 200 408
Cash at bank 29,245 12,692
29,445 13,100
CREDITORS
Amounts falling due within one year 8 119,185 125,398
NET CURRENT LIABILITIES (89,740 ) (112,298 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,333,280

10,365,479

CREDITORS
Amounts falling due after more than one
year

9

7,810,000

7,865,000
NET ASSETS 2,523,280 2,500,479

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 2,522,980 2,500,179
SHAREHOLDERS' FUNDS 2,523,280 2,500,479

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2025 and were signed on its behalf by:





A M de Courcey - Director


INISHBOFIN HOLDINGS LIMITED (REGISTERED NUMBER: 11498146)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2024

1. STATUTORY INFORMATION

Inishbofin Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

At the balance sheet date the company had net current liabilities of £89,740 (2023 - £112,298), and total net assets of £2,523,280 (2023 - £2,500,479). The directors have expressed willingness to support the company as necessary and along with the forecasted future profitable trade the business is considered a going concern. The accounts and financial statements have therefore been prepared on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Inishbofin Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


INISHBOFIN HOLDINGS LIMITED (REGISTERED NUMBER: 11498146)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 November 2023
and 31 October 2024 1,749
DEPRECIATION
At 1 November 2023
and 31 October 2024 1,749
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 November 2023 119,334
Additions 17,100
Disposals (1,630 )
Revaluations (70,227 )
At 31 October 2024 64,577
NET BOOK VALUE
At 31 October 2024 64,577
At 31 October 2023 119,334

INISHBOFIN HOLDINGS LIMITED (REGISTERED NUMBER: 11498146)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 October 2024 is represented by:

Other
investments
£   
Valuation in 2024 (246,448 )
Cost 311,025
64,577

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023
and 31 October 2024 10,358,443
NET BOOK VALUE
At 31 October 2024 10,358,443
At 31 October 2023 10,358,443

In January 2019 the depot and lease on the site at Rowley Drive of Mike De Courcey Travel Limited was formally reassigned to Inishbofin Holdings Limited. As the depot was newly completed the fair value of the site was deemed to be equivalent to the value transferred of £10,358,443.

The director has considered this valuation at the period end with reference to expected rental yields.

Fixed assets, included in the above, which are held under finance leases are as follows:
Total
£   
FAIR VALUE
At 1 November 2023
and 31 October 2024 10,358,443
NET BOOK VALUE
At 31 October 2024 10,358,443
At 31 October 2023 10,358,443

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 200 408

INISHBOFIN HOLDINGS LIMITED (REGISTERED NUMBER: 11498146)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases 55,000 55,000
Trade creditors 120 1,565
Taxation and social security 25,401 25,232
Other creditors 38,664 43,601
119,185 125,398

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Finance leases 7,810,000 7,865,000

Amounts falling due in more than five years:

Repayable by instalments
Finance leases 7,590,000 7,645,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gregg Olner BA (Hons.) MPhil FCA (Senior Statutory Auditor)
for and on behalf of HB&O Ltd

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £8,300 (2023 - £80,000). There were no outstanding contributions at the year end.

12. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.