| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| INISHBOFIN HOLDINGS LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Computer equipment | - |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) |
| Revaluations | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 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 |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Finance leases |
| 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. |
| for and on behalf of |
| 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. |