Tourism_Iceland_Ltd_31_Mar_2025_companies_house_set_of

Tourism Iceland Ltd

Statement of Financial Position

31 March 2025

		2025		2024
	Note	£		£
Fixed assets
Tangible assets	5	525		-
Current assets
Debtors	6	19,615		1
Cash at bank and in hand		21,398		-
		41,013		1
Creditors: amounts falling due within one year	7	(4,503	)	-
Net current assets		36,510		1
Total assets less current liabilities		37,035		1
Provisions for liabilities		(131	)	-
Net assets		36,904		1
Capital and reserves
Called up share capital		30,000		1
Profit and loss account		6,904		-
Shareholders funds		36,904		1

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.

Directors' responsibilities:

The members have 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 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.

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

These

financial statements

were approved by the board of directors and authorised for issue on

28 August 2025

, and are signed on behalf of the board by:

U Mehmood

Director

Company registration number:

14735434

Tourism Iceland Ltd

Notes to the Financial Statements

Year ended

31 March 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

C/O Brian Paul Limited

159a Chase Side

Enfield

Middlesex

EN2 0PW

, England.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Turnover represents revenue from helicopter flights and other services supplied to customers in the ordinary course of business. Income is recognised on the date of departure basis.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office equipment 25% straight line

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.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

4 Average number of employees

The average number of persons employed by the company during the year was

(2024:

1.00

5 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 April 2024	-
Additions	700
At 31 March 2025	700
Depreciation
At 1 April 2024	-
Charge	175
At 31 March 2025	175
Carrying amount
At 31 March 2025	525
At 31 March 2024	-

6 Debtors

	2025		2024
	£		£
Other debtors	19,615		1

7 Creditors: amounts falling due within one year

	2025	2024
	£	£
Taxation and social security	1,527	-
Other creditors	2,976	-
	4,503	-

8 Directors' advances, credit and guarantees

At 31st March 2025 the director owed to the company £6,115 (2024: £Nil). The loan was repaid on April 2025.

9 Controlling party

By virtue of his majority shareholding therein the ultimate controlling party is U Mehmood.