Registration number:
Island Capital Limited
for the Year Ended 30 September 2017
Chartered Certified Accountants
Littlemead
Hollingdon
Buckinghamshire
LU7 0DN
Island Capital Limited
Contents
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Company Information |
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Director's Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Island Capital Limited
Company Information
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Director |
Dr Matthew Mills |
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Registered office |
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Accountants |
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Page 1 |
Island Capital Limited
Director's Report for the Year Ended 30 September 2017
The director presents his report and the abridged financial statements for the year ended 30 September 2017.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Financial services
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
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Dr Matthew Mills
Director
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Page 2 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Island Capital Limited
for the Year Ended 30 September 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Island Capital Limited for the year ended 30 September 2017 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Island Capital Limited, as a body, in accordance with the terms of our engagement letter dated 1 December 2016. Our work has been undertaken solely to prepare for your approval the accounts of Island Capital Limited and state those matters that we have agreed to state to the Board of Directors of Island Capital Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Island Capital Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Island Capital Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Island Capital Limited. You consider that Island Capital Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Island Capital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
Hollingdon
Buckinghamshire
LU7 0DN
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Page 3 |
Island Capital Limited
Abridged Profit and Loss Account for the Year Ended 30 September 2017
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Note |
Total |
Total |
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Gross profit |
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Administrative expenses |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
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Page 4 |
Island Capital Limited
Statement of Comprehensive Income for the Year Ended 30 September 2017
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Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
Island Capital Limited
(Registration number: 07756889)
Abridged Balance Sheet as at 30 September 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
- |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
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Page 6 |
Island Capital Limited
(Registration number: 07756889)
Abridged Balance Sheet as at 30 September 2017
Approved and authorised by the director on
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Dr Matthew Mills
Director
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Page 7 |
Island Capital Limited
Statement of Changes in Equity for the Year Ended 30 September 2017
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Share capital |
Profit and loss account |
Total |
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At 1 October 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 30 September 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 October 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 30 September 2016 |
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Page 8 |
Island Capital Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
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General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
United Kingdom
The principal place of business is:
6th Floor
5 St Helen's Place
London
EC3A 6AB
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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Page 9 |
Island Capital Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and Fittings |
25% Reducing balance basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
5% Straigt line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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Page 10 |
Island Capital Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Profit before tax |
Arrived at after charging/(crediting)
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2017 |
2016 |
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Depreciation expense |
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Amortisation expense |
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Page 11 |
Island Capital Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
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Intangible assets |
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Total |
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Cost or valuation |
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At 1 October 2016 |
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At 30 September 2017 |
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Amortisation |
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At 1 October 2016 |
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Amortisation charge |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
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Tangible assets |
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Total |
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Cost or valuation |
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At 1 October 2016 |
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At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Dividends |
Interim dividends paid
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Page 12 |
Island Capital Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
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2017 |
2016 |
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Interim dividend of £ |
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Page 13 |
Island Capital Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2017
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2017 |
2016 |
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Turnover (analysed below) |
274,717 |
283,698 |
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Gross profit (%) |
100% |
100% |
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Administrative expenses |
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Employment costs (analysed below) |
(6,718) |
(1,276) |
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Establishment costs (analysed below) |
(560) |
(560) |
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General administrative expenses (analysed below) |
(3,604) |
(1,290) |
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Finance charges (analysed below) |
(65) |
(120) |
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Depreciation costs (analysed below) |
(18,016) |
(18,354) |
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(28,963) |
(21,600) |
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Operating profit |
245,754 |
262,098 |
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Profit before tax |
245,754 |
262,098 |
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Page 14 |
Island Capital Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2017
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2017 |
2016 |
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Turnover |
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Sale of goods, UK |
274,717 |
283,698 |
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Employment costs |
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Directors remuneration |
(5,424) |
- |
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Travelling |
(1,294) |
(1,276) |
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(6,718) |
(1,276) |
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Establishment costs |
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Use of home as office |
(560) |
(560) |
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General administrative expenses |
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Telephone and fax |
(843) |
(395) |
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Computer software and maintenance costs |
(694) |
(689) |
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Printing, postage and stationery |
(245) |
(236) |
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Trade subscriptions |
(274) |
(260) |
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Accountancy fees |
(1,548) |
890 |
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Legal and professional fees |
- |
(600) |
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(3,604) |
(1,290) |
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Finance charges |
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Bank charges |
(65) |
(120) |
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Depreciation costs |
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Amortisation of goodwill |
(17,000) |
(17,000) |
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Depreciation of fixtures and fittings (owned) |
(1,016) |
(1,354) |
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(18,016) |
(18,354) |
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Page 15 |