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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Island Quarters Ltd |
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Island Quarters Ltd |
Island Quarters Ltd (Registered number: SC177656) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Island Quarters Ltd |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
145 St Vincent Street |
Glasgow |
G2 5JF |
Island Quarters Ltd (Registered number: SC177656) |
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Balance Sheet |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
by: |
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Island Quarters Ltd (Registered number: SC177656) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Island Quarters Ltd is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Going concern |
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The financial statements have been prepared on the going concern basis which assumes that the company will |
continue in operational existence for the foreseeable future. At 31 March 2020 the company's current liabilities, |
including £169,714 owed to its director, exceeded its current assets by £182,110. The company is thus dependent |
on the continuing financial support of its director and other creditors. The director is confident of being able to |
maintain the necessary levels of financial support and of the company's long-term trading prospects. On this basis |
he considers it appropriate to prepare the financial statements on the going concern basis. The financial |
statements do not include any adjustments that would result from withdrawal of financial support. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property - 2% on cost |
Plant and machinery - 15% on cost |
Fixtures and fittings - 15% on cost |
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The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an |
on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual |
value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
Island Quarters Ltd (Registered number: SC177656) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | SECURED DEBTS |
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The company has granted a floating charge, dated 2 June 1999, in favour of the Bank of Scotland over the whole |
assets of the company for all sums due or to become due. There was no bank overdraft at 31 March 2020. |