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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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Island Quarters Ltd |
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REGISTERED NUMBER:
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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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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 2018 |
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Company Information | 1 |
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Report of the Director | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Statement of Changes in Equity | 5 |
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Notes to the Financial Statements | 6 |
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Island Quarters Ltd |
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Company Information |
for the Year Ended 31 March 2018 |
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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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Report of the Director |
for the Year Ended 31 March 2018 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of tourist facilities on the Isle of |
Arran. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Island Quarters Ltd (Registered number: SC177656) |
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Income Statement |
for the Year Ended 31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses | ( |
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566 | (7,323 | ) |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest payable and similar expenses | ( |
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PROFIT BEFORE TAXATION |
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Tax on profit | 5 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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Island Quarters Ltd (Registered number: SC177656) |
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Balance Sheet |
31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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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 |
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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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The financial statements were approved by the director on
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Island Quarters Ltd (Registered number: SC177656) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2016 |
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( |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2018 |
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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 2018 |
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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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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 2018 the company's current liabilities, |
including £196,438 owed to its director, exceeded its current assets by £202,859. 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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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.3.18 | 31.3.17 |
£ | £ |
Depreciation - owned assets |
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Island Quarters Ltd (Registered number: SC177656) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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5. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.18 | 31.3.17 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | 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 2018. |