Island Holiday Media Ltd - Accounts to registrar (filleted) - small 18.2
Island Holiday Media Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| ISLAND HOLIDAY MEDIA LTD |
| ISLAND HOLIDAY MEDIA LTD (REGISTERED NUMBER: 05685151) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ISLAND HOLIDAY MEDIA LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 24 Landport Terrace |
| Portsmouth |
| Hampshire |
| PO1 2RG |
| ISLAND HOLIDAY MEDIA LTD (REGISTERED NUMBER: 05685151) |
| BALANCE SHEET |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | 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. |
| ISLAND HOLIDAY MEDIA LTD (REGISTERED NUMBER: 05685151) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ISLAND HOLIDAY MEDIA LTD (REGISTERED NUMBER: 05685151) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Island Holiday Media Ltd is a |
| The company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared on the basis that the company will continue to be a |
| going concern. If this assumption is not considered to be valid, then adjustments would need to be |
| made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that |
| might arise and to reclassify fixed assets and long-term liabilities as current assets and current |
| liabilities. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Office equipment | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Financial instruments |
| Debtors and creditors receivable/payable within one year |
| Short term debtors and creditors are measured at transaction price (which is usually the retail or |
| transaction price). Any losses arising from impairment are recognised in the profit and loss account in |
| other administrative expenses. |
| Loans and borrowings |
| Loans and other financial assets are initially recognised at transaction price including any transaction |
| costs. Subsequently, they are measured at amortised cost determined using the effective interest |
| method, less any impairment losses for bad or doubtful debts. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss |
| Account, 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. |
| ISLAND HOLIDAY MEDIA LTD (REGISTERED NUMBER: 05685151) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
| Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
| held under finance leases are depreciated over their estimated useful lives or the lease term, |
| whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
| period of the lease. |
| 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 |
| Fixtures |
| Office | and | Motor | Computer |
| equipment | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| ISLAND HOLIDAY MEDIA LTD (REGISTERED NUMBER: 05685151) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 5. | DEBTORS |
| 2019 | 2018 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 29,875 | 21,750 |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| S455 tax recoverable | 8,927 | 3,199 |
| Aggregate amounts |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans | 5,106 | 4,851 |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 59,381 | 41,830 |
| Directors' current accounts | - | 14,913 |
| Accruals |
| ISLAND HOLIDAY MEDIA LTD (REGISTERED NUMBER: 05685151) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other loans - 1-2 years | 3,096 | 8,203 |
| Hire purchase contracts (see note 8) |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts | 23,196 | 29,218 |
| The hire purchase contracts are secured over the assets to which they relate. |
| 10. | CONTINGENT LIABILITIES |
| A charge has been registered being a fixed and floating charge over all the property and undertakings |
| of the company in relation to a loan taken out by the director, Mr T Addison, in order to purchase the |
| property from which the company is trading. The maximum liability regarding the charge is £95,000. |
| 11. | OTHER FINANCIAL COMMITMENTS |
| The company has entered into a rental agreement with a minimum term of three years to 31 July 2021. |
| The total rent payable until that date is £29,450 including £11,400 being due within one year. |
| ISLAND HOLIDAY MEDIA LTD (REGISTERED NUMBER: 05685151) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the following periods: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year | 21,749 | 21,296 |
| Amounts advanced | 26,885 | 23,453 |
| Amounts repaid | (21,000 | ) | (23,000 | ) |
| Balance outstanding at end of year | 27,634 | 21,749 |
| 2019 |
| £ |
| Balance outstanding at start of year | (14,913 | ) |
| Amounts advanced | 38,154 |
| Amounts repaid | (21,000 | ) |
| Balance outstanding at end of year | 2,241 |
| The loan has no fixed term and is repayable on demand. The loan is provided interest free. |