Island Property LTD

Island Property LTD

ISLAND PROPERTY LTD - Company Information

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1 January 2021 false No description of principal activity Taxfiler 2022.4.1 09297611business:PrivateLimitedCompanyLtd2021-01-012021-12-31 092976112020-12-31 092976112021-01-012021-12-31 09297611business:AuditExempt-NoAccountantsReport2021-01-012021-12-31 09297611business:FullAccounts2021-01-012021-12-31 092976112021-12-31 09297611business:Director12021-01-012021-12-31 09297611business:RegisteredOffice2021-01-012021-12-31 092976112020-12-31 09297611core:WithinOneYear2021-12-31 09297611core:WithinOneYear2020-12-31 09297611core:ShareCapital2021-12-31 09297611core:ShareCapital2020-12-31 09297611business:SmallEntities2021-01-012021-12-31 09297611countries:EnglandWales2021-01-012021-12-31 09297611core:LandBuildings2020-12-31 09297611core:LandBuildings2021-12-31 09297611core:LandBuildings2021-01-012021-12-31 092976112020-01-012020-12-31 iso4217:GBP xbrli:pure
Company Registration No. 09297611 (England and Wales)
Island Property LTD Unaudited accounts for the year ended 31 December 2021
Island Property LTD Unaudited accounts Contents
Page
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Island Property LTD Company Information for the year ended 31 December 2021
Director
Luca Pietrobelli
Company Number
09297611 (England and Wales)
Registered Office
186 Barry Road London SE22 0JW UK
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Island Property LTD Statement of financial position as at 31 December 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
658,500 
658,500 
Creditors: amounts falling due within one year
5
(20,000)
(20,000)
Net current liabilities
(20,000)
(20,000)
Net assets
638,500 
638,500 
Capital and reserves
Called up share capital
638,500 
638,500 
Shareholders' funds
638,500 
638,500 
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 May 2022 and were signed on its behalf by
Luca Pietrobelli Director Company Registration No. 09297611
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Island Property LTD Notes to the Accounts for the year ended 31 December 2021
1
Statutory information
Island Property LTD is a private company, limited by shares, registered in England and Wales, registration number 09297611. The registered office is 186 Barry Road, London, SE22 0JW, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in sterling.
Tangible fixed assets and depreciation
The company's properties are held for long-term investment an are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties is transferred to the revaluation reserve. Depreciation is not provided in respect of land and building. The policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director considers that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
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Island Property LTD Notes to the Accounts for the year ended 31 December 2021
4
Tangible fixed assets
Land & buildings 
£ 
Cost or valuation
At cost 
At 1 January 2021
658,500 
At 31 December 2021
658,500 
Depreciation
At 31 December 2021
- 
Net book value
At 31 December 2021
658,500 
At 31 December 2020
658,500 
The company's properties are held for long-term investment an are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties is transferred to the revaluation reserve. Depreciation is not provided in respect of land and building. The policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director considers that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
5
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
Other creditors
20,000 
20,000 
6
Average number of employees
During the year the average number of employees was 0 (2020: 0).
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