The Island Quarter Careers Limited Filleted accounts for Companies House (small and micro)

The Island Quarter Careers Limited Filleted accounts for Companies House (small and micro)

THE ISLAND QUARTER CAREERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 13776849
The Island Quarter Careers Limited
Annual Report & Audited Financial Statements
30 September 2022
The Island Quarter Careers Limited
Financial Statements
Period from 1 December 2021 to 30 September 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
The Island Quarter Careers Limited
Statement of Financial Position
30 September 2022
30 Sep 22
Note
£
£
Current Assets
Debtors
5
203,092
Cash at bank and in hand
227,931
---------
431,023
Creditors: amounts falling due within one year
6
431,021
---------
Net Current Assets
2
----
Total Assets Less Current Liabilities
2
----
Net Assets
2
----
Capital and Reserves
Called up share capital
7
2
----
Shareholders Funds
2
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 30 November 2022 , and are signed on behalf of the board by:
Ms L Collins-Hall
Director
Company registration number: 13776849
The Island Quarter Careers Limited
Notes to the Financial Statements
Period from 1 December 2021 to 30 September 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, Suite 3, 1 Duchess Street, London, WIW 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Incorporation
The company was incorporated on 1st December 2021.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
The whole of turnover is derived from the principal activity of managed payroll. Turnover is recognised on provision of goods and services, net of trade discounts and value added tax.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 22 .
5. Debtors
30 Sep 22
£
Trade debtors
201,344
Other debtors
1,748
---------
203,092
---------
6. Creditors: amounts falling due within one year
30 Sep 22
£
Trade creditors
9,075
Amounts owed to group undertakings
152,821
Accruals and deferred income
1,000
Social security and other taxes
268,125
---------
431,021
---------
7. Called up share capital
Issued, called up and fully paid
30 Sep 22
No.
£
Ordinary shares of £ 1 each
2
2
----
----
8. Summary audit opinion
The auditor's report for the period dated 30 November 2022 was unqualified .
The senior statutory auditor was Michael Di Leto , for and on behalf of Saffery Champness LLP .
9. Related party transactions
The Company received advances totalling £152,821 from the Ultimate Parent Company Conygar Investment Company PLC, to provide both long-term and additional working capital funding. All amounts are repayable on demand, non-interest bearing and will be repaid from the trading activity of the Company. The whole of this balance remained outstanding at the year end. During the year, the Company recharged The Island Quarter Canal Turn Operating Company Limited, £541,642 for payroll and other overhead costs. As at 30th September 2022, £198,844 was outstanding in relation to these charges. The amount was cleared in full post year end.
10. Controlling party
The directors consider the ultimate parent undertaking to be Conygar Investment Company PLC , a company registered in England & Wales.