Island Kings Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09226048 (England and Wales)

ISLAND KINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 18 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C M Hickman

Dr J E J Hickman

REGISTERED OFFICE:

Manywells

Pankridge Street Crondall

Farnham

Surrey

GU10 5QU

REGISTERED NUMBER:

09226048 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Intangible assets

3

22,080

24,840

Tangible assets

4

11,976

21,263

34,056

46,103

CURRENT ASSETS

Debtors

5

2,173

-

Cash at bank

16,304

10,842

18,477

10,842

CREDITORS

Amounts falling due within one year

6

119,150

142,390

NET CURRENT LIABILITIES

(100,673

)

(131,548

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(66,617

)

(85,445

)

PROVISIONS FOR LIABILITIES

64

64

NET LIABILITIES

(66,681

)

(85,509

)

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

(66,701

)

(85,529

)

SHAREHOLDERS' FUNDS

(66,681

)

(85,509

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 18 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 18 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 December 2017 and were signed on its behalf by:

Dr J E J Hickman - Director

1.	STATUTORY INFORMATION

Island Kings Limited is a private company, limited by shares , registered in England and Wales. 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 in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Property income represents rents receivable during the period. Rental income is recognised on the

basis of amounts due in the period.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise fee are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Going concern

The company has the continued financial support of its directors, who have agreed not to request

repayment of their loans until the company has the funds available. On this basis the directors of Island

Kings Limited consider it appropriate to prepare accounts on the going concern basis. The financial

statements do not include any adjustments that would result in the company suffering further trading

losses.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 19 March 2016

and 18 March 2017

27,600

AMORTISATION

At 19 March 2016

2,760

Charge for year

2,760

At 18 March 2017

5,520

NET BOOK VALUE

At 18 March 2017

22,080

At 18 March 2016

24,840

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 19 March 2016

31,894

Additions

2,017

At 18 March 2017

33,911

DEPRECIATION

At 19 March 2016

10,631

Charge for year

11,304

At 18 March 2017

21,935

NET BOOK VALUE

At 18 March 2017

11,976

At 18 March 2016

21,263

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

2,173

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

2,173

-

Other creditors

116,977

142,390

119,150

142,390

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

15,346

26,076

Between one and five years

7,700

23,046

23,046

49,122