2022-04-012023-03-312023-03-31false12526415Inglewood Properties Limited2023-10-2064201iso4217:GBPxbrli:pure125264152022-04-01125264152023-03-31125264152022-04-012023-03-31125264152021-04-01125264152022-03-31125264152021-04-012022-03-3112526415bus:SmallEntities2022-04-012023-03-3112526415bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3112526415bus:FullAccounts2022-04-012023-03-3112526415bus:PrivateLimitedCompanyLtd2022-04-012023-03-3112526415core:WithinOneYear2023-03-3112526415core:AfterOneYear2023-03-3112526415core:WithinOneYear2022-03-3112526415core:AfterOneYear2022-03-3112526415core:ShareCapital2023-03-3112526415core:SharePremium2023-03-3112526415core:RevaluationReserve2023-03-3112526415core:OtherReservesSubtotal2023-03-3112526415core:RetainedEarningsAccumulatedLosses2023-03-3112526415core:ShareCapital2022-03-3112526415core:SharePremium2022-03-3112526415core:RevaluationReserve2022-03-3112526415core:OtherReservesSubtotal2022-03-3112526415core:RetainedEarningsAccumulatedLosses2022-03-3112526415core:LandBuildings2023-03-3112526415core:PlantMachinery2023-03-3112526415core:Vehicles2023-03-3112526415core:FurnitureFittings2023-03-3112526415core:OfficeEquipment2023-03-3112526415core:NetGoodwill2023-03-3112526415core:IntangibleAssetsOtherThanGoodwill2023-03-3112526415core:ListedExchangeTraded2023-03-3112526415core:UnlistedNon-exchangeTraded2023-03-3112526415core:LandBuildings2022-03-3112526415core:PlantMachinery2022-03-3112526415core:Vehicles2022-03-3112526415core:FurnitureFittings2022-03-3112526415core:OfficeEquipment2022-03-3112526415core:NetGoodwill2022-03-3112526415core:IntangibleAssetsOtherThanGoodwill2022-03-3112526415core:ListedExchangeTraded2022-03-3112526415core:UnlistedNon-exchangeTraded2022-03-3112526415core:LandBuildings2022-04-012023-03-3112526415core:PlantMachinery2022-04-012023-03-3112526415core:Vehicles2022-04-012023-03-3112526415core:FurnitureFittings2022-04-012023-03-3112526415core:OfficeEquipment2022-04-012023-03-3112526415core:NetGoodwill2022-04-012023-03-3112526415core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3112526415core:ListedExchangeTraded2022-04-012023-03-3112526415core:UnlistedNon-exchangeTraded2022-04-012023-03-3112526415core:MoreThanFiveYears2022-04-012023-03-3112526415core:Non-currentFinancialInstruments2023-03-3112526415core:Non-currentFinancialInstruments2022-03-3112526415dpl:CostSales2022-04-012023-03-3112526415dpl:DistributionCosts2022-04-012023-03-3112526415core:LandBuildings2022-04-012023-03-3112526415core:PlantMachinery2022-04-012023-03-3112526415core:Vehicles2022-04-012023-03-3112526415core:FurnitureFittings2022-04-012023-03-3112526415core:OfficeEquipment2022-04-012023-03-3112526415dpl:AdministrativeExpenses2022-04-012023-03-3112526415core:NetGoodwill2022-04-012023-03-3112526415core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3112526415dpl:GroupUndertakings2022-04-012023-03-3112526415dpl:ParticipatingInterests2022-04-012023-03-3112526415dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3112526415core:ListedExchangeTraded2022-04-012023-03-3112526415dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3112526415core:UnlistedNon-exchangeTraded2022-04-012023-03-3112526415dpl:CostSales2021-04-012022-03-3112526415dpl:DistributionCosts2021-04-012022-03-3112526415core:LandBuildings2021-04-012022-03-3112526415core:PlantMachinery2021-04-012022-03-3112526415core:Vehicles2021-04-012022-03-3112526415core:FurnitureFittings2021-04-012022-03-3112526415core:OfficeEquipment2021-04-012022-03-3112526415dpl:AdministrativeExpenses2021-04-012022-03-3112526415core:NetGoodwill2021-04-012022-03-3112526415core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3112526415dpl:GroupUndertakings2021-04-012022-03-3112526415dpl:ParticipatingInterests2021-04-012022-03-3112526415dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-3112526415core:ListedExchangeTraded2021-04-012022-03-3112526415dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-3112526415core:UnlistedNon-exchangeTraded2021-04-012022-03-3112526415core:NetGoodwill2023-03-3112526415core:IntangibleAssetsOtherThanGoodwill2023-03-3112526415core:LandBuildings2023-03-3112526415core:PlantMachinery2023-03-3112526415core:Vehicles2023-03-3112526415core:FurnitureFittings2023-03-3112526415core:OfficeEquipment2023-03-3112526415core:AfterOneYear2023-03-3112526415core:WithinOneYear2023-03-3112526415core:ListedExchangeTraded2023-03-3112526415core:UnlistedNon-exchangeTraded2023-03-3112526415core:ShareCapital2023-03-3112526415core:SharePremium2023-03-3112526415core:RevaluationReserve2023-03-3112526415core:OtherReservesSubtotal2023-03-3112526415core:RetainedEarningsAccumulatedLosses2023-03-3112526415core:NetGoodwill2022-03-3112526415core:IntangibleAssetsOtherThanGoodwill2022-03-3112526415core:LandBuildings2022-03-3112526415core:PlantMachinery2022-03-3112526415core:Vehicles2022-03-3112526415core:FurnitureFittings2022-03-3112526415core:OfficeEquipment2022-03-3112526415core:AfterOneYear2022-03-3112526415core:WithinOneYear2022-03-3112526415core:Liste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Inglewood Properties Limited

Registered Number
12526415
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Inglewood Properties Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

HARRISON, Cleone Sarah
HARRISON, Norman John
HARRISON, Tatiana Elizabeth
MEEK, Katinka Jane

Registered Address

Flusco House
Flusco
Penrith
CA11 0JA

Registered Number

12526415 (England and Wales)
Inglewood Properties Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets64,760,0004,760,000
Investments822,50022,500
Investment property94,055,0004,055,000
8,837,5008,837,500
Current assets
Debtors141,502,9491,551,339
Cash at bank and on hand124,434104,555
1,627,3831,655,894
Creditors amounts falling due within one year15(233,068)(221,517)
Net current assets (liabilities)1,394,3151,434,377
Total assets less current liabilities10,231,81510,271,877
Creditors amounts falling due after one year16(240,679)(277,368)
Provisions for liabilities17(1,997,047)(1,997,047)
Net assets7,994,0897,997,462
Capital and reserves
Called up share capital22,50022,500
Revaluation reserve3,277,9543,277,954
Other reserves2,668,1862,668,186
Profit and loss account2,025,4492,028,822
Shareholders' funds137,994,0897,997,462
The financial statements were approved and authorised for issue by the Board of Directors on 20 October 2023, and are signed on its behalf by:
HARRISON, Norman John
Director
Registered Company No. 12526415
Inglewood Properties Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Smallest group in which results are consolidated
The company, and the group headed by it, qualify as a small group as such the parent and the group are exempt from producing group accounts.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.
Investment property policy
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Statement of Income.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
5.Employee information

20232022
Average number of employees during the year44
6.Property, plant and equipment

Land & buildings

Total

££
Cost or valuation
At 01 April 224,760,0004,760,000
At 31 March 234,760,0004,760,000
Net book value
At 31 March 234,760,0004,760,000
At 31 March 224,760,0004,760,000
7.Revaluation of property, plant and equipment
On 28 February 2021 H&H Land & Property Limited valued the freehold property on an open market value for existing use basis. It is the opinion of the directors that this valuation has not materiality altered at the Balance Sheet date. Had the freehold property been measured at historical cost the amounts would have been £389,395.

2023

2022

££
Land and buildings4,760,0004,760,000
8.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 2222,50022,500
At 31 March 2322,50022,500
Net book value
At 31 March 2322,50022,500
At 31 March 2222,50022,500

Notes

1Investments in group undertakings and participating interests
9.Investment property
On 28 February 2021 H&H Land & Property Limited valued the investment property on an open market value for existing use basis. It is the opinion of the directors that this valuation has not materiality altered at the Balance Sheet date. Had the investment property been measured at historical cost the amounts would have been £497,418.

£
Fair value at 01 April 224,055,000
At 31 March 234,055,000
10.Creditors or instalments due after 5 years
Bank borrowings repayable after more than five years amount to £65,526, (2022 - £130,308).
11.Description of nature of transactions and balances with related parties
On 1 April 2022 the company owed £70,030 to two directors. During the year the company repaid the directors £176,810 and made further advances of £217,115. As at 31 March 2023 the company owed three directors £110,335. No interest was charged on these loans.
12.Directors advances, credits and guarantees
On 1 April 2022 two Directors owed the Company £120,579. During the period these directors were advanced a further £34,926 and repaid £148,152. As at 31 March 2023 one Director owed the Company £7,353. Interest of £2,566 was charged on these loans.
13.Fair value reserve
Other reserves represent the unrealised fair value surplus created when the investment properties were revalued, less any deferred tax provision. The reserve represents non distributable funds.

£
Fair value reserve at 01 April 222,881,641
At 31 March 232,881,641
14.Debtors

2023

2022

££
Trade debtors / trade receivables51,63035,354
Other debtors845,252894,305
Prepayments and accrued income68,92072,708
Other debtors (Non-current)537,147548,972
Total1,502,9491,551,339
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
15.Creditors within one year

2023

2022

££
Trade creditors / trade payables29,59792,070
Bank borrowings and overdrafts41,26434,607
Taxation and social security18,8717,544
Other creditors111,38671,690
Accrued liabilities and deferred income31,95015,606
Total233,068221,517
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured on the assets of the company.
16.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts240,679277,368
Total240,679277,368
Bank borrowings and overdrafts are secured on the assets of the company.
17.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax arises from the revaluation of freehold property and investment property. The other provision relates to restoration work required in respect of historic quarrying activities. As a result of planning consents given to perform quarrying activities, the company has a contractual obligation to carry out this work.

2023

2022

££
Net deferred tax liability (asset)1,982,0471,982,047
Other provisions15,00015,000
Total1,997,0471,997,047