Irongate (Grimsby) Limited 03149111 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of investment in freehold properties Digita Accounts Production Advanced 6.30.9574.0 true 03149111 2022-04-01 2023-03-31 03149111 2023-03-31 03149111 core:RetainedEarningsAccumulatedLosses 2023-03-31 03149111 core:RevaluationReserve 2023-03-31 03149111 core:ShareCapital 2023-03-31 03149111 core:CurrentFinancialInstruments 2023-03-31 03149111 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03149111 core:Non-currentFinancialInstruments 2023-03-31 03149111 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03149111 bus:SmallEntities 2022-04-01 2023-03-31 03149111 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03149111 bus:FullAccounts 2022-04-01 2023-03-31 03149111 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03149111 bus:RegisteredOffice 2022-04-01 2023-03-31 03149111 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 03149111 bus:Director1 2022-04-01 2023-03-31 03149111 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03149111 bus:Agent1 2022-04-01 2023-03-31 03149111 countries:England 2022-04-01 2023-03-31 03149111 2022-03-31 03149111 2021-04-01 2022-03-31 03149111 2022-03-31 03149111 core:RetainedEarningsAccumulatedLosses 2022-03-31 03149111 core:RevaluationReserve 2022-03-31 03149111 core:ShareCapital 2022-03-31 03149111 core:CurrentFinancialInstruments 2022-03-31 03149111 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03149111 core:Non-currentFinancialInstruments 2022-03-31 03149111 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 03149111

Irongate (Grimsby) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Irongate (Grimsby) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Irongate (Grimsby) Limited

Company Information

Directors

P D Watkinson

A J Butt

Company secretary

A J Butt

Registered office

26 South St Mary's Gate
Grimsby
N E Lincs
DN31 1LW

Solicitors

Roythorne & Co
10 Pinchbeck Road
Spalding
Lincolnshire
PE11 1PZ

Bankers

Santander UK plc
Bootle
Merseyside
L30 4GB

 

Irongate (Grimsby) Limited

(Registration number: 03149111)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment properties

4

865,000

945,000

Current assets

 

Debtors

5

162,368

166,500

Cash at bank and in hand

 

19,218

20,839

 

181,586

187,339

Creditors: Amounts falling due within one year

6

(158,969)

(166,223)

Net current assets

 

22,617

21,116

Total assets less current liabilities

 

887,617

966,116

Creditors: Amounts falling due after more than one year

6

(290,000)

(290,000)

Provisions for liabilities: deferred tax

(42,439)

(57,639)

Net assets

 

555,178

618,477

Capital and reserves

 

Called up share capital

6

6

Revaluation reserve

460,464

525,264

Profit and loss account

94,708

93,207

Total equity

 

555,178

618,477

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2023 and signed on its behalf by:
 

.........................................
A J Butt
Company secretary and director

 

Irongate (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital incorporated in England and the company registration number is 03149111.

The address of its registered office is:
26 South St Mary's Gate
Grimsby
N E Lincs
DN31 1LW

These financial statements were authorised for issue by the Board on 13 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements cover the individual entity, have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax on revalued investment properties is measured using the rates and allowances at the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Irongate (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by a director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 April

945,000

Fair value adjustments

(80,000)

At 31 March

865,000

The investment properties have been valued on an open market basis by the director.

There has been no valuation of investment property by an independent valuer.

The change in fair values has resulted in a debit of £80,000 (2022: credit of £nil) to the profit and loss account.

 

Irongate (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

2023
£

2022
£

Trade debtors

-

3,875

Other debtors

161,448

161,447

Prepayments and accrued income

920

1,178

 

162,368

166,500

Details of non-current trade and other debtors

£161,448 (2022 -£161,448) of other debtors is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

5,827

5,310

Corporation tax

10,204

9,810

Other creditors

126,175

134,868

Accruals and deferred income

16,763

16,235

158,969

166,223

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

290,000

290,000

Creditors include bank loans which have been given security by the company of £290,000 (2022: £290,000l).

Bank borrowings

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

290,000

290,000

2023
£

2022
£

Current loans and borrowings

Other borrowings

91,768

97,768