Isernia Properties Limited 03165467 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 03165467 2022-04-01 2023-03-31 03165467 2023-03-31 03165467 core:OtherReservesSubtotal 2023-03-31 03165467 core:RetainedEarningsAccumulatedLosses 2023-03-31 03165467 core:ShareCapital 2023-03-31 03165467 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03165467 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03165467 bus:SmallEntities 2022-04-01 2023-03-31 03165467 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03165467 bus:FullAccounts 2022-04-01 2023-03-31 03165467 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03165467 bus:RegisteredOffice 2022-04-01 2023-03-31 03165467 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 03165467 bus:Director1 2022-04-01 2023-03-31 03165467 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03165467 bus:Agent1 2022-04-01 2023-03-31 03165467 bus:Agent2 2022-04-01 2023-03-31 03165467 countries:England 2022-04-01 2023-03-31 03165467 2022-03-31 03165467 2021-04-01 2022-03-31 03165467 2022-03-31 03165467 core:OtherReservesSubtotal 2022-03-31 03165467 core:RetainedEarningsAccumulatedLosses 2022-03-31 03165467 core:ShareCapital 2022-03-31 03165467 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03165467 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 03165467

Isernia Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Isernia Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Isernia Properties Limited

Company Information

Directors

H C Remnant

A J Butt

Company secretary

A J Butt

Registered office

26 South St. Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

Solicitors

Roythorne & Co
10 Pinchbeck Road
Spalding
Lincolnshire
PE11 1PZ

Bankers

Lloyds Bank Plc
24 Mercer Row
Louth
Lincolnshire
LN11 9JH

Skipton Building Society
Principal Office
The Bailey
Skipton
North Yorkshire
BD23 1DN

 

Isernia Properties Limited

(Registration number: 03165467)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment properties

4

280,000

280,000

Current assets

 

Cash at bank and in hand

 

6,203

8,117

Creditors: Amounts falling due within one year

5

(52,526)

(52,350)

Net current liabilities

 

(46,323)

(44,233)

Total assets less current liabilities

 

233,677

235,767

Creditors: Amounts falling due after more than one year

5

(11,674)

(14,206)

Provisions for liabilities: deferred tax

(15,392)

(15,392)

Net assets

 

206,611

206,169

Capital and reserves

 

Called up share capital

2

2

Fair value reserve

151,238

151,238

Profit and loss account

55,371

54,929

Total equity

 

206,611

206,169

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

 

Isernia Properties 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 03165467.

The address of its registered office is:
26 South St. Mary's Gate
Grimsby
North East Lincolnshire
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 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.

 

Isernia Properties Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous accounting periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

280,000

At 31 March

280,000

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

The change in fair value has resulted in a credit of £nil (2022: £nil) to the profit and loss account.

 

Isernia Properties Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

2,530

2,480

Taxation and social security

 

1,459

1,716

Corporation tax

 

3,692

3,754

Other creditors

 

40,857

40,550

Accruals and deferred income

 

3,988

3,850

 

52,526

52,350

Creditors include bank loans which are secured on an investment property £2,530 (2022 - £2,480).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11,674

14,206

Creditors include bank loans which are secured on an investment property which are secured of £11,674 (2022 - £14,206).

The above bank loan includes £604 (2022 - £3,486) which is repayable by instalments and due after more than five years.