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REGISTERED NUMBER: SC317385 (Scotland)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

IKL Property Ltd.

IKL Property Ltd. (Registered number: SC317385)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IKL Property Ltd.

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr K M A Lewandowski
Mrs I Lewandowski
Mr I Lewandowski





SECRETARY: Mrs I Lewandowski





REGISTERED OFFICE: 47-49 The Square
Kelso
Roxburghshire
TD5 7HW





REGISTERED NUMBER: SC317385 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

IKL Property Ltd. (Registered number: SC317385)

Balance Sheet
28 February 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 773 1,031
Investment property 5 2,140,000 1,951,913
2,140,773 1,952,944

CURRENT ASSETS
Debtors 6 560 972
Cash at bank 151,349 28,067
151,909 29,039
CREDITORS
Amounts falling due within one year 7 12,213 7,193
NET CURRENT ASSETS 139,696 21,846
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,280,469

1,974,790

CREDITORS
Amounts falling due after more than one
year

8

(2,266,790

)

(2,790,441

)

PROVISIONS FOR LIABILITIES (3,500 ) (109 )
NET ASSETS/(LIABILITIES) 10,179 (815,760 )

CAPITAL AND RESERVES
Called up share capital 680,030 30
Revaluation reserve 15,509 -
Retained earnings (685,360 ) (815,790 )
10,179 (815,760 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

IKL Property Ltd. (Registered number: SC317385)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 27 November 2023 and were signed on its behalf by:





Mr I Lewandowski - Director


IKL Property Ltd. (Registered number: SC317385)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

IKL Property Ltd. is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern
The accounts have been prepared as a going concern on the basis that the directors will continue to support the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

IKL Property Ltd. (Registered number: SC317385)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 17,453
DEPRECIATION
At 1 March 2022 16,422
Charge for year 258
At 28 February 2023 16,680
NET BOOK VALUE
At 28 February 2023 773
At 28 February 2022 1,031

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 1,951,913
Additions 160,970
Disposals (145,000 )
Revaluations 172,117
At 28 February 2023 2,140,000
NET BOOK VALUE
At 28 February 2023 2,140,000
At 28 February 2022 1,951,913

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2008 327,586
Valuation in 2009 (415,000 )
Valuation in 2012 145,552
Valuation in 2015 (150,000 )
Valuation in 2017 200,000
Valuation in 2018 125,000
Valuation in 2021 (386,166 )
Valuation in 2023 172,037
Cost 2,120,991
2,140,000

IKL Property Ltd. (Registered number: SC317385)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors - 550
Other debtors 560 422
560 972

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade creditors 4,657 1,498
Taxation and social security 1,472 1,715
Other creditors 6,084 3,980
12,213 7,193

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£    £   
Other creditors 2,266,790 2,790,441