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REGISTERED NUMBER: 10587682 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

IGLO PROPERTIES LTD

IGLO PROPERTIES LTD (REGISTERED NUMBER: 10587682)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


IGLO PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: C H Sykes





REGISTERED OFFICE: Cloverhill House
Fishwick Mains
Berwick upon Tweed
Northumberland
TD15 1XQ





REGISTERED NUMBER: 10587682 (England and Wales)





ACCOUNTANTS: J.H. Greenwood & Company
Chartered Accountants
Ava Lodge
Castle Terrace
Berwick Upon Tweed
Northumberland
TD15 1NP

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
IGLO PROPERTIES LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iglo Properties Ltd for the year ended 28 February 2023 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Iglo Properties Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Iglo Properties Ltd and state those matters that we have agreed to state to the director of Iglo Properties Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iglo Properties Ltd and its director for our work or for this report.

It is your duty to ensure that Iglo Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Iglo Properties Ltd. You consider that Iglo Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Iglo Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






J.H. Greenwood & Company
Chartered Accountants
Ava Lodge
Castle Terrace
Berwick Upon Tweed
Northumberland
TD15 1NP


27 November 2023

IGLO PROPERTIES LTD (REGISTERED NUMBER: 10587682)

BALANCE SHEET
28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 362,753 360,636
Investment property 5 649,647 636,909
1,012,400 997,545

CURRENT ASSETS
Stocks 426,862 135,284
Debtors 6 21,860 94,926
Cash at bank 61,266 102,060
509,988 332,270
CREDITORS
Amounts falling due within one year 7 1,232,923 1,082,668
NET CURRENT LIABILITIES (722,935 ) (750,398 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

289,465

247,147

PROVISIONS FOR LIABILITIES 8 33,894 32,333
NET ASSETS 255,571 214,814

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 9 94,774 83,598
Retained earnings 159,797 130,216
255,571 214,814

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 director acknowledges his 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.

IGLO PROPERTIES LTD (REGISTERED NUMBER: 10587682)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2023 and were signed by:





C H Sykes - Director


IGLO PROPERTIES LTD (REGISTERED NUMBER: 10587682)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Iglo Properties Ltd 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 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.
Freehold property - Straight line over 10 years
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

IGLO PROPERTIES LTD (REGISTERED NUMBER: 10587682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2022 160,210 204,190 50,750 415,150
Additions - 42,300 - 42,300
At 28 February 2023 160,210 246,490 50,750 457,450
DEPRECIATION
At 1 March 2022 2,634 44,240 7,640 54,514
Charge for year 2,634 26,772 10,777 40,183
At 28 February 2023 5,268 71,012 18,417 94,697
NET BOOK VALUE
At 28 February 2023 154,942 175,478 32,333 362,753
At 28 February 2022 157,576 159,950 43,110 360,636

Included in cost or valuation of land and buildings is freehold land of £ 133,875 (2022 - £ 133,875 ) which is not depreciated.

Cost or valuation at 28 February 2023 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2021 7,628 - - 7,628
Cost 152,582 246,490 50,750 449,822
160,210 246,490 50,750 457,450

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 636,909
Revaluations 12,738
At 28 February 2023 649,647
NET BOOK VALUE
At 28 February 2023 649,647
At 28 February 2022 636,909

IGLO PROPERTIES LTD (REGISTERED NUMBER: 10587682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. INVESTMENT PROPERTY - continued

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2019 7,941
Valuation in 2020 14,890
Valuation in 2021 27,572
Valuation in 2022 57,900
Valuation in 2023 12,738
Cost 528,606
649,647

6. DEBTORS
28/2/23 28/2/22
£    £   
Amounts falling due within one year:
Trade debtors 2,122 91,135
Other debtors 2,738 3,791
4,860 94,926

Amounts falling due after more than one year:
Other debtors 17,000 -

Aggregate amounts 21,860 94,926

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
CHS Assets Ltd 1,043,857 1,039,407
Payments on account 517 517
Trade creditors 26,912 4,914
Taxation and social security 9,655 10,598
Directors Loan Account & Accruals 151,982 27,232
1,232,923 1,082,668

8. PROVISIONS FOR LIABILITIES
28/2/23 28/2/22
£    £   
Deferred tax 33,894 32,333

Deferred
tax
£   
Balance at 1 March 2022 32,333
Provided during year 1,561
Balance at 28 February 2023 33,894

IGLO PROPERTIES LTD (REGISTERED NUMBER: 10587682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. RESERVES
Fair
value
reserve
£   
At 1 March 2022 83,598
Fair value reserve 11,176

At 28 February 2023 94,774

10. RELATED PARTY DISCLOSURES

Tobacco Imports and Supply Ltd

The director C H Sykes is the sole director of Tobacco Imports and Supply Ltd. During the year the company was loaned £2,800 (2022 - £2,800) from Tobacco Imports and Supply Ltd all of which was outstanding at the year end. The loan has no fixed repayment date and is interest free.

CHS Assets Ltd

The director C H Sykes is the sole director of CHS Assets Ltd. During the year the company was loaned £1,043,857 (2022 - £1,039,407) from CHS Assets Ltd all of which was outstanding at the year end. The loan has no fixed repayment date and is interest free.

Colin Hunter Sykes

As at 28th February 2023 £150,482 (2022 - £22,482) is owed to C.H. Sykes who is sole director of the company. The loan has no fixed repayment date and is interest free.