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REGISTERED NUMBER: 09461709 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

IQ UK HOMES LIMITED

IQ UK HOMES LIMITED (REGISTERED NUMBER: 09461709)

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


IQ UK HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: P L Laney





REGISTERED OFFICE: Fiddlers Green
Bell Lane
Cocking
Midhurst
West Sussex
GU29 0HU





REGISTERED NUMBER: 09461709 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Grange House
Grange Road
Midhurst
West Sussex
GU29 9LS

IQ UK HOMES LIMITED (REGISTERED NUMBER: 09461709)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 - 381
Investment property 5 11,250,349 11,250,349
11,250,349 11,250,730

CURRENT ASSETS
Debtors 6 551,786 317,453
Cash at bank 133,438 243,624
685,224 561,077
CREDITORS
Amounts falling due within one year 7 541,271 498,471
NET CURRENT ASSETS 143,953 62,606
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,394,302

11,313,336

CREDITORS
Amounts falling due after more than one year 8 (8,106,866 ) (8,106,866 )

PROVISIONS FOR LIABILITIES 10 (85,695 ) (8,946 )
NET ASSETS 3,201,741 3,197,524

CAPITAL AND RESERVES
Called up share capital 10 10
Capital contribution reserve 2,403,500 2,403,500
Other reserves 529,580 606,405
Retained earnings 268,651 187,609
3,201,741 3,197,524

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.

IQ UK HOMES LIMITED (REGISTERED NUMBER: 09461709)

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





P L Laney - Director


IQ UK HOMES LIMITED (REGISTERED NUMBER: 09461709)

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


1. STATUTORY INFORMATION

Iq Uk Homes Limited 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.

The presentational currency of the financial statements is in Pound Sterling (£) which is rounded to the nearest pound (£).

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.

Turnover represents rents receivable and services provided during the year.

Rental income from operating leases is recognised on an accruals basis. Initial direct costs incurred in negotiating and arranging an operating lease are reflected in the profit and loss account on the basis the lease agreements are on a rolling basis.

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 - Straight line over 3 years
Computer equipment - Straight line over 3 years

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Investment property
Investment properties are included at fair value. Gains are recongnised in the income statement. Deferred taxation is provided on these gains at the rate expected if the property was to be sold.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 1A. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

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.


IQ UK HOMES LIMITED (REGISTERED NUMBER: 09461709)

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


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 March 2022
and 28 February 2023 189,261 1,510 190,771
DEPRECIATION
At 1 March 2022 188,880 1,510 190,390
Charge for year 381 - 381
At 28 February 2023 189,261 1,510 190,771
NET BOOK VALUE
At 28 February 2023 - - -
At 28 February 2022 381 - 381

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 March 2022
and 28 February 2023 11,250,349
NET BOOK VALUE
At 28 February 2023 11,250,349
At 28 February 2022 11,250,349

IQ UK HOMES LIMITED (REGISTERED NUMBER: 09461709)

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 2016 181,636
Valuation in 2017 (108,316 )
Valuation in 2018 (173,700 )
Valuation in 2019 (648 )
Valuation in 2020 (29,806 )
Valuation in 2021 (11,506 )
Valuation in 2022 757,615
Cost 10,635,074
11,250,349

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 10,635,074 10,635,074

6. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Amounts owed by group undertakings 437,990 235,990

Amounts falling due after more than one year:
Other debtors 113,796 81,463

Aggregate amounts 551,786 317,453

Other debtors falling due after more than one year are in respect of the company's deferred tax asset.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors - 648
Taxation and social security 10,171 25,183
Other creditors 531,100 472,640
541,271 498,471

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans 5,979,300 5,979,300
Other creditors 2,127,566 2,127,566
8,106,866 8,106,866

IQ UK HOMES LIMITED (REGISTERED NUMBER: 09461709)

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


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£ £
Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 2,127,566 2,127,566

9. SECURED DEBTS

HSBC Bank PLC holds a charge over the company's assets in respect of loans and mortgages provided.

10. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 85,695 8,946

Deferred tax
£
Balance at 1 March 2022 8,946
Accelerated capital allowances (76 )
Provision for tax on sale of
properties 76,825
Balance at 28 February 2023 85,695

11. RELATED PARTY DISCLOSURES

The ultimate parent company is IQ Holdings Limited. A company incorporated in the British Virgin Islands.

Throughout the year the company was was under the control of Mr S. Khaliq by virtue of his 100%
shareholding in the ultimate parent company.

Mr S. Khaliq has provided a loan to the company and interest has been accrued at a rate of 2.25%. At the balance sheet date the company owed Mr S. Khaliq £2,127,566 (2022 - £2,127,566).

The company maintains a loan account with the parent company IQ UK Properties Limited. At the balance sheet date the company was owed £437,000 (2022 - £235,000) by the parent company.

The company maintains a loan account with IQ UK Projects Limited, a company under common control. At the balance sheet date the company was owed £990 (2022: £990) by IQ UK Projects Limited.