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REGISTERED NUMBER: 05449441 (England and Wales)















I & D PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023






I & D PROPERTIES LIMITED (REGISTERED NUMBER: 05449441)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I & D PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: Mr M J Summers
Mr S Coughlin
Mr C Young





REGISTERED OFFICE: Unit 10
Ipswich Road
Cardiff
CF23 9AQ





REGISTERED NUMBER: 05449441 (England and Wales)





ACCOUNTANTS: Davies Williams Chartered Accountants
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

I & D PROPERTIES LIMITED (REGISTERED NUMBER: 05449441)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 555,540

CURRENT ASSETS
Debtors 5 541,547 230,618
Cash at bank 10,662 230
552,209 230,848
CREDITORS
Amounts falling due within one year 6 329 109,847
NET CURRENT ASSETS 551,880 121,001
TOTAL ASSETS LESS CURRENT LIABILITIES 551,880 676,541

PROVISIONS FOR LIABILITIES - 24,153
NET ASSETS 551,880 652,388

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 - 127,121
Retained earnings 551,780 525,167
551,880 652,388

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

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

I & D PROPERTIES LIMITED (REGISTERED NUMBER: 05449441)

BALANCE SHEET - continued
28TH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2023 and were signed on its behalf by:




Mr M J Summers - Director



Mr S Coughlin - Director


I & D PROPERTIES LIMITED (REGISTERED NUMBER: 05449441)

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


1. STATUTORY INFORMATION

I & D Properties 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - over the duration of the lease

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

I & D PROPERTIES LIMITED (REGISTERED NUMBER: 05449441)

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


4. TANGIBLE FIXED ASSETS
Long
leasehold
£   
COST
At 1st March 2022 600,000
Disposals (600,000 )
At 28th February 2023 -
DEPRECIATION
At 1st March 2022 44,460
Charge for year 6,580
Eliminated on disposal (51,040 )
At 28th February 2023 -
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 555,540

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by connected companies 276,279 213,470
Amounts owed by connected companies 265,268 -
Other debtors - 17,148
541,547 230,618

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to connected companies - 100,800
Taxation and social security 2,319 3,274
Other creditors (1,990 ) 5,773
329 109,847

7. RESERVES
Revaluation
reserve
£   
At 1st March 2022 127,121
Tfr to retained earnings (127,121 )

At 28th February 2023 -

I & D PROPERTIES LIMITED (REGISTERED NUMBER: 05449441)

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


8. RELATED PARTY DISCLOSURES

The following amounts were outstanding at the reporting end date:

The company was owed £276,279 (2022 - £213,470) by a fellow subsidiary, 1st Choice Accident Repair Centre Limited. and £265,268 (2022 - £100,800 owed to) by the parent company, 1st Choice Auto Body Group Limited.
No interest is charged on the inter company balances.
The company received rent of £39,358 from 1st Choice Accident Repair Centre Limited during the period.