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Registered Number: 10578560
England and Wales

 

 

 

IGNITE PROPERTY DEVELOPMENT LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
Directors Helen Louise Elworthy
Richard Edward Elworthy
Shane Steven Miller
Registered Number 10578560
Registered Office Northwood 17a Sandringham Road
Intake, Doncaster
South Yorkshire
DN2 5HU
Accountants aa Chartered Accountants
Fenlake House
Fenlake Business Centre
Peterborough
PE1 5BQ
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 June 2023
Principal activities
Principal activity of the company during the financial year was of other letting and operating of own or leased real estate

Directors
The directors who served the company throughout the year were as follows:
Helen Louise Elworthy
Richard Edward Elworthy
Shane Steven Miller
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Helen Louise Elworthy
Director

Date approved: 23 November 2023
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Ignite Property Development Ltd for the year ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ignite Property Development Ltd for the year ended 30 June 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Ignite Property Development Ltd, as a body, in accordance with the terms of our engagement letter dated 23 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of Ignite Property Development Ltd and state those matters that we have agreed to state to the Board of Directors of Ignite Property Development Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ignite Property Development Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ignite Property Development Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ignite Property Development Ltd. You consider that Ignite Property Development 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 accounts of Ignite Property Development 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 accounts for the period ended
30 June 2023



....................................................
aa Chartered Accountants
Fenlake House
Fenlake Business Centre
Peterborough
PE1 5BQ
23 November 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 655,000    543,792 
655,000    543,792 
Current assets      
Debtors 4 2,395    10,776 
Cash at bank and in hand 3,387    9,546 
5,782    20,322 
Creditors: amount falling due within one year 5 (194,360)   (291,870)
Net current liabilities (188,578)   (271,548)
 
Total assets less current liabilities 466,422    272,244 
Creditors: amount falling due after more than one year 6 (311,798)   (207,692)
Provisions for liabilities 7 (24,040)   (3,222)
Net assets 130,584    61,330 
 

Capital and reserves
     
Called up share capital 8 100    100 
Reserves 9 118,857    32,000 
Profit and loss account 11,627    29,230 
Shareholder's funds 130,584    61,330 
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 November 2023 and were signed on its behalf by:


-------------------------------
Helen Louise Elworthy
Director
4
General Information
Ignite Property Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 10578560, registration address Northwood 17a Sandringham Road, Intake, Doncaster, South Yorkshire, DN2 5HU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees including directors

Average number of employees during the year was 3 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 July 2022 543,792    543,792 
Additions  
Disposals  
Revaluations 111,208    111,208 
At 30 June 2023 655,000    655,000 
Depreciation
At 01 July 2022  
Charge for year  
On disposals  
At 30 June 2023  
Net book values
Closing balance as at 30 June 2023 655,000    655,000 
Opening balance as at 01 July 2022 543,792    543,792 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors (4,605)  
Amount Owed by Group Undertakings   7,151 
Other Debtors 7,000    3,625 
2,395    10,776 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 3,791    4,041 
Bank Loans & Overdrafts 27,144    131,997 
Amounts Owed to Participating Interests 20,295    23,795 
Corporation Tax 3,700    13,133 
Accrued Expenses 573    2,252 
Other Creditors  
VAT control 3,021    997 
Directors' Current Accounts 135,836    115,655 
194,360    291,870 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 311,798    207,692 
311,798    207,692 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 24,040    3,222 
24,040    3,222 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

9.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd 32,000   
Revaluation of Fixed Assets 111,208    32,000 
Deferred Tax Provided on Revaluation (24,351)  
118,857    32,000 

10.

Bank loans and overdrafts

Mortgages against the properties are included within bank loans and overdrafts due more than one year, the outstanding amount of £304,798 (2022: £207,692) is secured against the properties to which they relate.
11.

Money advanced to the company by directors

As at the balance sheet date the company owed the directors £135,836 (2022: £115,655). This loan is an interest free and repayable on demand.
12.

Related Party

Ignite property developments Ltd have the similar directors and ownership with the following related party companies:
Particulars Current
£
 previous
£
Northwood (Doncaster) Ltd(4,950)(16,000)
Intercompany loan - Forte Financial solution(5,000)
Intercompany loan - Wrightmill ltd(2,550)
Intercompany loan - The Plough7,151 
Enfuse Plumbing and Building Services Ltd(7,795)(7,795)
(20,295)(16,644)


13.

Other loans - Security

The loan included in other loans is secured against the properties.
5