REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Irvine Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Irvine Properties Limited |
Irvine Properties Limited (Registered number: 02866445) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Irvine Properties Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
67 Westow Street |
London |
United Kingdom |
SE19 3RW |
Irvine Properties Limited (Registered number: 02866445) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Irvine Properties Limited (Registered number: 02866445) |
Balance Sheet - continued |
31 October 2023 |
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 |
Irvine Properties Limited (Registered number: 02866445) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Irvine Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Irvine Properties Limited (Registered number: 02866445) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
Disposals | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2023 | 317,658 |
Cost | 7,326,074 |
7,643,732 |
If investment properties had not been revalued they would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 7,326,074 | 7,326,074 |
Investment properties were valued on an open market basis on 31 October 2023 by S Irvine, the director . |
7. | DEBTORS |
31.10.23 | 31.10.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Irvine Properties Limited (Registered number: 02866445) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
7. | DEBTORS - continued |
31.10.23 | 31.10.22 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other creditors |
10. | PROVISIONS FOR LIABILITIES |
31.10.23 | 31.10.22 |
£ | £ |
Deferred tax | 66,136 | 50,264 |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Charge to Income Statement during year |
Balance at 31 October 2023 |
11. | RELATED PARTY DISCLOSURES |
Oastwood Limited, a company of which both S Irvine and L Irvine were also directors, is owed an amount of £39,228 which is included within 'other debtors'. |
Included in other debtors is an amount of £400,671 owed by Molly's Limited, a company of which L Irvine was also a director. |
The long term loan of £4,803,364 (2022: £4,574,632) from Oastwood Limited, is unsecured and no repayment terms have been agreed. The increase relates to interest of £228,732 which is included in 'interest payable and similar charges'. |