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REGISTERED NUMBER: 12874902 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

IMARI PROPERTIES LTD

IMARI PROPERTIES LTD (REGISTERED NUMBER: 12874902)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IMARI PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: P B Moorhead
H J Moorhead
J C Tatham
H R Moorhead
G F Moorhead





REGISTERED OFFICE: Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE





REGISTERED NUMBER: 12874902 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

IMARI PROPERTIES LTD (REGISTERED NUMBER: 12874902)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 10,725,000 9,373,228

CURRENT ASSETS
Debtors 5 704,575 1,210,528
Cash at bank 35,807 66,418
740,382 1,276,946
CREDITORS
Amounts falling due within one year 6 589,531 1,016,346
NET CURRENT ASSETS 150,851 260,600
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,875,851

9,633,828

CREDITORS
Amounts falling due after more than one
year

7

(2,859,017

)

(2,930,850

)

PROVISIONS FOR LIABILITIES (295,835 ) (19,056 )
NET ASSETS 7,720,999 6,683,922

CAPITAL AND RESERVES
Called up share capital 6,105,690 6,105,690
Fair value reserve 887,504 80,944
Retained earnings 727,805 497,288
7,720,999 6,683,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by:




P B Moorhead - Director


IMARI PROPERTIES LTD (REGISTERED NUMBER: 12874902)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Imari 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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, in respect of rental income and other sundry receipts.

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.

3. EMPLOYEES

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 9,373,228
Additions 244,656
Revaluations 1,107,116
At 30 September 2023 10,725,000
NET BOOK VALUE
At 30 September 2023 10,725,000
At 30 September 2022 9,373,228

IMARI PROPERTIES LTD (REGISTERED NUMBER: 12874902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. INVESTMENT PROPERTY - continued

If investment properties had not been revalued, they would have been included at the historical cost £9,541,660 (2022: £9,373,228).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 76,330 123,662
Amounts owed by related companies 595,194 1,060,194
Other debtors 33,051 26,672
704,575 1,210,528

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 172,000 730,581
Trade creditors 16,207 17,838
Amounts owed to related companies 190,000 50,000
Taxation and social security 61,825 80,259
Other creditors 149,499 137,668
589,531 1,016,346

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 2,859,017 2,930,850

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,171,017 2,242,850

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,031,017 3,661,431

The bank loans are secured by debentures which includes fixed and floating charges over the investment property and other assets of the company.