Caseware UK (AP4) 2022.0.179 2022.0.179 2022-03-312022-03-31true2021-04-01falseThe company continued to be that of property development company.00falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11544649 2021-04-01 2022-03-31 11544649 2020-04-01 2021-03-31 11544649 2022-03-31 11544649 2021-03-31 11544649 c:Director1 2021-04-01 2022-03-31 11544649 d:LeaseholdInvestmentProperty 2022-03-31 11544649 d:LeaseholdInvestmentProperty 2021-03-31 11544649 d:CurrentFinancialInstruments 2022-03-31 11544649 d:CurrentFinancialInstruments 2021-03-31 11544649 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11544649 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 11544649 d:ShareCapital 2022-03-31 11544649 d:ShareCapital 2021-03-31 11544649 d:RetainedEarningsAccumulatedLosses 2022-03-31 11544649 d:RetainedEarningsAccumulatedLosses 2021-03-31 11544649 c:FRS102 2021-04-01 2022-03-31 11544649 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 11544649 c:FullAccounts 2021-04-01 2022-03-31 11544649 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 11544649 e:PoundSterling 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 11544649









IPE CALM HOMES SOLIHULL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
IPE CALM HOMES SOLIHULL LIMITED
REGISTERED NUMBER: 11544649

BALANCE SHEET
AS AT 31 MARCH 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
460,138
460,138

  
460,138
460,138

Current assets
  

Stocks
  
(460,138)
-

Debtors: amounts falling due within one year
 5 
576,170
563,552

Cash at bank and in hand
 6 
559
86

  
116,591
563,638

Creditors: amounts falling due within one year
 7 
(176,256)
(552,752)

Net current (liabilities)/assets
  
 
 
(59,665)
 
 
10,886

Total assets less current liabilities
  
400,473
471,024

  

Net assets
  
400,473
471,024


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
400,373
470,924

  
400,473
471,024


Page 1

 
IPE CALM HOMES SOLIHULL LIMITED
REGISTERED NUMBER: 11544649
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

................................................
Joshua Daniel Reuben
Director

Date: 23 December 2023

Page 2

 
IPE CALM HOMES SOLIHULL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

The company is a members limited liability company incorporated in the United Kingdom.
The registered address of the company is:
22 Gilbert Street
London
W1K 5HD
The Company's principal activity continued to be that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
IPE CALM HOMES SOLIHULL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections
Page 4

 
IPE CALM HOMES SOLIHULL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.10
Financial instruments (continued)

11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 5

 
IPE CALM HOMES SOLIHULL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.10
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).

Page 6

 
IPE CALM HOMES SOLIHULL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 April 2021
460,138



At 31 March 2022
460,138

The 2022 valuations were made by Director, on an open market value for existing use basis.



At 31 March 2022





5.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
293,406
280,794

Other debtors
282,764
282,758

576,170
563,552



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
559
86

559
86


Page 7

 
IPE CALM HOMES SOLIHULL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
429,095
399,059

Trade creditors
41,683
43,229

Corporation tax
110,464
110,464

Accruals and deferred income
(404,986)
-

176,256
552,752


The following liabilities were secured:

2022
2021
£
£



Bank Loan
429,095
399,059

429,095
399,059

Details of security provided:

Bank loans were secured on the assets of the company.


8.


Related party transactions

As at the year end the company owes from its ultimate parent company IPE Group Holding Ltd £293,406 (2021 - £241,355).


9.


Controlling party

The ultimate controlling interst is the parent company IPE Group (Holdings) Limited, The ultimate controlling party is Mohammed Adnan Imam by virtue of his shareholding in the parent company IPE Group (Holdings) Limited.

 
Page 8