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COMPANY REGISTRATION NUMBER: 11310268
IVORY GRANGE PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2023
IVORY GRANGE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
4
360,000
355,000
CURRENT ASSETS
Debtors
5
189
146
Cash at bank and in hand
34,732
32,212
--------
--------
34,921
32,358
CREDITORS: amounts falling due within one year
6
64,322
90,001
--------
--------
NET CURRENT LIABILITIES
29,401
57,643
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
330,599
297,357
CREDITORS: amounts falling due after more than one year
7
237,221
208,515
PROVISIONS
17,009
16,135
---------
---------
NET ASSETS
76,369
72,707
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
84,997
80,947
Profit and loss account
( 8,728)
( 8,340)
--------
--------
SHAREHOLDERS FUNDS
76,369
72,707
--------
--------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
IVORY GRANGE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 18 January 2024 , and are signed on behalf of the board by:
Mrs K Baish
Director
Company registration number: 11310268
IVORY GRANGE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover represents the amount derived from rents receivable. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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. Tangible assets Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or los Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. TANGIBLE ASSETS
Investment property
£
Cost or valuation
At 1 May 2022
355,000
Revaluations
5,000
---------
At 30 April 2023
360,000
---------
Depreciation
At 1 May 2022 and 30 April 2023
---------
Carrying amount
At 30 April 2023
360,000
---------
At 30 April 2022
355,000
---------
5. DEBTORS
2023
2022
£
£
Other debtors
189
146
----
----
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Other creditors
64,322
90,001
--------
--------
7. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
237,221
208,515
---------
---------
The directors have provided personal guarantees in relation to mortgages which are included in Bank loans and overdrafts.
The mortgages are secured on properties held by the company.
8. RELATED PARTY TRANSACTIONS
The directors have advanced monies to the company. At 30 April 2023 the amount owed by the company was £ 62,100 (2022 - £ 88,100 ).