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Registered Number: 10751185
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 May 2023

for

IPSWICH PROPERTY COMPANY LIMITED

Directors Mr M G Dawes
Mr G F Moody
Mrs J E Nicholas
Mr C J Edgar
Registered Number 10751185
Registered Office 130 High Street
Honiton
United Kingdom
EX14 1JP
Accountants H M Williams Chartered Certified Accountants
5 Sandy Court
Ashleigh Way
Plymouth
PL7 5JX
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 May 2023
Principal activities
The principal activity of the company in the year under review was that of a property holding company.
Directors
The directors who have held office during the whole of the year were as follows:
Mr M G Dawes
Mr G F Moody
Mrs J E Nicholas
Mr C J Edgar
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:


----------------------------------
Mr M G Dawes
Director

Date approved: 09 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 792    1,056 
Investments 4 246,877    246,877 
247,669    247,933 
Current assets      
Debtors 5 100    100 
Cash at bank and in hand 436    813 
536    913 
Creditors: amount falling due within one year 6 (15,404)   (15,495)
Net current liabilities (14,868)   (14,582)
 
Total assets less current liabilities 232,801    233,351 
Creditors: amount falling due after more than one year 7 (189,875)   (196,688)
Provisions for liabilities 8 (150)   (201)
Net assets 42,776    36,462 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 42,676    36,362 
Shareholder's funds 42,776    36,462 
 


For the year ended 31 May 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 09 February 2024 and were signed on its behalf by:


-------------------------------
Mr M G Dawes
Director
3
General Information
Ipswich Property Company Limited is a private company, limited by shares, registered in England and Wales, registration number 10751185, registration address 130 High Street, Honiton, United Kingdom, EX14 1JP.

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)
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 taxation
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and Fittings 25% Reducing Balance
Investment properties
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.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 June 2022 3,927    3,927 
Additions  
Disposals  
At 31 May 2023 3,927    3,927 
Depreciation
At 01 June 2022 2,871    2,871 
Charge for year 264    264 
On disposals  
At 31 May 2023 3,135    3,135 
Net book values
Closing balance as at 31 May 2023 792    792 
Opening balance as at 01 June 2022 1,056    1,056 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 June 2022 246,877    246,877 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 May 2023 246,877    246,877 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Called up Share Capital Not Paid 100    100 
100    100 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts 9,673    9,176 
Taxation and Social Security 1,531    2,108 
Other Creditors 4,200    4,211 
15,404    15,495 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 81,675    90,775 
Other Creditors 108,200    105,913 
189,875    196,688 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 150    201 
150    201 

9.

Secured debts

The following secured debts are included within creditors:
  2023
£
  2022
£
National Westminster Bank plc 90,772  99,951 
90,772  99,951 
The bank borrowings are secured by fixed charges dated 8 August 2017 and 18 August 2017 by National Westminster Bank plc over the freehold property held by the company.
10.

Controlling party

During the year the company was under the control of the directors.
4