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Registered Number: 06758069


 

 

 

IPSWICH PROPERTY MANAGEMENT LTD


Abridged Accounts
 


Period of accounts

Start date: 01 October 2022

End date: 30 September 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Ipswich Property Management LTD for the year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ipswich Property Management LTD for the year ended 30 September 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of Ipswich Property Management LTD , as a body, in accordance with the terms of our engagement letter dated 19 February 2024. Our work has been undertaken solely to prepare for your approval the accounts of Ipswich Property Management LTD and state those matters that we have agreed to state to the Board of Directors of Ipswich Property Management LTD , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ipswich Property Management LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ipswich Property Management LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ipswich Property Management LTD . You consider that Ipswich Property Management LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Ipswich Property Management LTD . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 September 2023



....................................................
Wood & Disney Limited
Lodge Park
Lodge Lane
Langham
Colchester
CO4 5NE
19 February 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 2,386    2,187 
2,386    2,187 
Current assets      
Debtors 171    2,654 
Cash at bank and in hand 113,820    124,591 
113,991    127,245 
Creditors: amount falling due within one year (73,875)   (57,004)
Net current assets 40,116    70,241 
 
Total assets less current liabilities 42,502    72,428 
Net assets 42,502    72,428 
 

Capital and reserves
     
Called up share capital 5 1    1 
Profit and loss account 42,501    72,427 
Shareholder's funds 42,502    72,428 
 


For the year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 19 February 2024 and were signed by:


-------------------------------
Gary Everett
Director
2
General Information
Ipswich Property Management LTD is a private company, limited by shares, registered in , registration number 06758069, registration address 11 North Hill, Colchester, Essex, CO1 1DZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: 
Computer Equipment 33% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 3 (2022 : 4).
3.

Intangible fixed assets

Cost Goodwill   Other   Total
  £   £   £
At 01 October 2022 23,785    9,250    33,035 
Additions    
Disposals    
At 30 September 2023 23,785    9,250    33,035 
Amortisation
At 01 October 2022 23,785    9,250    33,035 
Charge for year    
On disposals    
At 30 September 2023 23,785    9,250    33,035 
Net book values
At 30 September 2023    
At 30 September 2022    


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 October 2022 3,386    13,322    16,708 
Additions   935    935 
Disposals    
At 30 September 2023 3,386    14,257    17,643 
Depreciation
At 01 October 2022 1,958    12,563    14,521 
Charge for year 357    379    736 
On disposals    
At 30 September 2023 2,315    12,942    15,257 
Net book values
Closing balance as at 30 September 2023 1,071    1,315    2,386 
Opening balance as at 01 October 2022 1,428    759    2,187 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1 Ordinary share of £1.00 each  
 

3