Registration number:
I.C.A.A. (Properties) Limited
for the Year Ended 30 August 2023
I.C.A.A. (Properties) Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
I.C.A.A. (Properties) Limited
Company Information
Directors |
Mr B B Kelsey Mrs S L Kelsey Miss H L S Kelsey Mr H W Kelsey Mr A C Kelsey |
Company secretary |
Mrs S L Kelsey |
Registered office |
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Accountants |
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I.C.A.A. (Properties) Limited
Directors' Report for the Year Ended 30 August 2023
The directors present their report and the financial statements for the year ended 30 August 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is property letting
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
I.C.A.A. (Properties) Limited
for the Year Ended 30 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I.C.A.A. (Properties) Limited for the year ended 30 August 2023 as set out on pages 4 to 10 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of I.C.A.A. (Properties) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of I.C.A.A. (Properties) Limited and state those matters that we have agreed to state to the Board of Directors of I.C.A.A. (Properties) Limited, 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 I.C.A.A. (Properties) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that I.C.A.A. (Properties) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of I.C.A.A. (Properties) Limited. You consider that I.C.A.A. (Properties) Limited 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 I.C.A.A. (Properties) Limited. 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.
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Chartered Accountants
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA
I.C.A.A. (Properties) Limited
Profit and Loss Account for the Year Ended 30 August 2023
Note |
2023 |
2022 |
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Turnover |
|
|
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Cost of sales |
( |
( |
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Gross loss |
( |
( |
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Administrative expenses |
( |
( |
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Operating loss |
(33,163) |
(30,505) |
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(Loss)/gain on financial assets at fair value through profit and loss |
( |
|
|
Interest payable and similar expenses |
( |
( |
|
(121,715) |
207,373 |
||
(Loss)/profit before tax |
( |
|
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
I.C.A.A. (Properties) Limited
(Registration number: 03013734)
Balance Sheet as at 30 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
2 |
2 |
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Other reserves |
7,363 |
128,625 |
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Retained earnings |
699,237 |
732,853 |
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Shareholders' funds |
706,602 |
861,480 |
For the financial year ending 30 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Company secretary and director
I.C.A.A. (Properties) Limited
Statement of Changes in Equity for the Year Ended 30 August 2023
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 31 August 2022 |
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|
|
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Loss for the year |
- |
- |
( |
( |
Transfers |
- |
(121,262) |
121,262 |
- |
At 30 August 2023 |
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|
|
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Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 31 August 2021 |
|
- |
|
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Profit for the year |
- |
- |
|
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Transfers |
- |
128,625 |
(128,625) |
- |
At 30 August 2022 |
2 |
128,625 |
732,853 |
861,480 |
I.C.A.A. (Properties) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 August 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The company relies upon continued support from the directors.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
I.C.A.A. (Properties) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 August 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% on reducing balance |
Investment property
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
I.C.A.A. (Properties) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 August 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 31 August 2022 |
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At 30 August 2023 |
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Depreciation |
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At 31 August 2022 |
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Charge for the year |
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At 30 August 2023 |
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Carrying amount |
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At 30 August 2023 |
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At 30 August 2022 |
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I.C.A.A. (Properties) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 August 2023
Investment properties |
2023 |
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At 31 August |
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Fair value adjustments |
( |
At 30 August |
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The investment properties have been valued by the directors. The historical cost of the investment properties is £722,482 (2022: £722,482).
Debtors |
Current |
2023 |
2022 |
Prepayments |
- |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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- |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Other transactions with directors |
The balance owed by the company to the directors as at 30 August 2023 amounting to £28,421 (2022: £20,118) is shown as a current liability.