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Registration number: 03013734

I.C.A.A. (Properties) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 August 2023

 

I.C.A.A. (Properties) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 10

 

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

The Old Sun
52 East Street
Alresford
Hampshire
SO24 9EQ

Accountants

Howard Smith & Co Limited
Chartered Accountants
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

 

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:

Mr B B Kelsey

Mrs S L Kelsey - Company secretary and director

Miss H L S Kelsey

Mr H W Kelsey

Mr A C Kelsey

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 Board on 14 March 2024 and signed on its behalf by:
 

.........................................
Mrs S L Kelsey
Company secretary and director

 

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.

......................................

Howard Smith & Co Limited
Chartered Accountants
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

14 March 2024

 

I.C.A.A. (Properties) Limited

Profit and Loss Account for the Year Ended 30 August 2023

Note

2023
£

2022
£

Turnover

 

14,260

7,213

Cost of sales

 

(37,789)

(25,884)

Gross loss

 

(23,529)

(18,671)

Administrative expenses

 

(9,634)

(11,834)

Operating loss

 

(33,163)

(30,505)

(Loss)/gain on financial assets at fair value through profit and loss

 

(121,262)

207,379

Interest payable and similar expenses

 

(453)

(6)

   

(121,715)

207,373

(Loss)/profit before tax

(154,878)

176,868

(Loss)/profit for the financial year

 

(154,878)

176,868

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
£

Fixed assets

 

Tangible assets

4

1,670

2,088

Investment property

5

729,845

851,107

 

731,515

853,195

Current assets

 

Debtors

6

-

3,861

Cash at bank and in hand

 

19,005

26,928

 

19,005

30,789

Creditors: Amounts falling due within one year

7

(43,918)

(22,504)

Net current (liabilities)/assets

 

(24,913)

8,285

Net assets

 

706,602

861,480

Capital and reserves

 

Called up share capital

2

2

Other reserves

7,363

128,625

Retained earnings

699,237

732,853

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 14 March 2024 and signed on its behalf by:
 

.........................................

Mrs S L Kelsey
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
£

At 31 August 2022

2

128,625

732,853

861,480

Loss for the year

-

-

(154,878)

(154,878)

Transfers

-

(121,262)

121,262

-

At 30 August 2023

2

7,363

699,237

706,602

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 31 August 2021

2

-

684,610

684,612

Profit for the year

-

-

176,868

176,868

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Sun
52 East Street
Alresford
Hampshire
SO24 9EQ

These financial statements were authorised for issue by the Board on 14 March 2024.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in the profit and loss account.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

I.C.A.A. (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 August 2022

60,195

60,195

At 30 August 2023

60,195

60,195

Depreciation

At 31 August 2022

58,107

58,107

Charge for the year

418

418

At 30 August 2023

58,525

58,525

Carrying amount

At 30 August 2023

1,670

1,670

At 30 August 2022

2,088

2,088

 

I.C.A.A. (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2023

5

Investment properties

2023
£

At 31 August

851,107

Fair value adjustments

(121,262)

At 30 August

729,845

The investment properties have been valued by the directors. The historical cost of the investment properties is £722,482 (2022: £722,482).

6

Debtors

Current

2023
£

2022
£

Prepayments

-

3,861

 

-

3,861

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

13,000

-

Accruals and deferred income

 

2,497

2,386

Other creditors

 

28,421

20,118

 

43,918

22,504

8

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.