REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 JUNE 2023 |
FOR |
IRONMERE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 JUNE 2023 |
FOR |
IRONMERE LIMITED |
IRONMERE LIMITED (REGISTERED NUMBER: 02252360) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
IRONMERE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 24 JUNE 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants |
50 Seymour Street |
London |
W1H 7JG |
IRONMERE LIMITED (REGISTERED NUMBER: 02252360) |
BALANCE SHEET |
24 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
IRONMERE LIMITED (REGISTERED NUMBER: 02252360) |
BALANCE SHEET - continued |
24 JUNE 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
IRONMERE LIMITED (REGISTERED NUMBER: 02252360) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 JUNE 2023 |
1. | STATUTORY INFORMATION |
Ironmere Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable during the year. |
Investment property |
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. |
In accordance with the Financial Reporting Standard 102 Section 1A "Small Entities", no provision for depreciation is made in respect of freehold investment properties or leasehold properties with over 20 years to expiry since they are held for investment and revalued annually. The directors consider that this accounting policy, which is a departure from the Companies Act 2006 concerning the depreciation of fixed assets, is therefore necessary to provide true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be seperately identified or qualified. |
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 tax |
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. |
IRONMERE LIMITED (REGISTERED NUMBER: 02252360) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 JUNE 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Loans to |
other |
participating |
interests |
£ |
At 25 June 2022 |
New in year |
Repayment in year | ( |
) |
At 24 June 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 25 June 2022 |
Additions |
At 24 June 2023 |
NET BOOK VALUE |
At 24 June 2023 |
At 24 June 2022 |
The investment property was valued on an open market basis on 24 June 2023 by the director. |
If the investment property had not been revalued it would have been included at a historical cost of £1,167,336 (2022: £1,149,450). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
IRONMERE LIMITED (REGISTERED NUMBER: 02252360) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 JUNE 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Tax |
VAT | 4,350 | 8,480 |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other loans |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 25 June 2022 |
and 24 June 2023 |
10. | RELATED PARTY DISCLOSURES |
During the year the company disposed of it's 35% interest in Darley Street Properties LLP. |
11. | ULTIMATE CONTROLLING PARTY |
No one party is identified as controlling the company. |