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Registration number: 11021160

Ideal Property Holdings Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Ideal Property Holdings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Ideal Property Holdings Ltd

Company Information

Directors

Mr Shaun Brown

Mrs Rachel Laura Brown

Registered office

GMR Accountants,1st Floor
8 - 12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

 

Ideal Property Holdings Ltd

(Registration number: 11021160)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

18,591

27,295

Investment property

6

608,539

608,539

 

627,130

635,834

Current assets

 

Cash at bank and in hand

 

238

1,402

Creditors: Amounts falling due within one year

7

(25,076)

(32,244)

Net current liabilities

 

(24,838)

(30,842)

Total assets less current liabilities

 

602,292

604,992

Creditors: Amounts falling due after more than one year

7

(689,612)

(651,524)

Net liabilities

 

(87,320)

(46,532)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(87,420)

(46,632)

Shareholders' deficit

 

(87,320)

(46,532)

For the financial year ending 31 October 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr Shaun Brown
Director

 

Ideal Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
GMR Accountants,1st Floor
8 - 12 London Street
Southport
Merseyside
PR9 0UE
England

These financial statements were authorised for issue by the Board on 29 July 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

 

Ideal Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Ideal Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,704

6,398

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

34,820

34,820

At 31 October 2023

34,820

34,820

Depreciation

At 1 November 2022

7,525

7,525

Charge for the year

8,704

8,704

At 31 October 2023

16,229

16,229

Carrying amount

At 31 October 2023

18,591

18,591

At 31 October 2022

27,295

27,295

6

Investment properties

2023
£

At 1 November

608,539

At 31 October

608,539

There has been no valuation of investment property by an independent valuer.

 

Ideal Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

8

25,075

32,244

Other creditors

 

1

-

 

25,076

32,244

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

451,007

463,684

Other non-current financial liabilities

 

238,605

187,840

 

689,612

651,524

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,044

12,662

Other borrowings

441,963

451,022

451,007

463,684

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,707

6,397

Other borrowings

15,368

25,847

25,075

32,244