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REGISTERED NUMBER: 11029864 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 October 2023

for

123 Properties Ltd

123 Properties Ltd (Registered number: 11029864)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


123 Properties Ltd (Registered number: 11029864)

Balance Sheet
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 1,038,490 1,005,000

CURRENT ASSETS
Debtors 5 6,440 7,730
Cash at bank and in hand 23,558 3,137
29,998 10,867
CREDITORS
Amounts falling due within one year 6 (376,201 ) (321,913 )
NET CURRENT LIABILITIES (346,203 ) (311,046 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

692,287

693,954

CREDITORS
Amounts falling due after more than one
year

7

(599,126

)

(612,146

)

PROVISIONS FOR LIABILITIES (21,208 ) (25,538 )
NET ASSETS 71,953 56,270

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 9 91,210 109,670
Retained earnings (19,259 ) (53,402 )
71,953 56,270

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

123 Properties Ltd (Registered number: 11029864)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





H A Chaplin - Director


123 Properties Ltd (Registered number: 11029864)

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

1. STATUTORY INFORMATION

123 Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11029864

Registered office: Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Turnover
Turnover represents the total invoice value of rent 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.

Going concern
The balance sheet at the end of the year recorded net current liabilities. However, the directors believes that sufficient financial resources are available to the company to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

123 Properties Ltd (Registered number: 11029864)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 1,005,000
Additions 133,490
Disposals (100,000 )
At 31 October 2023 1,038,490
NET BOOK VALUE
At 31 October 2023 1,038,490
At 31 October 2022 1,005,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2020 49,185
Valuation in 2021 78,790
Valuation in 2022 6,435
Cost 904,080
1,038,490

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 904,080 870,590

The investment property was valued on a fair value basis on 31 October 2023 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,598 -
Other debtors 4,842 7,730
6,440 7,730

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,254 21,177
Trade creditors 3,290 217
Amounts owed to related party 331,463 274,093
Other creditors 18,194 26,426
376,201 321,913

123 Properties Ltd (Registered number: 11029864)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 576,122 579,324
Other creditors 23,004 32,822
599,126 612,146

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 480,347 486,620

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 599,376 600,501

Bank loans are secured on Investment Properties held within the company.

9. RESERVES
Fair
value
reserve
£   
At 1 November 2022 109,670
Revaluation (22,790 )
Deferred tax 4,330

At 31 October 2023 91,210