Company registration number 02626288 (England and Wales)
ILONA HOUSE SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ILONA HOUSE SECURITIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ILONA HOUSE SECURITIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
9,447,829
9,443,662
Investments
4
1
1
9,447,830
9,443,663
Current assets
Debtors
5
29,497,497
31,028,728
Cash at bank and in hand
153,110
105,225
29,650,607
31,133,953
Creditors: amounts falling due within one year
6
(32,300,968)
(32,174,608)
Net current liabilities
(2,650,361)
(1,040,655)
Net assets
6,797,469
8,403,008
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
6,796,469
8,402,008
Total equity
6,797,469
8,403,008

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 11 July 2024 and are signed on its behalf by:
Mr M Quinn
Mr H Raymond
Director
Director
Company Registration No. 02626288
ILONA HOUSE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Ilona House Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, Cardinal House, 39-40 Albermarle Street, London, England, W1S 4TE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amount of property income receivable in the period, derived wholly in the United Kingdom, exclusive of Value Added Tax. Lease incentives are not adjusted for in arriving at this value.

1.3
Investment property

Freehold land and buildings have been included at cost. The treatment is not in accordance with FRS102, which requires investment property be included at fair value. This treatment would not show a true and fair view of the company's position as at 31 March 2022 and its performance for the year then ended.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ILONA HOUSE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
ILONA HOUSE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Investment property
2024
£
Fair value
At 1 April 2023
9,443,662
Additions
4,167
At 31 March 2024
9,447,829

Development costs of £4,167 (2023: £8,789) have been incurred and capitalised in the year.

 

Freehold land and buildings have been included at cost. The treatment is not in accordance with FRS102, which requires investment property be included at fair value.

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,970
2
Amounts owed by group undertakings
29,059,434
30,594,280
Other debtors
433,093
434,446
29,497,497
31,028,728
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
62,231
2,643
Trade creditors
-
0
5,529
Taxation and social security
14,382
38,268
Deferred income
77,408
77,407
Other creditors
32,122,397
32,021,261
Accruals and deferred income
24,550
29,500
32,300,968
32,174,608
ILONA HOUSE SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Related party transactions

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102 Section 1A (para 1AC.35) not to disclose transactions entered into between two members of a group, which have been concluded under normal market conditions.

 

At 31 March 2024, the company is owed £26,467,005 (2023: £27,993,225) by Essoldo House Limited. This loan is unsecured and interest free.

 

At 31 March 2024, the company is owed £880,719 (2023: £868,007) by Ilona Properties Limited. This loan is unsecured and interest free.

 

At 31 March 2024, the company is owed £1,711,710 (2023: £1,733,048) by Ilona House Investments Limited. This loan is unsecured and interest free.

8
Control

The company is a wholly owned subsidiary of Ilona Properties Limited, a company registered in England and Wales. Copies of the parent company's financial statements can be obtained from Companies House.

 

Throughout the current and prior years, the company was controlled by the trustees of Paul Raymond's family trusts.

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