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Registration number: 01853683

INM Properties Limited

Annual Report and Unaudited Filleted Financial Statements

for the Period from 28 April 2022 to 26 April 2023

 

INM Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

INM Properties Limited

Company Information

Director

Mrs L Goldsmith

Registered office

1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

Accountants

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

 

INM Properties Limited

(Registration number: 01853683)
Balance Sheet as at 26 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,839

12,158

Investment property

5

3,097,685

2,989,070

 

3,108,524

3,001,228

Current assets

 

Debtors

6

454,716

467,855

Cash at bank and in hand

 

240

86,405

 

454,956

554,260

Creditors: Amounts falling due within one year

7

(433,797)

(401,005)

Net current assets

 

21,159

153,255

Total assets less current liabilities

 

3,129,683

3,154,483

Creditors: Amounts falling due after more than one year

7

(926,611)

(1,036,224)

Net assets

 

2,203,072

2,118,259

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

1,371,007

1,371,007

Retained earnings

831,965

747,152

Shareholders' funds

 

2,203,072

2,118,259

For the financial period ending 26 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges her 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 director on 12 August 2024
 

.........................................
Mrs L Goldsmith
Director

 

INM Properties Limited

Notes to the Unaudited Financial Statements for the Period from 28 April 2022 to 26 April 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:
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

These financial statements were authorised for issue by the director on 12 August 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

 

INM Properties Limited

Notes to the Unaudited Financial Statements for the Period from 28 April 2022 to 26 April 2023

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Furnishings, fixtures & fittings

15% reducing balance basis

Office equipment

15% reducing balance basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

INM Properties Limited

Notes to the Unaudited Financial Statements for the Period from 28 April 2022 to 26 April 2023

3

Staff numbers

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 28 April 2022

59,690

12,020

71,710

Additions

-

590

590

At 26 April 2023

59,690

12,610

72,300

Depreciation

At 28 April 2022

49,447

10,102

59,549

Charge for the period

1,536

376

1,912

At 26 April 2023

50,983

10,478

61,461

Carrying amount

At 26 April 2023

8,707

2,132

10,839

At 27 April 2022

10,243

1,915

12,158

5

Investment properties

2023
£

At 28 April

2,989,070

Additions

108,615

At 26 April

3,097,685

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

 

INM Properties Limited

Notes to the Unaudited Financial Statements for the Period from 28 April 2022 to 26 April 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

81,414

68,058

Amounts owed by related parties

16,655

16,495

Prepayments

 

7,744

6,412

Other debtors

 

348,903

376,890

   

454,716

467,855

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

8

161,423

114,865

Trade creditors

 

65,563

64,118

Taxation and social security

 

3,245

925

Other creditors

 

203,566

221,097

 

433,797

401,005

Due after one year

 

Loans and borrowings

8

926,611

1,036,224

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

926,611

1,036,224

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

682,009

768,904

Other borrowings

244,602

267,320

926,611

1,036,224

 

INM Properties Limited

Notes to the Unaudited Financial Statements for the Period from 28 April 2022 to 26 April 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

85,495

83,709

Bank overdrafts

8,892

120

Other borrowings

67,036

31,036

161,423

114,865