Company registration number 01080326 (England and Wales)
IVES PROPERTY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IVES PROPERTY HOLDINGS LIMITED
COMPANY INFORMATION
Director
N F D Ives
Secretary
F L Spurr
Company number
01080326
Registered office
217 Southend Road
Wickford
Essex
SS11 8PG
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
IVES PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
IVES PROPERTY HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,678
5,503
Investment properties
4
4,351,828
3,768,818
4,356,506
3,774,321
Current assets
Debtors
5
2,540
1,977
Investments
6
725,000
1,075,000
Cash at bank and in hand
92,057
54,710
819,597
1,131,687
Creditors: amounts falling due within one year
7
(574,069)
(353,556)
Net current assets
245,528
778,131
Total assets less current liabilities
4,602,034
4,552,452
Provisions for liabilities
8
(407,317)
(407,317)
Net assets
4,194,717
4,145,135
Capital and reserves
Called up share capital
9
100
100
Other reserves
2,286,726
2,286,726
Profit and loss reserves
1,907,891
1,858,309
Total equity
4,194,717
4,145,135

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

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

IVES PROPERTY HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 August 2024
N F D Ives
Director
Company Registration No. 01080326
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Ives Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 217 Southend Road, Wickford, Essex, SS11 8PG.

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.

 

Under Companies Act 2006, s454, on a voluntary basis, the directors can amend these financial statements if they subsequently prove to be defective.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent receivable, inclusive of value added tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% per annum on the reducing balance basis
Motor vehicles
15% per annum on the reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 and loans from fellow group companies, 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
9,936
19,194
29,130
Depreciation and impairment
At 1 December 2022
5,527
18,100
23,627
Depreciation charged in the year
661
164
825
At 30 November 2023
6,188
18,264
24,452
Carrying amount
At 30 November 2023
3,748
930
4,678
At 30 November 2022
4,409
1,094
5,503
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 December 2022
3,768,818
Additions
583,010
At 30 November 2023
4,351,828

The investment properties were valued on a fair value basis as at 30 November 2023 by N F D Ives, a director of the company.

 

On an historical cost basis the investment properties would be included at an original cost of £1,657,785 (2022: £1,074,775).

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
415
-
0
Other debtors
2,125
1,977
2,540
1,977
6
Current asset investments
2023
2022
£
£
Other investments
725,000
1,075,000
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
303,198
334,498
Corporation tax
15,103
7,599
Other taxation and social security
1,530
1,443
Other creditors
254,238
10,016
574,069
353,556
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property
407,317
407,317
There were no deferred tax movements in the year.

The deferred tax liability set out above relates to the potential tax charge on investment property gains should they be sold.

9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
2023-11-302022-12-01false19 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityN F D IvesF L Spurrfalsefalse010803262022-12-012023-11-3001080326bus:Director12022-12-012023-11-3001080326bus:CompanySecretary12022-12-012023-11-3001080326bus:RegisteredOffice2022-12-012023-11-30010803262023-11-30010803262022-11-3001080326core:FurnitureFittings2023-11-3001080326core:MotorVehicles2023-11-3001080326core:FurnitureFittings2022-11-3001080326core:MotorVehicles2022-11-3001080326core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3001080326core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3001080326core:CurrentFinancialInstruments2023-11-3001080326core:CurrentFinancialInstruments2022-11-3001080326core:ShareCapital2023-11-3001080326core:ShareCapital2022-11-3001080326core:OtherMiscellaneousReserve2023-11-3001080326core:OtherMiscellaneousReserve2022-11-3001080326core:RetainedEarningsAccumulatedLosses2023-11-3001080326core:RetainedEarningsAccumulatedLosses2022-11-3001080326core:PlantMachinery2022-12-012023-11-3001080326core:MotorVehicles2022-12-012023-11-30010803262021-12-012022-11-3001080326core:FurnitureFittings2022-11-3001080326core:MotorVehicles2022-11-30010803262022-11-3001080326core:FurnitureFittings2022-12-012023-11-3001080326core:WithinOneYear2023-11-3001080326core:WithinOneYear2022-11-3001080326bus:PrivateLimitedCompanyLtd2022-12-012023-11-3001080326bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3001080326bus:FRS1022022-12-012023-11-3001080326bus:AuditExemptWithAccountantsReport2022-12-012023-11-3001080326bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP