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Registration number: 10490889

Isaac Property Investments Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Isaac Property Investments Limited
(Registration number: 10490889)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Isaac Property Investments Limited
(Registration number: 10490889)

Company Information

Directors

Mr C M J Isaac

Mrs B M V Isaac

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Isaac Property Investments Limited
(Registration number: 10490889)

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

432,120

225,000

Current assets

 

Debtors

5

445

608

Cash at bank and in hand

 

51

5,019

 

496

5,627

Creditors: Amounts falling due within one year

6

(323,996)

(171,785)

Net current liabilities

 

(323,500)

(166,158)

Total assets less current liabilities

 

108,620

58,842

Provisions for liabilities

(32,276)

(16,840)

Net assets

 

76,344

42,002

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

76,244

41,902

Total equity

 

76,344

42,002

For the financial year ending 30 November 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 30 August 2024 and signed on its behalf by:
 

.........................................
Mr C M J Isaac
Director

 

Isaac Property Investments Limited
(Registration number: 10490889)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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 deferred 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.

 

Isaac Property Investments Limited
(Registration number: 10490889)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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).

 

Isaac Property Investments Limited
(Registration number: 10490889)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Investment properties

2023
£

At 1 December

225,000

Additions

145,375

Fair value adjustments

61,745

At 30 November

432,120

A current valuation has been provided by the directors.

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

5

Debtors

2023
£

2022
£

Prepayments and accrued income

445

608

Total current trade and other debtors

445

608

6

Creditors

2023
£

2022
£

Due within one year

Other creditors

294,989

158,677

Accrued expenses

29,007

8,608

Deferred income

-

4,500

323,996

171,785