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REGISTERED NUMBER: 10782161 (England and Wales)










Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Initial Propco (Belmont) Limited

Initial Propco (Belmont) Limited (Registered number: 10782161)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Initial Propco (Belmont) Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: W A Baister





REGISTERED OFFICE: The Paddock
Kirk Merrington
Spennymoor
Co. Durham
DL16 7JW





REGISTERED NUMBER: 10782161 (England and Wales)





ACCOUNTANTS: Little & Neal
37-38 Market Street
Ferryhill
Co. Durham
DL17 8JH

Initial Propco (Belmont) Limited (Registered number: 10782161)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 575 800
Investment property 5 253,141 821,892
253,716 822,692

CURRENT ASSETS
Debtors 6 215,747 293,206
Cash at bank 9,519 2,056
225,266 295,262
CREDITORS
Amounts falling due within one year 7 149,694 484,557
NET CURRENT ASSETS/(LIABILITIES) 75,572 (189,295 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

329,288

633,397

CREDITORS
Amounts falling due after more than one
year

8

327,525

631,167
NET ASSETS 1,763 2,230

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,762 2,229
1,763 2,230

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Initial Propco (Belmont) Limited (Registered number: 10782161)

Balance Sheet - continued
29 February 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:





W A Baister - Director


Initial Propco (Belmont) Limited (Registered number: 10782161)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Initial Propco (Belmont) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on cost

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 Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

Initial Propco (Belmont) Limited (Registered number: 10782161)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 2,000
DEPRECIATION
At 1 March 2023 1,200
Charge for year 225
At 29 February 2024 1,425
NET BOOK VALUE
At 29 February 2024 575
At 28 February 2023 800

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 821,892
Disposals (568,751 )
At 29 February 2024 253,141
NET BOOK VALUE
At 29 February 2024 253,141
At 28 February 2023 821,892

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors (6,067 ) (6,067 )
Other debtors 221,814 299,273
215,747 293,206

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,934 21,782
Trade creditors 12,240 10,139
Taxation and social security 6,901 12,674
Other creditors 119,619 439,962
149,694 484,557

Initial Propco (Belmont) Limited (Registered number: 10782161)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 327,525 631,167

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 283,787 544,037

9. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 338,459 652,949

The bank loan is secured by a fixed and floating charge over the investment property.