REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
ILLOVY PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
ILLOVY PROPERTIES LIMITED |
ILLOVY PROPERTIES LIMITED (REGISTERED NUMBER: 00624261) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ILLOVY PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
East Quay |
Kite Hill |
Wootton Bridge |
Isle of Wight |
PO33 4LA |
ILLOVY PROPERTIES LIMITED (REGISTERED NUMBER: 00624261) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
ILLOVY PROPERTIES LIMITED (REGISTERED NUMBER: 00624261) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
The financial statements were approved by the director and authorised for issue on |
ILLOVY PROPERTIES LIMITED (REGISTERED NUMBER: 00624261) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Illovy Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Turnover |
Turnover is the total amount receivable by the company from renting properties. |
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. |
Investment properties |
The company's investment properties, which are held for long-term investment, are included in the Balance Sheet at their open market values. The surpluses on revaluation of such properties are transferred to the revaluation reserve. Depreciation is provided at 2% straight line in order to write off the cost less estimated residual value of investment properties over their estimated useful life. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ILLOVY PROPERTIES LIMITED (REGISTERED NUMBER: 00624261) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Cost or valuation at 31st December 2023 is represented by: |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 1999 | 1,027,809 | - | 1,027,809 |
Valuation in 2005 | 859,957 | - | 859,957 |
Valuation in 2010 | (461,000 | ) | - | (461,000 | ) |
Valuation in 2011 | (130,000 | ) | - | (130,000 | ) |
Valuation in 2018 | (76,600 | ) | - | (76,600 | ) |
Valuation in 2021 | (8,102 | ) | - | (8,102 | ) |
Cost | 806,601 | 7,615 | 814,216 |
2,018,665 | 7,615 | 2,026,280 |
ILLOVY PROPERTIES LIMITED (REGISTERED NUMBER: 00624261) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 806,601 | 806,601 |
Aggregate depreciation | 220,000 | 220,000 |
Value of land in freehold land and buildings | 250,000 | 250,000 |
Investment properties were valued on an open market basis on 6th February 2006 by Rapleys LLP (a RICS regulated firm) . |
The Investment properties were valued on an open market basis at the year end, by M Illovy - Director. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Payments on account |
Taxation and social security |
Other creditors |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1st January 2023 |
and 31st December 2023 |
ILLOVY PROPERTIES LIMITED (REGISTERED NUMBER: 00624261) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |