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REGISTERED NUMBER: 00624261 (England and Wales)















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: M Illovy





SECRETARY: A Illovy





REGISTERED OFFICE: 9 Tides Reach
Birmingham Road
Cowes
Isle of Wight
PO31 7NU





REGISTERED NUMBER: 00624261 (England and Wales)





ACCOUNTANTS: Harrison Black Limited
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 1,806,981 1,831,708

CURRENT ASSETS
Debtors 5 830,197 843,002
Cash at bank and in hand 2,233,456 2,101,507
3,063,653 2,944,509
CREDITORS
Amounts falling due within one year 6 134,326 152,815
NET CURRENT ASSETS 2,929,327 2,791,694
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,736,308

4,623,402

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Revaluation reserve 7 1,188,664 1,188,664
Retained earnings 3,447,644 3,334,738
SHAREHOLDERS' FUNDS 4,736,308 4,623,402

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

ILLOVY PROPERTIES LIMITED (REGISTERED NUMBER: 00624261)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 15th September 2024 and were signed by:





M Illovy - Director


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 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 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 2 (2022 - 2 ) .

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 2,018,665 7,478 2,026,143
Additions - 137 137
At 31st December 2023 2,018,665 7,615 2,026,280
DEPRECIATION
At 1st January 2023 188,767 5,668 194,435
Charge for year 24,224 640 24,864
At 31st December 2023 212,991 6,308 219,299
NET BOOK VALUE
At 31st December 2023 1,805,674 1,307 1,806,981
At 31st December 2022 1,829,898 1,810 1,831,708

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 428 12,020
Amounts owed by group undertakings 826,576 830,946
Other debtors 3,193 36
830,197 843,002

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 17,114 15,894
Taxation and social security 55,519 34,126
Other creditors 61,693 102,795
134,326 152,815

7. RESERVES
Revaluation
reserve
£   
At 1st January 2023
and 31st December 2023 1,188,664

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 Illovy Property Holdings Limited.