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Logo On Report
Registered Number: 13562992
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

31 IPS LIMITED

Directors Nicholas Williams
Kim Anderson
Anne Grealy
Kevin Walsh
Registered Number 13562992
Registered Office Ground Floor Flat
31 Islington Park Street
London
N1 1QB
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
1
  2023   2022
    £ £   £ £
Fixed assets   5      322,692 
Current assets 1,952      6,430   
Creditors: amount falling due within one year (1,468)     (6,430)  
Net current assets   484     
Total assets less current liabilities   489      322,692 
Creditors: amount falling due after more than one year       (322,687)
Net assets   489      5 
 

         
Capital and reserves   489      5 
 
NOTES TO THE ACCOUNTS

General Information
31 IPS Limited is a private company, limited by shares, registered in England and Wales, registration number 13562992, registration address Ground Floor Flat, 31 Islington Park Street, London, N1 1QB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Tangible fixed assets
The company owns a freehold property in which the directors, shareholders and related parties are leaseholders.
This property is considered to have an expected economic life such that any annual depreciation charge would be immaterial, consequently no such charge is made. 
However, during the year 999 year leases were issued to the shareholders and related parties, as a result of which a provision has been made against the carrying value of the property, reducing it to a nominal value of £5.
Land and Buildings 0 Reducing Balance
2.

Tangible fixed assets

Cost or valuation Land and Buildings   Total
  £   £
At 01 January 2023 322,692    322,692 
Additions  
Disposals  
Revaluations (322,687)   (322,687)
At 31 December 2023 5    5 
Depreciation
At 01 January 2023  
Charge for year  
On disposals  
At 31 December 2023  
Net book values
Closing balance as at 31 December 2023 5    5 
Opening balance as at 01 January 2023 322,692    322,692 


3.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).

4.

Related parties

During the year the company entered into the following transactions with related parties:
Amount due from/to related party Provision for doubtful debt from the related party
2023
£
 2022
£
 2023
£
 2022
£
Shareholders and directors(322,687)

The shareholders of the company - who are also the directors or related parties thereof - are leaseholders in the freehold property owned by the company. Collectively they loaned the company £322,687 to allow it to purchase the freehold property. This loan is not expected to be repayable. During the year the company issued 999 year leases to the shareholders, and the loans were written off. As a result the freehold value was written down to a nominal £5. Management charges have been charged by the company to the shareholders and directors of £12,105 (2022: £9,605) to allow maintenance and other costs to be paid. At the year end the company was due £1,468 from three shareholders to repay costs funded by a fourth.

For the year ended 31 December 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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 01 July 2024 and were signed on its behalf by:


--------------------------------
Nicholas Williams
Director
2