Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30false2022-10-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04247327 2022-10-01 2023-09-30 04247327 2021-10-01 2022-09-30 04247327 2023-09-30 04247327 2022-09-30 04247327 c:Director1 2022-10-01 2023-09-30 04247327 d:CurrentFinancialInstruments 2023-09-30 04247327 d:CurrentFinancialInstruments 2022-09-30 04247327 d:Non-currentFinancialInstruments 2023-09-30 04247327 d:Non-currentFinancialInstruments 2022-09-30 04247327 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 04247327 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 04247327 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 04247327 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 04247327 d:ShareCapital 2023-09-30 04247327 d:ShareCapital 2022-09-30 04247327 d:SharePremium 2022-10-01 2023-09-30 04247327 d:SharePremium 2023-09-30 04247327 d:SharePremium 2022-09-30 04247327 d:RevaluationReserve 2022-10-01 2023-09-30 04247327 d:RevaluationReserve 2023-09-30 04247327 d:RevaluationReserve 2022-09-30 04247327 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 04247327 d:RetainedEarningsAccumulatedLosses 2023-09-30 04247327 d:RetainedEarningsAccumulatedLosses 2022-09-30 04247327 c:OrdinaryShareClass1 2022-10-01 2023-09-30 04247327 c:OrdinaryShareClass1 2023-09-30 04247327 c:OrdinaryShareClass1 2022-09-30 04247327 c:FRS102 2022-10-01 2023-09-30 04247327 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 04247327 c:FullAccounts 2022-10-01 2023-09-30 04247327 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04247327 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 04247327 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 04247327 2 2022-10-01 2023-09-30 04247327 5 2022-10-01 2023-09-30 04247327 6 2022-10-01 2023-09-30 04247327 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04247327









INDUSTRIAL PROPERTY MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
INDUSTRIAL PROPERTY MANAGEMENT LIMITED
REGISTERED NUMBER: 04247327

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 4 
9,965,500
10,053,640

Current assets
  

Debtors: amounts falling due within one year
 5 
953,047
678,894

Cash at bank and in hand
  
5,144
24,649

  
958,191
703,543

Creditors: amounts falling due within one year
 6 
(6,884,826)
(6,802,755)

Net current liabilities
  
 
 
(5,926,635)
 
 
(6,099,212)

Total assets less current liabilities
  
4,038,865
3,954,428

Creditors: amounts falling due after more than one year
 7 
(2,687,488)
(2,687,488)

Deferred tax
 8 
(33,750)
-

Net assets
  
1,317,627
1,266,940


Capital and reserves
  

Called up share capital 
 9 
200
200

Share premium account
 10 
912,639
912,639

Revaluation reserve
 10 
101,250
-

Profit and loss account
 10 
303,538
354,101

  
1,317,627
1,266,940


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
INDUSTRIAL PROPERTY MANAGEMENT LIMITED
REGISTERED NUMBER: 04247327
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2024.




N Fletcher
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
INDUSTRIAL PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Industrial Property Management Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The Company's registered number is 04247327. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
The principal activity of the company during the period was that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

The Company's only source of revenue is rental income from investment properties let to third parties. Revenue is recognised in the accounting period in which the services are rendered.
Revenue represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
INDUSTRIAL PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 4

 
INDUSTRIAL PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Creditors

Short term creditors are measured at the transaction price. 

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
INDUSTRIAL PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Investment property





Investment property

£



Cost or valuation


At 1 October 2022
10,053,640


Revaluations
(88,140)



At 30 September 2023
9,965,500




A formal valuation was undertaken by Jones Lang LaSalle Limited on 7 February 2023, on an open market value for existing use basis. The directors consider the above valuation to be appropriate at 30 September 2023.
The historic cost of the investment properties is £10,053,640 
(2022 - £10,053,640).


5.


Debtors

2023
2022
£
£

Trade debtors
124,493
137,595

Other debtors
820,383
534,645

Prepayments and accrued income
8,171
6,654

953,047
678,894



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
11,735
9,669

Corporation tax
71,912
112,231

Other creditors
6,674,359
6,555,592

Accruals and deferred income
126,820
125,263

6,884,826
6,802,755


Page 6

 
INDUSTRIAL PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
2,687,488
2,687,488


During 2019, the bank loan was repaid in full and a new loan was received by the parent company, Lee Valley Estates Limited, which was subsequently allocated around the Group. The Company is liable to pay interest on it's portion of the loan and this is paid quarterly in line with the loan agreement. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies and by floating charges over all other property, rights and assets both present and future. Please see note 11 for further information.


8.


Deferred taxation




2023


£



Charged to profit or loss
(33,750)



At end of year
(33,750)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(33,750)
-


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200

During 2019, 198 Ordinary £1 shares were issued at a premium of £4,609.29 per share.


Page 7

 
INDUSTRIAL PROPERTY MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Reserves

Share premium account

The share premium account represents the consideration of shares issues above par value.

Revaluation reserve

The revaluation reserve account represents unrealised value gains of investment property.

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


11.


Contingent liabilities

During 2019 the parent company, Lee Valley Estates Limited, received a bank loan for £22,000,000. These funds were subsequently distributed between the subsidiaries withing the Group. The Company received £2,687,488 (2022 - £2,687,488) of this loan. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies.


12.


Related party transactions

Included within other debtors are amounts of £592,981 (2022 - £387,552) due from companies under common control.
Included within other creditors are amounts of £6,655,074 (
2022 - £6,536,307) due to companies under common control.


13.


Directors' benefits: advances, credit and guarantee

2023
2022
£
£

Balance brought forward

110,697

110,697

Advances in the year

73,000

76,599

Repayments in the year

-

(79,638)

Interest charged

3,119

3,039


186,816

110,697



14.


Controlling party

The immediate parent company is Lee Valley Estates Limited. The ultimate controlling party is considered to be M Polledri.

 
Page 8