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Registration number: 03497863

Irlam Property Management Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Irlam Property Management Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Irlam Property Management Limited

(Registration number: 03497863)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

323

785

Investment property

5

734,000

734,000

 

734,323

734,785

Current assets

 

Cash at bank and in hand

 

19,219

10,363

Creditors: Amounts falling due within one year

6

(149,244)

(12,504)

Net current liabilities

 

(130,025)

(2,141)

Total assets less current liabilities

 

604,298

732,644

Creditors: Amounts falling due after more than one year

6

-

(100,340)

Provisions for liabilities

(72,970)

(73,133)

Net assets

 

531,328

559,171

Capital and reserves

 

Called up share capital

1

1

Non-distributable reserve

332,573

332,573

Retained earnings

198,754

226,597

Shareholders' funds

 

531,328

559,171

 

Irlam Property Management Limited

(Registration number: 03497863)
Statement of Financial Position as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 4 June 2024
 

.........................................
Mr P Hodson
Director

   
     
 

Irlam Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
59 Cromwell Road
Irlam
Manchester
Lancashire
M44 5AB
United Kingdom

These financial statements were authorised for issue by the director on 4 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

At the balance sheet date, the company's current liabilities exceeded its current assets. The company has received assurances from the director that he will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of approval of these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

 

Irlam Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
Specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the country where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Plant and machinery

25% reducing balance

Investment property

Investment property is carried at fair value, derived from current market prices for comparable retail estate dtermined annually by Mr P Hodson, the sole director of the company. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 

Irlam Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Irlam Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

2,080

1,086

3,166

At 31 January 2024

2,080

1,086

3,166

Depreciation

At 1 February 2023

1,664

717

2,381

Charge for the year

104

358

462

At 31 January 2024

1,768

1,075

2,843

Carrying amount

At 31 January 2024

312

11

323

At 31 January 2023

416

369

785

5

Investment properties

2024
£

At 1 February

734,000

At 31 January

734,000

The investment properties were valued at 31 January 2024 by the director based on current market values. He considered the values of those still held at the accounting date to be similar to the previous year. The cost of these properties was £328,537 (2023: £328,537).

There has been no valuation of investment property by an independent valuer.

 

Irlam Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

105

-

Taxation and social security

2,930

6,693

Accruals and deferred income

5,201

5,412

Other creditors

141,008

399

149,244

12,504

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

100,340

Creditors: amounts falling due after more than one year include bank borrowings which are secured on the company's fixed assets of £Nil (2023 - £100,340).