Registered number
13168841
Iliad Homes Limited
Filleted Accounts
31 December 2023
Iliad Homes Limited
Registered number: 13168841
Balance Sheet
as at 31 December 2023
Notes 31/12/23 30/4/23
£ £
Fixed assets
Tangible assets 3 21,919,852 21,906,551
Current assets
Debtors 4 227,789 215,416
Cash at bank and in hand 77,604 131,903
305,393 347,319
Creditors: amounts falling due within one year 5 (11,345,334) (11,108,152)
Net current liabilities (11,039,941) (10,760,833)
Total assets less current liabilities 10,879,911 11,145,718
Creditors: amounts falling due after more than one year 6 (10,380,000) (10,680,000)
Net assets 499,911 465,718
Capital and reserves
Called up share capital 1 1
Profit and loss account 499,910 465,717
Shareholders' funds 499,911 465,718
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E Eleftheriou
Director
Approved by the board on 10 June 2024
Iliad Homes Limited
Notes to the Accounts
for the period from 1 May 2023 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is the total amount of rent and other income receivable by the company and is attributable to the continuing activities of property investment. Turnover is recognised in the period to which it relates.
Investment Property
Investment property is measured at fair value at each reporting date with changes in fair value recognised in profit and loss.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 31/12/23 30/4/23
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Investment Property Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 21,905,000 1,551 21,906,551
Additions - 13,301 13,301
At 31 December 2023 21,905,000 14,852 21,919,852
Depreciation
At 1 May 2023 - - -
Charge for the period - - -
At 31 December 2023 - - -
Net book value
At 31 December 2023 21,905,000 14,852 21,919,852
At 30 April 2023 21,905,000 1,551 21,906,551
4 Debtors 31/12/23 30/4/23
£ £
Other debtors 227,789 215,416
5 Creditors: amounts falling due within one year 31/12/23 30/4/23
£ £
Bank loans and overdrafts (secured) 400,000 400,000
Trade creditors 6,153 13,680
Amounts owed to group undertakings and undertakings in which the company has a participating interest 10,602,486 10,323,827
Taxation and social security costs 88,436 73,334
Other creditors 248,259 297,311
11,345,334 11,108,152
Amounts owed to group and related undertakings have no fixed date for repayment. Interest charged in relation to this balance during the period totalled £13,559 (year to 30 April 2023 - £2,046).
6 Creditors: amounts falling due after one year 31/12/23 30/4/23
£ £
Bank loans (secured) 10,380,000 10,680,000
7 Other information
Iliad Homes Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Staley Street
Liverpool
L1 6AA
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