Company registration number 02753640 (England and Wales)
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
COMPANY INFORMATION
Directors
R D Cardash
R J Cardash
(Appointed 15 June 2023)
Mrs J S Cardash
(Appointed 15 June 2023)
S L Cardash
(Appointed 15 June 2023)
Secretary
Mrs J S Cardash
Company number
02753640
Registered office
1 Angel Court
Pall Mall
London
SW1Y 6QF
Accountants
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Cash at bank and in hand
53
53
Creditors: amounts falling due within one year
4
(16,864)
(15,904)
Net current liabilities
(16,811)
(15,851)
Total assets less current liabilities
(16,810)
(15,850)
Creditors: amounts falling due after more than one year
5
(317)
(317)
Net liabilities
(17,127)
(16,167)
Capital and reserves
Called up share capital
100
100
Share premium account
1,585
1,585
Profit and loss reserves
(18,812)
(17,852)
Total equity
(17,127)
(16,167)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 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.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
R D Cardash
Director
Company Registration No. 02753640
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Intercounty Properties (Investment 12) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Angel Court, Pall Mall, London, SW1Y 6QF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
14,944
14,944
Other creditors
1,920
960
16,864
15,904
5
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
317
317
Other borrowings represent preference shares shown as liabilities as follows:
Allotted, issued and fully paid:
Number Class Nominal Value 2022 2021
£ £
317 A Participating Preferences £1 317 317
==== ====
Participating preference shares are entitled to vote on the issue of the payment of dividend. The profits of the company which it shall from time to time resolve to distribute shall be applied in paying a non-cumulative preferential dividend at the percentage rate per annum of Libor plus 3% and the balance of such profits shall then be applied in paying dividends on participating preference shares and ordinary shares pari passu as one class. Participating preference shares are entitled to at least 51% of the surplus assets on a winding up and 51% of any surplus profits available for distribution.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
317
317
6
Related party transactions
At the balance sheet date, the balance due to group company was £14,944 (2022: £14,944).
INTERCOUNTY PROPERTIES (INVESTMENT 12) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Parent company
The immediate and the ultimate parent company is
Intercounty Properties Limited
Registered office address: 1 Angel Court, Pall Mall, London, SW1Y 6QF.
Principal place of business is the same as the registered office.