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Registered number: 09799144










IVRE NO 2 LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
IVRE NO 2 LIMITED
REGISTERED NUMBER: 09799144

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
950,001
950,001

  
950,001
950,001

Current assets
  

Debtors: amounts falling due within one year
 6 
35,559
46,850

Cash at bank and in hand
 7 
305,920
302,186

  
341,479
349,036

Creditors: amounts falling due within one year
 8 
(144,540)
(161,919)

Net current assets
  
 
 
196,939
 
 
187,117

Total assets less current liabilities
  
1,146,940
1,137,118

Creditors: amounts falling due after more than one year
 9 
(857,779)
(894,280)

Provisions for liabilities
  

Deferred tax
 11 
(10,275)
(10,275)

  
 
 
(10,275)
 
 
(10,275)

Net assets
  
278,886
232,563


Capital and reserves
  

Called up share capital 
 12 
100
100

Investment property reserve
  
30,825
30,825

Profit and loss account
  
247,961
201,638

  
278,886
232,563


Page 1

 
IVRE NO 2 LIMITED
REGISTERED NUMBER: 09799144
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S C Rhoades
Director

Date: 1 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
IVRE NO 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company limited by shares and is incorporated in England. The registered office address is Unit 20, First Floor, 211 Torrington Avenue, Coventry, CV4 9AP. The principal activity of the Company is the rental of property.

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

Going concern

The shareholders have committed to support the company for a minimum period of twelve months from the date of signing these accounts and to provide working capital facilities to the company to allow it to meet its debts as they fall due. Accordingly, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss 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

 
IVRE NO 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

 
2.8

Investment property

Investment property is carried at fair value and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
IVRE NO 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
IVRE NO 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 April 2023
950,001



At 31 March 2024
950,001

The 2024 valuations were made by the directors of the company, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
908,901
908,901

908,901
908,901

Page 6

 
IVRE NO 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
26,509
35,770

Other debtors
100
100

Prepayments and accrued income
8,950
10,980

35,559
46,850



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
305,920
302,186

305,920
302,186



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
36,501
34,961

Trade creditors
4,410
5,871

Amounts owed to group undertakings
51,902
58,182

Other taxation and social security
16,272
16,299

Other creditors
3,921
12,786

Accruals and deferred income
31,534
33,820

144,540
161,919


Page 7

 
IVRE NO 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
387,879
424,380

Amounts owed to group undertakings
469,900
469,900

857,779
894,280


The amounts owed to group undertakings in the accounts include £469,900 (2023: £469,900) in relation to a loan from a related party. Under FRS102 this loan has been fair value adjusted to include a market rate of interest. The capital value of these loans would total £470,000 excluding this adjustment.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
36,501
34,961


36,501
34,961

Amounts falling due 1-2 years

Bank loans
387,879
424,380


387,879
424,380



424,380
459,341


 Included within bank loans are unamortised capitalised debt issue costs of £14,373 (2023: £18,664).
Lloyds Bank PLC have a fixed and floating charge over the property known as units 3 to 9, Alpha industial Park, Deedmore Road, Bell Green, Conventry, CV12 1EQ.

Page 8

 
IVRE NO 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024


£






At beginning of year
(10,275)



At end of year
(10,275)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On revalued investment property
(10,275)
(10,275)

(10,275)
(10,275)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



13.


Related party transactions

GAM (Holdings) Limited is a company of which Volpone Ventures Limited and Clearview No 1 Limited are corporate shareholders and is a related party by virtue of common control.
Greenhills Asset Management Limited is a 100% owned subsidiary of GAM (Holdings) Limited and is also a related party by virtue of common control.
IVRE Limited is a company of which Volpone Ventures Limited and Clearview No 1 Limited are corporate shareholders and is a related party by virtue of common control.
During the year the company had loans with GAM (Holdings) Limited of £481,913 (2023: £481,913), Clearview No 1 Limited of £1,356 (2023: £7,636),Greenhills Asset Management Limited of £28,047 (2023: £28,047) and IVRE Limited of £10,486 (2023: £10,486).

Page 9

 
IVRE NO 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Controlling party

IVRE No 2 Limited is 100% owned by the following corporate shareholders.
Volpone Ventures Limited
Clearview No 1 Limited
The ultimate controlling party of the Company are the directors by virtue of their shareholdings in the above corporate shareholders.
There is no individual controlling party.

Page 10