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Registration number: 11118481

Inproperty Media Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Inproperty Media Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Inproperty Media Ltd

(Registration number: 11118481)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

6

4,568,000

-

Investments

7

251,252

251,250

 

4,819,252

251,250

Current assets

 

Debtors

8

100,450

-

Cash at bank and in hand

 

97,510

5,751

 

197,960

5,751

Creditors: Amounts falling due within one year

9

(598,131)

(65,000)

Net current liabilities

 

(400,171)

(59,249)

Total assets less current liabilities

 

4,419,081

192,001

Creditors: Amounts falling due after more than one year

9

(1,815,589)

-

Provisions for liabilities

(40,000)

-

Net assets

 

2,563,492

192,001

Capital and reserves

 

Called up share capital

10

103

1

Share premium reserve

2,114,151

-

Other reserves

176,250

-

Profit and loss account

272,988

192,000

Shareholders' funds

 

2,563,492

192,001

 

Inproperty Media Ltd

(Registration number: 11118481)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 Profit and Loss Account.

Approved and authorised by the director on 4 October 2024
 


Mr Alex Caravello
Director

   
     
 

Inproperty Media Ltd

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

1

General information

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

The address of its registered office is:
1st Floor Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention 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.

The presentation currency is sterling.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

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

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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 the profit and loss account.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Inproperty Media Ltd

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

Deferred tax
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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.

Tangible assets

Tangible assets are stated at cost.

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

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit or loss account.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Investments in shares in subsidiaries are measured at cost less impairment.

Cash
Cash comprises cash on hand and all deposits.

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.

 

Inproperty Media Ltd

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

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 Profit and Loss Account 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.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

4

Intangible assets

Goodwill
 £

Total
£

Cost

Acquired through business combinations

90,000

90,000

Disposals

(90,000)

(90,000)

At 31 March 2024

-

-

5

Tangible assets

Plant and equipment
 £

Total
£

Cost

Additions

2,000

2,000

Disposals

(2,000)

(2,000)

At 31 March 2024

-

-

Net book value

At 31 March 2024

-

-

 

Inproperty Media Ltd

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

6

Investment property

2024
£

2023
£

Additions

4,408,000

-

Fair value adjustments

160,000

-

At 31 March

4,568,000

-

The majority of the properties were valued by West One Secured Loans Ltd in April 2024.

The remaining properties were valued by the director at their market value using current market data for similar properties in the same areas.

7

Investments

2024
£

2023
£

Investments in subsidiaries

2

-

Unlisted investments

251,250

251,250

251,252

251,250

Subsidiaries

£

Cost

Additions

2

Carrying amount

At 31 March 2024

2

Unlisted investments

£

Cost

At 1 April 2023

251,250

Carrying amount

At 31 March 2024

251,250

At 31 March 2023

251,250

 

Inproperty Media Ltd

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

8

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

11

92,000

-

Prepayments

 

8,450

-

 

100,450

-

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

3,042

-

Amounts owed to related parties

580,000

50,000

Taxation and social security

7,464

-

Other creditors

-

15,000

Other loans

2,816

-

Accruals

4,809

-

598,131

65,000

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

1,815,589

-

1,815,589

-

Creditors include bank loans which are secured against the properties they relate to in the sum of £1,815,589 (2023 - £Nil). Of this amount £1,815,589 (2023 - £Nil) is repayable, other than by instalments, after more than five years.

 

Inproperty Media Ltd

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary A of £0.01 (2023 - £0) each

5,000

50.00

-

-

Ordinary B of £0.01 (2023 - £0) each

5,000

50.00

-

-

Ordinary C of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary D of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary E of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary F of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary G of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary H of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary I of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary J of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary K of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary L of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary M of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary N of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary O of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary P of £0.01 (2023 - £0) each

10

0.10

-

-

Ordinary Q of £0.01 (2023 - £0) each

10

0.10

-

-

 

10,151

102.50

1

1.00

11

Related party transactions

Other related party transactions

At the balance sheet date, included in creditors, is an amount of £580,000 (2023 - £50,000) owed to a company in which the director is also a director and shareholder.

The company purchased an investment property portfolio and letting agency business from the shareholders on 1 April 2023 at market value via a sale and purchase agreement.

On the same day, the letting agency business was immediately hived down to the company's subsidiary. At the balance sheet date, the balance owed to the company from the subsidiary was £92,000 (2023 - £Nil).