Registration number:
Inproperty Media Ltd
for the Year Ended 31 March 2024
Inproperty Media Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Inproperty Media Ltd
(Registration number: 11118481)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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- |
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Investments |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Other reserves |
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- |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Inproperty Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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
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
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.
Staff numbers |
The average number of persons employed by the company during the year was
Intangible assets |
Goodwill |
Total |
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Cost |
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Acquired through business combinations |
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Disposals |
( |
( |
At 31 March 2024 |
- |
- |
Tangible assets |
Plant and equipment |
Total |
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Cost |
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Additions |
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Disposals |
( |
( |
At 31 March 2024 |
- |
- |
Net book value |
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At 31 March 2024 |
- |
- |
Inproperty Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Investment property |
2024 |
2023 |
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Additions |
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- |
Fair value adjustments |
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- |
At 31 March |
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- |
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.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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- |
Unlisted investments |
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Subsidiaries |
£ |
Cost |
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Additions |
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Carrying amount |
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At 31 March 2024 |
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Unlisted investments |
£ |
Cost |
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At 1 April 2023 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Inproperty Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Debtors |
Note |
2024 |
2023 |
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Amounts owed by group undertakings |
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- |
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Prepayments |
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- |
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- |
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
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- |
Amounts owed to related parties |
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Taxation and social security |
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- |
Other creditors |
- |
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Other loans |
2,816 |
- |
Accruals |
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- |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Bank loans |
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- |
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- |
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
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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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 |
- |
- |
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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).