Company registration number 11089713 (England and Wales)
IRVINE PROPERTIES (LANCASHIRE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
IRVINE PROPERTIES (LANCASHIRE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
IRVINE PROPERTIES (LANCASHIRE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
160,000
160,000
Current assets
Cash at bank and in hand
15,496
25,661
Creditors: amounts falling due within one year
5
(97,145)
(116,002)
Net current liabilities
(81,649)
(90,341)
Total assets less current liabilities
78,351
69,659
Provisions for liabilities
6
(9,292)
(9,292)
Net assets
69,059
60,367
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
8
69,057
60,365
Total equity
69,059
60,367

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr N A Weaver
Director
Company registration number 11089713 (England and Wales)
IRVINE PROPERTIES (LANCASHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Irvine Properties (Lancashire) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Irvine Place, Buckshaw Village, Chorley, Lancashire, PR7 7FL.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant upon the ongoing financial support of it's directors to meet it's liabilities as they fall due. The directors have confirmed that this support will continue at its current levels. As a result the directors have adopted the going concern basis in preparing the financial statements. true

1.3
Turnover

Turnover represents amounts receivable for rent and service charges excluding VAT.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

IRVINE PROPERTIES (LANCASHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
160,000

The investment property is stated at the directors' estimate of open market value as at 31 March 2023. This valuation is still considered to be appropriate at the current balance sheet date. Had the property not been revalued its historic cost would have been £109,097 (2023: £109,097).

 

IRVINE PROPERTIES (LANCASHIRE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,039
2,316
Other taxation and social security
362
24
Other creditors
94,744
113,662
97,145
116,002

Other creditors includes interest free loans from the directors to the company of £90,912 (2023: £110,912).

6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9,292
9,292
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
60,365
42,391
Profit for the year
8,692
17,974
At the end of the year
69,057
60,365

Included within profit and loss reserves are non-distributable profits, as set out below:

2024
2023
£
£
Non-distributable profits included above
At the beginning of the year
41,611
33,511
Non distributable profits in the year
-
8,100
At the end of the year
41,611
41,611
Distributable profits
27,446
18,754
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