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REGISTERED NUMBER: 04581356 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

ITP DEVELOPMENTS LIMITED

ITP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04581356)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


ITP DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: G E Dowty
Ms E L Dowty
J A C Fick





SECRETARY: Ms J Thurstance





REGISTERED OFFICE: The Site Office
Innsworth Technology Park
Innsworth Lane
Gloucester
Gloucestershire
GL3 1DL





REGISTERED NUMBER: 04581356 (England and Wales)





AUDITORS: BK Plus Audit Limited (Statutory Auditor)
6 Manor Park Business Centre
Mackenzie Way
Cheltenham
Gloucestershire
GL51 9TX

ITP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04581356)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,980,350 4,992,035

CURRENT ASSETS
Debtors 48,817 41,483
Cash at bank 50,086 77,062
98,903 118,545
CREDITORS
Amounts falling due within one year (340,165 ) (325,214 )
NET CURRENT LIABILITIES (241,262 ) (206,669 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,739,088

4,785,366

CREDITORS
Amounts falling due after more than
one year

5

(2,033,500

)

(2,082,688

)

PROVISIONS FOR LIABILITIES (362,029 ) (364,849 )
NET ASSETS 2,343,559 2,337,829

CAPITAL AND RESERVES
Called up share capital 7 100 100
Non-distributable reserve 8 1,079,718 1,079,718
Retained earnings 1,263,741 1,258,011
SHAREHOLDERS' FUNDS 2,343,559 2,337,829

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





G E Dowty - Director


ITP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04581356)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

ITP Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income and service charges are recognised as income in the period to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost

The company values its properties annually and carries them at fair value in the Statement of Financial Position. As a result no depreciation is provided on the carrying value of freehold and long leasehold properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ITP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04581356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 5,436,105
DEPRECIATION
At 1 April 2023 444,070
Charge for year 11,685
At 31 March 2024 455,755
NET BOOK VALUE
At 31 March 2024 4,980,350
At 31 March 2023 4,992,035

Cost or valuation at 31 March 2024 is represented by:

Totals
£   
Valuation in 2005 522,271
Valuation in 2006 77,685
Valuation in 2007 136,804
Valuation in 2012 (444,565 )
Valuation in 2013 (75,000 )
Valuation in 2022 1,222,430
Cost 3,996,480
5,436,105

If the sites had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 3,530,375 3,530,375

Value of land in freehold land and buildings 288,000 288,000

The sites were valued on an open market basis on 1 February 2022 by Alder King Property Consultants .

In the view of the directors this valuation remained applicable at 31 March 2024.

ITP DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04581356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
31.3.24 31.3.23
£    £   
Repayable by instalments
Bank loan 1,833,500 1,882,688

6. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 2,083,500 2,121,750

Bank borrowings are secured by charges over the company's properties, a debenture over the company's assets and a cross-guarantee from the parent company.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Non-distributable
reserve
£   
At 1 April 2023
and 31 March 2024 1,079,718

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roger Downes FCA (Senior Statutory Auditor)
for and on behalf of BK Plus Audit Limited (Statutory Auditor)

10. CONTINGENT LIABILITIES

The company is party to a cross-guarantee given to the group's bankers in respect of the facilities provided not only to this company but also to its parent company.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.