Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-11-01falseBuying and letting properties11truetruefalse 10444893 2022-11-01 2023-10-31 10444893 2021-11-01 2022-10-31 10444893 2023-10-31 10444893 2022-10-31 10444893 6 2022-11-01 2023-10-31 10444893 6 2021-11-01 2022-10-31 10444893 d:Director1 2022-11-01 2023-10-31 10444893 e:FreeholdInvestmentProperty 2022-11-01 2023-10-31 10444893 e:FreeholdInvestmentProperty 2023-10-31 10444893 e:FreeholdInvestmentProperty 2022-10-31 10444893 e:CurrentFinancialInstruments 2023-10-31 10444893 e:CurrentFinancialInstruments 2022-10-31 10444893 e:Non-currentFinancialInstruments 2023-10-31 10444893 e:Non-currentFinancialInstruments 2022-10-31 10444893 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 10444893 e:CurrentFinancialInstruments e:WithinOneYear 2022-10-31 10444893 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 10444893 e:Non-currentFinancialInstruments e:AfterOneYear 2022-10-31 10444893 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-10-31 10444893 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-10-31 10444893 e:UKTax 2022-11-01 2023-10-31 10444893 e:UKTax 2021-11-01 2022-10-31 10444893 e:ShareCapital 2023-10-31 10444893 e:ShareCapital 2022-10-31 10444893 e:RetainedEarningsAccumulatedLosses 2023-10-31 10444893 e:RetainedEarningsAccumulatedLosses 2022-10-31 10444893 d:FRS102 2022-11-01 2023-10-31 10444893 d:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 10444893 d:FullAccounts 2022-11-01 2023-10-31 10444893 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 10444893 f:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 10444893










I&A PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
I&A PROPERTIES LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFI&A PROPERTIES LTD
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I&A Properties Ltd for the year ended 31 October 2023 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

This report is made solely to the director of I&A Properties Ltd in accordance with the terms of our agreement. Our work has been undertaken solely to prepare for your approval the financial statements of I&A Properties Ltd and state those matters that we have agreed to state to him in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I&A Properties Ltd and its  director for our work or for this report.
 
 
It is your duty to ensure that I&A Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and profit. You consider that I&A Properties Ltd is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of I&A Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.







Shipleys Tax Planning

28 October 2024
Page 1

 
I&A PROPERTIES LTD
REGISTERED NUMBER: 10444893

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
387,275
385,679

  
387,275
385,679

Current assets
  

Debtors: amounts falling due within one year
 6 
696
1,550

Cash at bank and in hand
 7 
24,341
18,290

  
25,037
19,840

Creditors: amounts falling due within one year
 8 
(303,771)
(322,003)

Net current liabilities
  
 
 
(278,734)
 
 
(302,163)

Total assets less current liabilities
  
108,541
83,516

Creditors: amounts falling due after more than one year
 9 
(5,166)
(7,167)

  

Net assets
  
103,375
76,349


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
103,275
76,249

  
103,375
76,349


The director considers 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 director acknowledges his 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 statement of comprehensive income 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 on 28 October 2024.




Page 2

 
I&A PROPERTIES LTD
REGISTERED NUMBER: 10444893

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023



Imran Ali
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
I&A PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

I&A Properties Ltd is a company domiciled in England & Wales, registration number 10444893. The registered office is 48 Balmfield, Liversedge, WF15 7PN.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.3

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 4

 
I&A PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Borrowing costs

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

 
2.5

Taxation

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.


 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 5

 
I&A PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
6,823
6,705


6,823
6,705


Total current tax
6,823
6,705

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
33,849
35,293


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
6,431
6,705

Effects of:


Marginal relief
392
-

Total tax charge for the year
6,823
6,705


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 6

 
I&A PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
385,679


Additions at cost
1,596



At 31 October 2023
387,275

The 2023 valuations were made by the director, I Ali, on an open market value for existing use basis.






Page 7

 
I&A PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
696
1,550

696
1,550



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
24,341
18,290

24,341
18,290



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
6,823
6,705

Other creditors
295,808
314,158

Accruals and deferred income
1,140
1,140

303,771
322,003



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
5,166
7,167

5,166
7,167


During the year the company repaid £2,000 of the Government Bounce Back Loan to Lloyds Bank. IInterest is charged at a fixed rate of 2.5% per annum. The loan is repayable to Lloyds Bank after a period of 5 years.

Page 8

 
I&A PROPERTIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
5,167
7,167


5,167
7,167


5,167
7,167



11.


Related party transactions

During the year the company repaid the director £7,050 (2022: £622). At the balance sheet date other creditors included £222,835 (2022: £229,885) as amounts owed by the company.
During the year the company repaid Ashmans Solicitors Ltd (a company in which the director Imran Ali is a shareholder) £11,300
 (2022: £11,300). At the balance sheet date other creditors included £72,973 (2022: £84,273) as amounts owed by the company.


12.


Controlling party

The company is controlled by the director Imran Ali.


Page 9