Registration number:
I & S Properties Limited
for the
Year Ended 30 June 2024
I & S Properties Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
I & S Properties Limited
Balance Sheet
as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment properties |
4,377,500 |
4,377,500 |
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Current assets |
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Stocks |
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Debtors |
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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 assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Shareholders' funds |
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Registration number: 03392966
I & S Properties Limited
Balance Sheet
as at 30 June 2024 (continued)
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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I & S Properties Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 June 2024
General information |
The company is a private company limited by shares incorporated in England within the United Kingdom.
The company's registration number is 03392966.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises of rent receivable and insurance recharges.
I & S Properties Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 June 2024
(continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% per annum on a reducing balance basis |
Investment properties
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
I & S Properties Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 June 2024
(continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Plant and machinery |
Total |
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Cost |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Net book value |
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At 30 June 2024 |
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At 30 June 2023 |
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Investment properties |
2024 |
2023 |
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At 1 July |
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4,377,500 |
Additions |
- |
1,870 |
Fair value adjustments |
- |
(1,870) |
At 30 June |
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4,377,500 |
The investment properties have been valued by the directors at open market value.
I & S Properties Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 June 2024
(continued)
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Creditors |
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Corporation tax liability |
68,339 |
50,273 |
Accruals and deferred income |
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Directors loan accounts |
150,832 |
251,268 |
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