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Registration number: 03392966

I & S Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

I & S Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

I & S Properties Limited

Balance Sheet

as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,388

16,088

Investment properties

5

4,377,500

4,377,500

 

4,390,888

4,393,588

Current assets

 

Stocks

193,641

193,641

Debtors

6

4,368

2,854

Cash at bank and in hand

 

510,037

420,972

 

708,046

617,467

Creditors: Amounts falling due within one year

7

(225,372)

(307,637)

Net current assets

 

482,674

309,830

Total assets less current liabilities

 

4,873,562

4,703,418

Provisions for liabilities

(287,972)

(288,647)

Net assets

 

4,585,590

4,414,771

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

4,585,490

4,414,671

Shareholders' funds

 

4,585,590

4,414,771

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Mr G Ingham
Director

 

I & S Properties Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 June 2024

1

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:
609a Denby Dale Road
Calder Grove
Wakefield
West Yorkshire
WF4 3DJ

2

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

Investment properties are carried at fair value with any surplus or deficit recognised in profit or loss.

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)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

4

Tangible assets

Plant and machinery
 £

Total
£

Cost

At 1 July 2023

18,000

18,000

At 30 June 2024

18,000

18,000

Depreciation

At 1 July 2023

1,912

1,912

Charge for the year

2,700

2,700

At 30 June 2024

4,612

4,612

Net book value

At 30 June 2024

13,388

13,388

At 30 June 2023

16,088

16,088

5

Investment properties

     

2024
£

2023
£

At 1 July

4,377,500

4,377,500

Additions

-

1,870

Fair value adjustments

-

(1,870)

At 30 June

4,377,500

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)

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,100

1,000

Prepayments

2,268

1,854

 

4,368

2,854

7

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

1,041

960

Corporation tax liability

68,339

50,273

Accruals and deferred income

5,160

5,136

Directors loan accounts

150,832

251,268

225,372

307,637