1 March 2023 v2024.61.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP100064892023-03-012024-02-29100064892024-02-29100064892023-02-2810006489core:WithinOneYear2024-02-2910006489core:WithinOneYear2023-02-2810006489core:AfterOneYear2024-02-2910006489core:AfterOneYear2023-02-2810006489core:ShareCapital2024-02-2910006489core:ShareCapital2023-02-2810006489core:RetainedEarningsAccumulatedLosses2024-02-2910006489core:RetainedEarningsAccumulatedLosses2023-02-2810006489bus:Director12023-03-012024-02-2910006489bus:RegisteredOffice2023-03-012024-02-2910006489core:OfficeEquipment2023-03-012024-02-2910006489core:PlantMachinery2023-03-012024-02-2910006489core:FurnitureFittings2023-03-012024-02-29100064892022-03-012023-02-2810006489core:PlantMachinery2023-03-0110006489core:PlantMachinery2024-02-2910006489core:PlantMachinery2023-02-2810006489core:CostValuation2023-03-0110006489core:AdditionsToInvestments2024-02-2910006489core:CostValuation2024-02-291000648912023-03-012024-02-2910006489countries:EnglandWales2023-03-012024-02-2910006489bus:AuditExemptWithAccountantsReport2023-03-012024-02-2910006489bus:PrivateLimitedCompanyLtd2023-03-012024-02-2910006489bus:SmallEntities2023-03-012024-02-2910006489bus:FullAccounts2023-03-012024-02-29
Company registration number:
10006489
ILM Property Management Limited
Unaudited Filleted Financial Statements for the year ended
29 February 2024
Dixon & Stone Limited
Chartered Accountants
Fielding House, 43 Thornbury Close, Rhiwbina, Cardiff, CF14 1UT, United Kingdom
ILM Property Management Limited
Statement of Financial Position
29 February 2024
20242023
Note££
Fixed assets    
Tangible assets 5
2,527
 
2,867
 
Investments 6
419,893
 
419,009
 
422,420
 
421,876
 
Current assets    
Debtors 7
6,443
 
6,061
 
Cash at bank and in hand
1,332
 
5,279
 
7,775
 
11,340
 
Creditors: amounts falling due within one year 8
(5,834
)
(11,260
)
Net current assets
1,941
 
80
 
Total assets less current liabilities 424,361   421,956  
Creditors: amounts falling due after more than one year 9
(439,870
)
(423,165
)
Net liabilities
(15,509
)
(1,209
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(15,609
)
(1,309
)
Shareholders deficit
(15,509
)
(1,209
)
For the year ending
29 February 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
26 November 2024
, and are signed on behalf of the board by:
Mr S Mawer
Director
Company registration number:
10006489
ILM Property Management Limited
Notes to the Financial Statements
Year ended
29 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
1 Coedydafarn
,
Lisvane
,
Cardiff
,
CF14 9RQ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
33% straight line
Plant and machinery
25% straight line
Fixtures and fittings
20% straight line

Fixed asset investments

Fixed asset investments are investment properties. Investment properties are stated at cost.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 March 2023
8,247
 
Additions
1,178
 
At
29 February 2024
9,425
 
Depreciation  
At
1 March 2023
5,380
 
Charge
1,518
 
At
29 February 2024
6,898
 
Carrying amount  
At
29 February 2024
2,527
 
At 28 February 2023
2,867
 

6 Investments

Other investments other than loans
£
Cost  
At
1 March 2023
419,009
 
Additions
884
 
At
29 February 2024
419,893
 
Impairment  
At
1 March 2023
and
29 February 2024
-  
Carrying amount  
At
29 February 2024
419,893
 
At 28 February 2023
419,009
 
Other investments are investment properties and are stated at cost.

7 Debtors

20242023
££
Trade debtors
413
  -  
Other debtors
6,030
 
6,061
 
6,443
 
6,061
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
3,000
 
3,000
 
Taxation and social security
1,849
 
1,803
 
Other creditors
985
 
6,457
 
5,834
 
11,260
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
7,535
 
9,315
 
Other creditors
432,335
 
413,850
 
439,870
 
423,165
 

10 Directors' advances, credit and guarantees

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:
Mr S Mawer and Mrs M Mawer
For 2024 the balance outstanding at start of year was £413,869, amounts advanced was £Nil, amounts repaid was £4,966 and the balance outstanding at end of year was £418,835. £418,835 was owed to Mr S Mawer and Mrs M Mawer from the company. For 2023 the balance outstanding at start of year was £410,065, amounts advanced was £Nil, amounts repaid was £3,804 and the balance outstanding at end of year was £413,869. £413,869 was owed to Mr S Mawer and Mrs M Mawer from the company.