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Registration number: 03646544

ITC Property Development Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

ITC Property Development Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

ITC Property Development Limited

Company Information

Director

Mr Matthew Dyer

Registered office

Edington Manor
Broadway
Edington
Somerset
TA7 9JL

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

ITC Property Development Limited

(Registration number: 03646544)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

10,939

4,192

Investment property

5

 

1,600,000

1,600,000

   

1,610,939

1,604,192

Current assets

   

Debtors

6

25,244

 

27,333

Cash at bank and in hand

 

33,154

 

25,410

 

58,398

 

52,743

Creditors: Amounts falling due within one year

7

(1,310,583)

 

(1,362,190)

Net current liabilities

   

(1,252,185)

(1,309,447)

Total assets less current liabilities

   

358,754

294,745

Provisions for liabilities

 

(3,000)

(3,000)

Net assets

   

355,754

291,745

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

355,654

 

291,645

Total equity

   

355,754

291,745

 

ITC Property Development Limited

(Registration number: 03646544)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 6 January 2025
 

.........................................

Mr Matthew Dyer
Director

 

ITC Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Edington Manor
Broadway
Edington
Somerset
TA7 9JL

These financial statements were authorised for issue by the director on 6 January 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

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.

 

ITC Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures, fittings and equipment

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

ITC Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 1).

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 August 2023

9,769

9,769

Additions

8,832

8,832

At 31 July 2024

18,601

18,601

Depreciation

At 1 August 2023

5,577

5,577

Charge for the year

2,085

2,085

At 31 July 2024

7,662

7,662

Carrying amount

At 31 July 2024

10,939

10,939

At 31 July 2023

4,192

4,192

5

Investment properties

2024
£

At 1 August

1,600,000

At 31 July

1,600,000

The investments valuation is based on a valuation provided by Besley Hill Estate Agents on 14th
July 2017 and subsequent market movements. This valuation is based on the open market value of the properties. The directors review the valuation each year to ensure it is still fair.

 

ITC Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

2024
£

2023
£

Trade debtors

24,000

27,000

Prepayments

1,244

-

Other debtors

-

333

25,244

27,333

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

937

355

Taxation and social security

119

146

Accruals and deferred income

4,910

4,235

Other creditors

1,304,617

1,357,454

1,310,583

1,362,190

8

Related party transactions

During the year the director maintained a loan account with the company. As at the year end the company owed the director £1,304,617 (2023: £1,357,452). This amount is include in other creditors. The loan is interest free and repayable on demand.