REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
ICG PROPERTIES (DORSET) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
ICG PROPERTIES (DORSET) LIMITED |
ICG PROPERTIES (DORSET) LIMITED (REGISTERED NUMBER: 09621508) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 3 |
ICG PROPERTIES (DORSET) LIMITED (REGISTERED NUMBER: 09621508) |
BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ICG PROPERTIES (DORSET) LIMITED (REGISTERED NUMBER: 09621508) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ICG PROPERTIES (DORSET) LIMITED (REGISTERED NUMBER: 09621508) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | Statutory information |
ICG Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09621508. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is Unit 4 Haviland Road, Ferndown Industrial Estate, Wimborne, Dorset BH21 7RF. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for the period for properties let under formal leases, net of VAT. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from change in fair value is recognised in the statement of comprehensive income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation |
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. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
ICG PROPERTIES (DORSET) LIMITED (REGISTERED NUMBER: 09621508) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 September 2023 |
and 31 August 2024 |
Depreciation |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 September 2023 |
Revaluations | 100,000 |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
Units 2, 4, 6 and 8 were professionally valued by Symonds & Sampson on 10 October 2024, the directors confirm these valuations also represent their true fair value at the Balance Sheet date. |
Units 10 and 12 were valued by the directors at the balance sheet date based on their market values. |
Investment properties will be valued at fair value in future years with changes in fair value taken to the fair value reserve. |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
ICG PROPERTIES (DORSET) LIMITED (REGISTERED NUMBER: 09621508) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Directors' current accounts | 7,790 | 3,762 |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 850,532 | 1,059,243 |
9. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts owed to Lloyds Bank PLC are secured by way of: |
- An Omnibus Guarantee and Set-off Agreement dated 15 July 2015, |
- A Debenture dated 15 July 2015, |
- A Mortgage over Unit 10 Haviland Road, Ferndown Industrial Estate BH21 7RF dated 30 July 2015, |
- A Mortgage over Unit 8 Haviland Road, Ferndown Industrial Estate BH21 7RF dated 3 May 2016, |
- A Mortgage over Unit 4 Haviland Road, Ferndown Industrial Estate BH21 7RF dated 3 November 2016, |
- A Mortgage over Unit 2 Haviland Road, Ferndown Industrial Estate BH21 7RF dated 14 July 2017, |
- A Mortgage over Unit 6 Haviland Road, Ferndown Industrial Estate BH21 7RF dated 3 October 2019, |
- A Mortgage over Unit 12 Haviland Road, Ferndown Industrial Estate BH21 7RF dated 1 September 2023. |
10. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 218,078 | 193,078 |
ICG PROPERTIES (DORSET) LIMITED (REGISTERED NUMBER: 09621508) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
10. | Provisions for liabilities - continued |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Provided during year |
Balance at 31 August 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | Reserves |
Fair |
value |
reserve |
£ |
At 1 September 2023 |
Property revaluation | 75,000 |
At 31 August 2024 |
13. | Directors' advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
14. | Ultimate controlling party |
The company is controlled by its Directors and their wives who between them own 100% of the issued share capital. |