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Registration number: 11960899

IV3 Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

IV3 Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

IV3 Properties Ltd

Company Information

Directors

Mr I C Jones

Mrs V A Jones

Registered office

Ty Llawen
10a Dyfatty Terrace
Burry Port
SA16 0SA

 

IV3 Properties Ltd

(Registration number: 11960899)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

630,000

417,917

Current assets

 

Debtors

5

18,223

26,565

Cash at bank and in hand

 

1,252

3,387

 

19,475

29,952

Creditors: Amounts falling due within one year

6

(101,070)

(101,769)

Net current liabilities

 

(81,595)

(71,817)

Total assets less current liabilities

 

548,405

346,100

Creditors: Amounts falling due after more than one year

6

(335,389)

(329,310)

Provisions for liabilities

(53,021)

-

Net assets

 

159,995

16,790

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

159,993

16,788

Total equity

 

159,995

16,790

For the financial year ending 30 April 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.

 

IV3 Properties Ltd

(Registration number: 11960899)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
Mr I C Jones
Director

.........................................
Mrs V A Jones
Director

 
     
 

IV3 Properties Ltd

Notes to the Financial Statements for the Year Ended 30 April 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:
Ty Llawen
10a Dyfatty Terrace
Burry Port
SA16 0SA

These financial statements were authorised for issue by the Board on 31 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 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.

Going concern

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 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.

 

IV3 Properties Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The directors 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.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

IV3 Properties Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 May

417,917

Fair value adjustments

212,083

At 30 April

630,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

2024
£

2023
£

Other debtors

18,223

26,565

 

IV3 Properties Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,501

1,260

Amounts owing to related parties

9

96,191

97,191

Other creditors

 

3,378

3,318

 

101,070

101,769

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

335,389

329,310

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

335,389

329,310

 

IV3 Properties Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Other payments made to company by director
£

At 30 April 2024
£

Mrs V A Jones

Directors' Current Account

13,282

(4,171)

9,111

       
     

Mr I C Jones

Directors' Current Account

13,282

(4,171)

9,111

       
     

 

2023

At 1 May 2022
£

Other payments made to company by director
£

At 30 April 2023
£

Mrs V A Jones

Directors' Current Account

12,946

336

13,282

       
     

Mr I C Jones

Directors' Current Account

12,946

336

13,282

       
     

 

Summary of transactions with other related parties

Heyworker Construction Limited is considered to be a related party of IV3 Properties Limited by virtue of common directorship of Mrs Victoria Ann Jones and Mr Ian Calvin Jones.
 As at the balance sheet date the entity owed Heyworker Construction Limited £96,191 (2023: £97,191)