Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31true1false2023-08-01Property development3falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13488215 2023-08-01 2024-07-31 13488215 2022-08-01 2023-07-31 13488215 2024-07-31 13488215 2023-07-31 13488215 c:Director1 2023-08-01 2024-07-31 13488215 d:MotorVehicles 2023-08-01 2024-07-31 13488215 d:MotorVehicles 2024-07-31 13488215 d:MotorVehicles 2023-07-31 13488215 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 13488215 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 13488215 d:CurrentFinancialInstruments 2024-07-31 13488215 d:CurrentFinancialInstruments 2023-07-31 13488215 d:Non-currentFinancialInstruments 2024-07-31 13488215 d:Non-currentFinancialInstruments 2023-07-31 13488215 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 13488215 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 13488215 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 13488215 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 13488215 d:ShareCapital 2024-07-31 13488215 d:ShareCapital 2023-07-31 13488215 d:RetainedEarningsAccumulatedLosses 2024-07-31 13488215 d:RetainedEarningsAccumulatedLosses 2023-07-31 13488215 c:FRS102 2023-08-01 2024-07-31 13488215 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 13488215 c:FullAccounts 2023-08-01 2024-07-31 13488215 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 13488215 d:HirePurchaseContracts d:WithinOneYear 2024-07-31 13488215 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 13488215 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-07-31 13488215 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 13488215 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-07-31 13488215 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-31 13488215 d:LeasedAssetsHeldAsLessee 2024-07-31 13488215 d:LeasedAssetsHeldAsLessee 2023-07-31 13488215 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 13488215









IGNITE PROPERTY GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
IGNITE PROPERTY GROUP LIMITED
REGISTERED NUMBER: 13488215

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,957
12,849

  
22,957
12,849

Current assets
  

Stocks
 5 
356,875
331,875

Debtors: amounts falling due within one year
 6 
7,826
3,877

Cash at bank and in hand
 7 
8,431
37,114

  
373,132
372,866

Creditors: amounts falling due within one year
 8 
(392,889)
(376,148)

Net current liabilities
  
 
 
(19,757)
 
 
(3,282)

Total assets less current liabilities
  
3,200
9,567

Creditors: amounts falling due after more than one year
 9 
(10,518)
(9,557)

  

Net (liabilities)/assets
  
(7,318)
10


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(7,328)
-

  
(7,318)
10


Page 1

 
IGNITE PROPERTY GROUP LIMITED
REGISTERED NUMBER: 13488215
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2025.




................................................
Jack Cezair
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
IGNITE PROPERTY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Ignite Property Group Limited is a private company, incorporated in England and Wales, limited by its share capital.  The principal activity of the Company is property development and surveying.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis. This assumes the continued support of the director which he has pledged for the foreseeable future. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
IGNITE PROPERTY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
IGNITE PROPERTY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
IGNITE PROPERTY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
62,312
12,128

Cost of defined contribution scheme
2,278
-

64,590
12,128


The average monthly number of employees, including directors, during the year was 3 (2023 - 1).


4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 August 2023
21,640


Additions
17,760



At 31 July 2024

39,400



Depreciation


At 1 August 2023
8,791


Charge for the year on owned assets
3,212


Charge for the year on financed assets
4,440



At 31 July 2024

16,443



Net book value



At 31 July 2024
22,957



At 31 July 2023
12,849

Page 6

 
IGNITE PROPERTY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
13,320
-

13,320
-


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
356,875
331,875

356,875
331,875



6.


Debtors

2024
2023
£
£


Trade debtors
5,341
350

Other debtors
43
-

Prepayments and accrued income
2,442
3,527

7,826
3,877



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,431
37,114

8,431
37,114


Page 7

 
IGNITE PROPERTY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
1,613
849

Trade creditors
72
-

Corporation tax
-
43

Other taxation and social security
8,710
-

Obligations under finance lease and hire purchase contracts
7,304
5,099

Other creditors
373,235
368,897

Accruals and deferred income
1,955
1,260

392,889
376,148



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
10,518
9,557

10,518
9,557



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
7,304
5,099

Between 1-5 years
10,518
9,577

17,822
14,676


11.


Controlling party

The Company is controlled by the director, Jack Cezair, by virtue of his shareholding, as described in the Director's report.

 
Page 8