2023-04-032024-04-302024-04-30false14775418IDEAL PROPERTY DITCHLING RD 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IDEAL PROPERTY DITCHLING RD LTD

Registered Number
14775418
(England and Wales)

Unaudited Financial Statements for the Period ended
30 April 2024

IDEAL PROPERTY DITCHLING RD LTD
Company Information
for the period from 3 April 2023 to 30 April 2024

Directors

NEWITT, Clive
NEWITT, Deborah Louise
IDEAL PROPERTY SUSSEX LTD

Registered Address

56 West Street
Shoreham-By-Sea
BN43 5WG

Registered Number

14775418 (England and Wales)
IDEAL PROPERTY DITCHLING RD LTD
Balance Sheet as at
30 April 2024

Notes

2024

£

£

Fixed assets
Tangible assets312,422
Investment property41,275,000
1,287,422
Current assets
Debtors514,022
14,022
Creditors amounts falling due within one year6(4,937)
Net current assets (liabilities)9,085
Total assets less current liabilities1,296,507
Creditors amounts falling due after one year7(1,023,187)
Provisions for liabilities10(65,200)
Net assets208,120
Capital and reserves
Called up share capital100
Revaluation reserve285,788
Profit and loss account(77,768)
Shareholders' funds11208,120
The financial statements were approved and authorised for issue by the Board of Directors on 10 February 2025, and are signed on its behalf by:
NEWITT, Clive
Director
Registered Company No. 14775418
IDEAL PROPERTY DITCHLING RD LTD
Notes to the Financial Statements
for the period ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
2.Average number of employees

2024
Average number of employees during the year2
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
Additions16,46816,468
At 30 April 2416,46816,468
Depreciation and impairment
Charge for year4,0464,046
At 30 April 244,0464,046
Net book value
At 30 April 2412,42212,422
At 02 April 23--
4.Investment property
The directors valued the property on 30 April 2024 on an open market valuation basis. The historic cost of the investment property is £924,012.

£
Additions924,012
Fair value adjustments350,988
At 30 April 241,275,000
5.Debtors: amounts due within one year

2024

£
Amounts owed by group undertakings2,668
Prepayments and accrued income11,354
Total14,022
6.Creditors: amounts due within one year

2024

£
Accrued liabilities and deferred income4,937
Total4,937
7.Creditors: amounts due after one year

2024

£
Bank borrowings and overdrafts1,023,187
Total1,023,187
8.Creditors: amounts due after 5 years
The bank loan of £1,023,187 included in creditors due after one year is repayable in 25 years and interest only.
9.Secured creditors
The loan of £1,023,187 included in Creditors: amounts due after oner year is secured on the four leasehold flats included in Investment Property at £1,275,000. The directors have also provided personal guarantees to the bank.
10.Provisions for liabilities

2024

£
Net deferred tax liability (asset)65,200
Total65,200
11.Revaluation reserve

£
Revaluations of plant, property and equipment350,988
Deferred Tax on Revaluations(65,200)
At 30 April 24285,788
12.Parent-subsidiary relationships
The company is a 100% subsidiary of Ideal Property Sussex, a company in which Mr. and Mrs. C Newitt are also directors and shareholders. During the period, the company purchased four leasehold flats from Ideal Property Sussex Ltd. for £924,012. As the transfer was property within a group, it was at no gain or loss. Included in other debtors is £2,668 owed by Ideal Property Sussex Limited.