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REGISTERED NUMBER: 01061325 (England and Wales)



















IN-SITU ESTATES LIMITED

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Report of the Director 2

Profit and Loss Account 3

Balance Sheet 4 to 5

Notes to the Financial Statements 6 to 9


IN-SITU ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr C D Schlaff





SECRETARY: Mrs I F Z Schlaff





REGISTERED OFFICE: First Floor
94 Stamford Hill
London
N16 6XS





REGISTERED NUMBER: 01061325 (England and Wales)





ACCOUNTANTS: Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS

IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

DIRECTOR
Mr C D Schlaff held office during the whole of the period from 1 April 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr C D Schlaff - Director


7 March 2025

IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 96,259 96,309

Cost of sales 27,675 28,740
GROSS PROFIT 68,584 67,569

Administrative expenses 29,797 15,636
OPERATING PROFIT 38,787 51,933

Gain/loss on revaluation of investment
property

500,000

-
538,787 51,933

Interest payable and similar expenses 38,813 26,431
PROFIT BEFORE TAXATION 499,974 25,502

Tax on profit 5 125,033 4,845
PROFIT FOR THE FINANCIAL YEAR 374,941 20,657

IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 6 2,000,000 1,500,000

CURRENT ASSETS
Debtors 7 395,366 396,591
Cash at bank 17,732 6,408
413,098 402,999
CREDITORS
Amounts falling due within one year 8 1,218,765 729,607
NET CURRENT LIABILITIES (805,667 ) (326,608 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,194,333

1,173,392

CREDITORS
Amounts falling due after more than one
year

9

-

(479,000

)

PROVISIONS FOR LIABILITIES 11 (427,928 ) (302,928 )
NET ASSETS 766,405 391,464

CAPITAL AND RESERVES
Called up share capital 4 4
Fair value reserve 12 1,388,786 1,013,786
Retained earnings (622,385 ) (622,326 )
SHAREHOLDERS' FUNDS 766,405 391,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)

BALANCE SHEET - continued
31 MARCH 2024


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

The financial statements were approved by the director and authorised for issue on 7 March 2025 and were signed by:





Mr C D Schlaff - Director


IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

In-Situ Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio. Rental income is accounted for on an accruals basis.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 33 4,845

Deferred tax 125,000 -
Tax on profit 125,033 4,845

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,500,000
Revaluations 500,000
At 31 March 2024 2,000,000
NET BOOK VALUE
At 31 March 2024 2,000,000
At 31 March 2023 1,500,000

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's director who is considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 31 March 2024 is £183,287.

IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,181 2,406
Other debtors 394,185 394,185
395,366 396,591

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 479,000 24,000
Amounts owed to group undertakings 144,343 144,343
Taxation and social security 6,553 10,683
Other creditors 588,869 550,581
1,218,765 729,607

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 479,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 479,000 503,000

The bank loans are secured by legal charges over the company's investment properties.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 427,928 302,928

Deferred
tax
£   
Balance at 1 April 2023 302,928
Charge to Profit and Loss Account during year 125,000
Balance at 31 March 2024 427,928

Deferred tax arises from the revaluation of investment properties.

IN-SITU ESTATES LIMITED (REGISTERED NUMBER: 01061325)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. RESERVES
Fair
value
reserve
£   
At 1 April 2023 1,013,786
Gains/(Losses) on fair value adjustment 500,000
Transfer deferred tax from retained
earnings

(125,000

)


At 31 March 2024 1,388,786

13. RELATED PARTY DISCLOSURES

Other debtors include amounts aggregating £81,170 (2023: £81,170) due from related companies under common control.

Other creditors include amounts aggregating £263,078 (2023: £259,442) due to related companies under common control.

14. CONTROLLING PARTY

The company is a subsidiary of Wychdale Limited, a charitable company incorporated in the United Kingdom.