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Company No: 11029864 (England and Wales)

123 PROPERTIES LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

123 PROPERTIES LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

123 PROPERTIES LTD

COMPANY INFORMATION

For the financial year ended 31 October 2024
123 PROPERTIES LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2024
DIRECTORS Howard Antony Chaplin
Luke Chaplin
REGISTERED OFFICE Treviot House
186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 11029864 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
123 PROPERTIES LTD

BALANCE SHEET

As at 31 October 2024
123 PROPERTIES LTD

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,156,320 1,038,490
1,156,320 1,038,490
Current assets
Debtors 4 6,356 6,440
Cash at bank and in hand 13,692 23,558
20,048 29,998
Creditors: amounts falling due within one year 5 ( 488,124) ( 376,201)
Net current liabilities (468,076) (346,203)
Total assets less current liabilities 688,244 692,287
Creditors: amounts falling due after more than one year 6 ( 531,470) ( 599,126)
Provision for liabilities 7 ( 29,758) ( 21,208)
Net assets 127,016 71,953
Capital and reserves
Called-up share capital 2 2
Fair value reserve 127,660 91,210
Profit and loss account ( 646 ) ( 19,259 )
Total shareholders' funds 127,016 71,953

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of 123 Properties Ltd (registered number: 11029864) were approved and authorised for issue by the Board of Directors on 11 March 2025. They were signed on its behalf by:

Howard Antony Chaplin
Director
123 PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
123 PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the total invoice value of rent receivable during the year.

Taxation


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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 November 2023 1,038,490
Additions 72,830
Fair value movement 45,000
As at 31 October 2024 1,156,320

Historic cost

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Historic cost 976,910 904,080

The investment property was valued on a fair value basis on 31 October 2024 by the directors.

4. Debtors

2024 2023
£ £
Trade debtors 0 1,598
Other debtors 6,356 4,842
6,356 6,440

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 40,812 23,254
Trade creditors 0 3,290
Amounts owed to Group undertakings 423,284 331,463
Other creditors 24,028 18,194
488,124 376,201

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 519,591 576,122
Other creditors 11,879 23,004
531,470 599,126

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 21,208) ( 25,538)
(Charged)/credited to the Profit and Loss Account ( 8,550) 4,330
At the end of financial year ( 29,758) ( 21,208)

8. SECURED DEBTS

2024 2023
£ £
Bank Loans 560,403 599,376

Bank loans are secured on Investment Properties held within the company.