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REGISTERED NUMBER: 00042434 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 DECEMBER 2024

FOR

ILIFFE PROPERTIES LIMITED

ILIFFE PROPERTIES LIMITED (REGISTERED NUMBER: 00042434)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


ILIFFE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 24 DECEMBER 2024







DIRECTORS: Mr Q J Sprague
Mr J Weller
Mr S Moorhouse





SECRETARY: Mr S B Kimm FCCA





REGISTERED OFFICE: 18 Pall Mall
London
SW1Y 5LU





REGISTERED NUMBER: 00042434 (England and Wales)





ACCOUNTANTS: Ellis Atkins
Chartered Accountants
Constable Court
62 Dene Street
Dorking
Surrey
RH4 2DP

ILIFFE PROPERTIES LIMITED (REGISTERED NUMBER: 00042434)

ABRIDGED BALANCE SHEET
24 DECEMBER 2024

24/12/24 24/12/23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 73,887,595 73,887,595
Investment property 5 1,929,200 1,896,500
75,816,795 75,784,095

CURRENT ASSETS
Debtors 3,472,738 3,343,769
Cash at bank and in hand 755,364 4,311,640
4,228,102 7,655,409
CREDITORS
Amounts falling due within one year 2,438,942 4,237,360
NET CURRENT ASSETS 1,789,160 3,418,049
TOTAL ASSETS LESS CURRENT
LIABILITIES

77,605,955

79,202,144

PROVISIONS FOR LIABILITIES 122,540 116,865
NET ASSETS 77,483,415 79,085,279

CAPITAL AND RESERVES
Called up share capital 170,000 170,000
Share premium 13,500 13,500
Fair value reserve 6 971,252 944,227
Non distributable reserve 73,001,107 73,001,107
Retained earnings 3,327,556 4,956,445
SHAREHOLDERS' FUNDS 77,483,415 79,085,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 24 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ILIFFE PROPERTIES LIMITED (REGISTERED NUMBER: 00042434)

ABRIDGED BALANCE SHEET - continued
24 DECEMBER 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 24 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:




Mr Q J Sprague - Director



Mr J Weller - Director


ILIFFE PROPERTIES LIMITED (REGISTERED NUMBER: 00042434)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2024

1. STATUTORY INFORMATION

Iliffe Properties 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover comprises amounts receivable for rents and services charged to tenants, excluding value added tax.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Rent deposits
Where rent deposits are held in separately designated bank accounts, the money held is not treated as an asset of the company and consequently neither is the matching liability recognised.

Service charge reserves and sinking funds
Where service charge reserves or sinking funds are maintained for particular properties, these are treated as if they are held on trust for the tenants in separately designated bank accounts. The money held is not treated as an asset of the company and consequently neither is the matching reserve recognised as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

ILIFFE PROPERTIES LIMITED (REGISTERED NUMBER: 00042434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 24 DECEMBER 2024

4. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 25 December 2023
and 24 December 2024 73,612,595
NET BOOK VALUE
At 24 December 2024 73,612,595
At 24 December 2023 73,612,595

Investments (neither listed nor unlisted) were as follows:
24/12/24 24/12/23
£    £   
Artwork 275,000 275,000

Fixed asset investments relates to investments in group companies and artwork held.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 25 December 2023 1,896,500
Revaluations 32,700
At 24 December 2024 1,929,200
NET BOOK VALUE
At 24 December 2024 1,929,200
At 24 December 2023 1,896,500

Fair value at 24 December 2024 is represented by:
£   
Valuation in 2023 1,061,093
Valuation in 2024 32,700
Cost 835,407
1,929,200

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

24/12/24 24/12/23
£    £   
Cost 835,407 835,407

Land and commercial properties were valued on an open market basis basis on 24 December 2024 by White & Sons .

ILIFFE PROPERTIES LIMITED (REGISTERED NUMBER: 00042434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 24 DECEMBER 2024

6. RESERVES
Fair
value
reserve
£   
At 25 December 2023 944,227
Transfer between reserves 27,025

At 24 December 2024 971,252

The movement between retained earnings and the fair value reserve represents the unrealised gain/loss on revaluation after adjusting for deferred tax. The fair value reserve is not distributable.

The non distributable reserve represents the gain/loss on the sale of investment property to a subsidiary company in exchange for share capital. The reserve is not distributable profit.

7. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the I Jersey Settlement Trust.