Registered number
12109531
IT Properties Limited
Filleted Accounts
31 July 2024
IT Properties Limited
Registered number: 12109531
Balance Sheet
as at 31 July 2024
Notes 2024
£
Fixed assets
Intangible assets 4 337,222
Tangible assets 5 -
Investments 6 -
337,222
Current assets
Stocks -
Debtors 7 -
Investments held as current assets 8 -
Cash at bank and in hand 100
100
Creditors: amounts falling due within one year 9 (337,222)
Net current liabilities (337,122)
Total assets less current liabilities 100
Creditors: amounts falling due after more than one year 10 -
Provisions for liabilities -
Net assets 100
Capital and reserves
Called up share capital -
Share premium 100
Revaluation reserve 12 -
Profit and loss account -
Shareholders' funds 100
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tahir Afsar & Imran Hamid
Director
Approved by the board on 29 April 2025
IT Properties Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3 Employees 2024
Number
Average number of persons employed by the company 0
4 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 -
Additions 337,222
Disposals -
At 31 July 2024 337,222
Amortisation
At 1 August 2023 -
Provided during the year -
On disposals -
At 31 July 2024 -
Net book value
At 31 July 2024 337,222
At 31 July 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 - - - -
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 31 July 2024 - - - -
Depreciation
At 1 August 2023 - - - -
Charge for the year - - - -
Surplus on revaluation - - - -
On disposals - - - -
At 31 July 2024 - - - -
Net book value
At 31 July 2024 - - - -
At 31 July 2023 - - - -
Freehold land and buildings: 2024
£
Historical cost -
Cumulative depreciation based on historical cost -
-
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 August 2023 - - -
Additions - - -
Revaluation - - -
Disposals - - -
At 31 July 2024 - - -
Historical cost
At 1 August 2023 - -
At 31 July 2024 - -
[For revalued investments, see FRS 102 paragraphs 1AC.15, 1AC.22 and 1AC.23 for disclosures]
7 Debtors 2024
£
Trade debtors -
Amounts owed by group undertakings and undertakings in which the company has a participating interest -
Deferred tax asset -
Other debtors -
-
Amounts due after more than one year included above -
8 Investments held as current assets 2024
£
Fair value
Listed investments -
Unlisted investments -
-
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments -
Unlisted investments -
-
[For revalued investments, see FRS 102 paragraphs 1AC.22 and 1AC.23 for disclosures]
9 Creditors: amounts falling due within one year 2024
£
Non-equity preference shares -
Bank loans and overdrafts 337,222
Obligations under finance lease and hire purchase contracts -
Trade creditors -
Amounts owed to group undertakings and undertakings in which the company has a participating interest -
Taxation and social security costs -
Other creditors -
337,222
10 Creditors: amounts falling due after one year 2024
£
Non-equity preference shares -
Bank loans -
Obligations under finance lease and hire purchase contracts -
Trade creditors -
Amounts owed to group undertakings and undertakings in which the company has a participating interest -
Other creditors -
-
11 Loans 2024
£
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years -
Instalments falling due for payment after more than five years -
-
Secured bank loans -
[Give an indication of the nature and form of the security for the bank loans]
12 Revaluation reserve 2024
£
At 1 August 2023 -
Gain on revaluation of land and buildings -
Deferred taxation arising on the revaluation of land and buildings -
At 31 July 2024 -
13 Events after the reporting date
14 Capital commitments 2024
£
Amounts contracted for but not provided in the accounts -
15 Pension commitments
16 Other financial commitments 2024
£
Total future minimum payments under non-cancellable operating leases -
17 Contingent liabilities
18 Off-balance sheet arrangements
19 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Tahir Afsar & Imran Hamid
[Loan 1] - - - -
[Loan 2] - - - -
#REF!
[Loan 1] - - - -
[Loan 2] - - - -
#REF!
[Loan 1] - - - -
[Loan 2] - - - -
#REF!
[Loan 1] - - - -
[Loan 2] - - - -
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[Loan 1] - - - -
[Loan 2] - - - -
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[Loan 1] - - - -
[Loan 2] - - - -
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[Loan 1] - - - -
[Loan 2] - - - -
#REF!
[Loan 1] - - - -
[Loan 2] - - - -
#REF!
[Loan 1] - - - -
[Loan 2] - - - -
- - - -
20 Guarantees made by the company on behalf of directors
Main terms Maximum Amount paid
liability and incurred
£ £
Tahir Afsar & Imran Hamid
[Guarantee 1] - -
[Guarantee 2] - -
#REF!
[Guarantee 1] - -
[Guarantee 2] - -
#REF!
[Guarantee 1] - -
[Guarantee 2] - -
#REF!
[Guarantee 1] - -
[Guarantee 2] - -
#REF!
[Guarantee 1] - -
[Guarantee 2] - -
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[Guarantee 1] - -
[Guarantee 2] - -
#REF!
[Guarantee 1] - -
[Guarantee 2] - -
#REF!
[Guarantee 1] - -
[Guarantee 2] - -
#REF!
[Guarantee 1] - -
[Guarantee 2] - -
- -
21 Related party transactions
22 Controlling party
23 Other information
IT Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
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