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COMPANY REGISTRATION NUMBER: 09600341
IGP Properties Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
IGP Properties Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
IGP Properties Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of IGP Properties Limited
Year ended 31 May 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
29 May 2025
IGP Properties Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
416,405
408,992
Current assets
Debtors
6
24,035
334,812
Cash at bank and in hand
3,090
33,685
--------
---------
27,125
368,497
Creditors: amounts falling due within one year
7
80,810
611,798
--------
---------
Net current liabilities
53,685
243,301
---------
---------
Total assets less current liabilities
362,720
165,691
Provisions
Taxation including deferred tax
( 1,633)
347
---------
---------
Net assets
364,353
165,344
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
364,253
165,244
---------
---------
Shareholders funds
364,353
165,344
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
IGP Properties Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
Mr C A Griffin
Director
Company registration number: 09600341
IGP Properties Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pen Y Bryn Barns, Llanmaes, Vale Of Glamorgan, CF61 2XR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Joint ventures
Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future and conclude that the company has adequate resources to to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover represents the rental income received on the investment properties on a straight line basis over the lease term. Interest received is recognised using the effective interest method on loans issued to joint ventures.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
20% straight line
Investment property
Investment property 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost
At 1 June 2023
407,167
5,960
413,127
Additions
8,004
8,004
---------
-------
---------
At 31 May 2024
415,171
5,960
421,131
---------
-------
---------
Depreciation
At 1 June 2023
4,135
4,135
Charge for the year
591
591
---------
-------
---------
At 31 May 2024
4,726
4,726
---------
-------
---------
Carrying amount
At 31 May 2024
415,171
1,234
416,405
---------
-------
---------
At 31 May 2023
407,167
1,825
408,992
---------
-------
---------
At the year end the fair value of the investment property, determined by the company director was £416,405. There was no surplus on revaluation to be credited to the profit and loss.
6. Debtors
2024
2023
£
£
Other debtors
24,035
334,812
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
342
1,832
Social security and other taxes
40,744
2,165
Other creditors
39,724
607,801
--------
---------
80,810
611,798
--------
---------
8. Related party transactions
Included within creditors is a balance owed to the directors of £36,664 (2023: £602,772). There are no fixed terms of repayment or interest charged.