Registered number
04375536
Ipex Properties Limited
Filleted Accounts
29 February 2024
Ipex Properties Limited
Registered number: 04375536
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 339,913 339,913
Current assets
Debtors 4 430 302
Cash at bank and in hand 3,719 8,802
4,149 9,104
Creditors: amounts falling due within one year 5 (85,000) (86,435)
Net current liabilities (80,851) (77,331)
Total assets less current liabilities 259,062 262,582
Creditors: amounts falling due after more than one year 6 (55,619) (67,719)
Net assets 203,443 194,863
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 163,050 163,050
Profit and loss account 40,293 31,713
Shareholders' funds 203,443 194,863
The director is 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 director acknowledges her 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.
Mrs J S Shafi
Director
Approved by the board on 10 June 2025
Ipex Properties Limited
Notes to the Accounts
for the year ended 29 February 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.
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 0% straightline method
Equipment 25% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 365,000
At 29 February 2024 365,000
Depreciation
At 1 March 2023 25,087
At 29 February 2024 25,087
Net book value
At 29 February 2024 339,913
At 28 February 2023 339,913
Freehold land and buildings: 2024 2023
£ £
Historical cost 201,950 201,950
Cumulative depreciation based on historical cost 25,087 25,087
176,863 176,863
4 Debtors 2024 2023
£ £
Other debtors 430 302
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 25,000 25,000
Trade creditors 2,600 1,315
Taxation and social security costs 8,732 6,443
Other creditors 48,668 53,677
85,000 86,435
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 55,619 67,719
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 53,719 65,819
Bank loan is secured against company property assets
8 Revaluation reserve 2024 2023
£ £
At 1 March 2023 163,050 163,050
At 29 February 2024 163,050 163,050
9 Other information
Ipex Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
28 Brabazon Road
Oadby
Leicester
LE2 5HB
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