| REGISTERED NUMBER: |
| Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Ivor King Properties Limited |
| REGISTERED NUMBER: |
| Report of the Directors and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Ivor King Properties Limited |
| Ivor King Properties Limited (Registered number: 07904899) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Report of the Independent Auditors | 3 |
| Income Statement | 6 |
| Other Comprehensive Income | 7 |
| Balance Sheet | 8 |
| Statement of Changes in Equity | 9 |
| Notes to the Financial Statements | 10 |
| Ivor King Properties Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| 4 HRFC Business Centre |
| Leicester Road |
| Hinckley |
| Leicestershire |
| LE10 3DR |
| Ivor King Properties Limited (Registered number: 07904899) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of property management. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| DIRECTORS’ INDEMNITIES |
| As permitted by the Companies Act 2006, the Company has indemnified the directors in respect of proceedings brought by third parties and qualifying third party indemnity insurance was in place throughout the year and up to the date of approval of the financial statements. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Gopsall Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Ivor King Properties Limited |
| Opinion |
| We have audited the financial statements of Ivor King Properties Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
| Report of the Independent Auditors to the Members of |
| Ivor King Properties Limited |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the property and rental sector; |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates set out in note 4 were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC, relevant regulators such as the Health and Safety Executive, and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Ivor King Properties Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| 4 HRFC Business Centre |
| Leicester Road |
| Hinckley |
| Leicestershire |
| LE10 3DR |
| Ivor King Properties Limited (Registered number: 07904899) |
| Income Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER | 5 |
| Administrative expenses |
| OPERATING PROFIT | 7 |
| Gain/(loss) on revaluation of investment property |
(245,000 |
) |
12,664 |
| (31,034 | ) | 164,877 |
| Interest payable and similar expenses | 8 |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 9 | ( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
| Ivor King Properties Limited (Registered number: 07904899) |
| Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME |
| Revaluation gain on transfer to |
| investment property |
| Income tax relating to other comprehensive income |
( |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Ivor King Properties Limited (Registered number: 07904899) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investment property | 11 |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Revaluation reserve | 20 |
| Retained earnings | 20 | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Ivor King Properties Limited (Registered number: 07904899) |
| Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Profit for the year | - | 7,874 | - | 7,874 |
| Other comprehensive income | - | - | 656,045 |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Deficit for the year | - | (115,999 | ) | - | (115,999 | ) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 September 2024 | ( |
) |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Ivor King Properties Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The financial statements have been rounded to the nearest Pound (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
| Basis of preparing the financial statements |
| The financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and building and certain financial assets and liabilities measured at fair value through profit or loss. |
| The preparation of financial statement in conformity with FRS102 requires the use of certain critical accounting estimates. It also required management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statement are disclosed within the notes to the accounts. |
| Going Concern |
| The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of the approval of the financial statements. |
| The company has net current liabilities of £2,975,492 (2023: £2,733,723) and net assets of £581,657(2023: £703,301). Within current liabilities are £2,760,907 (2023: £2,456,354) owed to group undertakings. Other group undertakings have agreed to continue to support the company to meet its liabilities as they fall due. |
| The directors have concluded that there are no material uncertainties about the company's ability to continue as a going concern and they are satisfied that the company has adequate resources to continue to meet its liabilities as they fall due and, therefore, that it remains appropriate to continue to adopt going concern basis of accounting in the preparation of the financial statements. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
| Related party exemption |
| 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. |
| Turnover |
| Revenue from rental income is recognised evenly over the period of rental. |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Depreciation of assets commences once the assets are fit for purpose. |
| The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
| 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. |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument. |
| Cash and cash equivalents |
| These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of |
| three months or less. |
| Debtors |
| Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for |
| estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. |
| 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. |
| The tax rates applied in calculating the deferred tax provision are: |
| Deferred tax on accelerated capital allowances is calculated at 25% (2023 - 25%). |
| Deferred tax on losses is calculated at 25% (2023 - 25%). |
| Deferred tax on other timing differences is calculated at 25% (2023 - 25%). |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| 4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future event's that are believed to be reasonable under the circumstance. |
| Key accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| Useful economic lives of tangible fixed assets |
| The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utlilisation and the physical condition of the asset. The net carrying amount of tangible fixed assets is disclosed in note 10 to the financial statements. |
| Valuation of investment property |
| The directors reassess the fair value of investment property annually using either a qualified surveyor or the directors opinion of the properties' fair values. Investment property has been revalued as at balance sheet date in accordance with the valuation prepared in the year as disclosed in note 11. The valuation prepared in the year was prepared in accordance with the RICS Valuation - Global standards 2024, which as with all property valuations, requires the use of professional judgement and professional estimates. Details of the qualifications of the valuers and the carrying value of investment property are disclosed in note 11 to the financial statements. |
| Transfer from freehold property to investment property |
| During the previous year, the company entered into leases for property that it had previously occupied. Accordingly, it transferred this property from freehold property to investment property. The cost of the land transferred was estimated using the historic cost for the entire site and the area of land subject to lease. As a result, land with cost of £nil (2023: £284,361) and accumulated depreciation of £nil (2023: £27,190) was transferred. The investment property was valued by a qualified surveyor and the increase in value of £nil (2023: £860,165) net of deferred taxation of £nil (2023: £204,120) was taken to the revaluation reserve as shown in note 11. |
| 5. | TURNOVER |
| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| 6. | EMPLOYEES AND DIRECTORS |
| There were no staff costs for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
| The average number of employees during the year was NIL (2023 - NIL). |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Depreciation - owned assets |
| Auditors remuneration is disclosed within the group consolidated financial statements. |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loan interest |
| 9. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax | ( |
) |
| Tax on (loss)/profit | ( |
) |
| UK corporation tax has been charged at 25% (2023 - 25%). |
| Reconciliation of total tax (credit)/charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Utilisation of tax losses |
| Other timing differences | (1,350 | ) | (23,567 | ) |
| Group relief | (13,480 | ) | - |
| Total tax (credit)/charge | (28,730 | ) | 28,906 |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 30 September 2024. |
| 30.9.23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation gain on transfer to | (204,120 | ) | 656,045 |
| investment property |
| 860,165 | (204,120 | ) | 656,045 |
| Deferred tax is analysed in note 18. The timing of the reversal of deferred tax assets and liabilities is uncertain as it depends on uncertain future events. |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Freehold | to | Plant and | and |
| property | property | machinery | fittings | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| All of the company's Freehold Property is used within the group. |
| Tangible fixed assets with a net book value of £4,491,478 (2023: £4,513,215) have been pledged as security for liabilities of the company. These assets have restricted titles. Further details are included in note 16. |
| 11. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| Revaluations | (245,000 | ) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| All investment property is rented outside of the group. |
| In the opinion of the directors the Investment property is stated at its fair value. The directors have used an independent professional valuation dated 7 March 2025 by qualified MRICS valuers of BNP Paribas Real Estate with knowledge of the local and national particular property market and prepared in accordance with the RICS Valuation - Global Standards 2024. Details on the assumptions made and the key sources of estimation uncertainty are given in note 4. |
| The loss on revaluation of Investment property arising of £245,000 (2023: £12,664 gain) has been debited (2023: credited) to the profit and loss for the year. |
| Investment property with a fair value of £1,405,000 (2023: £1,650,000) has been pledged as security for liabilities of the company. Further details are included in note 16. |
| In the prior year, the company transferred freehold property to investment property. The resulting revaluation gain of £860,165 was credited to the revaluation reserve with deferred taxation charged to the revaluation reserve £204,120. |
| All other tangible fixed assets are stated at historical cost less depreciation and impairments. |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | INVESTMENT PROPERTY - continued |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2024 | 1,650,000 |
| Valuation in 2025 | (245,000 | ) |
| 1,405,000 |
| If investment property had not been revalued, it would have been included at the following historical cost: |
| Cost - £648,449, Accumulated Depreciation - £72,258, Net Book Value - £576,191. |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| Lessor - operating leases |
| Minimum lease receipts as they fall due: |
| Non-cancellable operating leases |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year | 411,801 | 441,900 |
| Between one and five years | 1,168,300 | 1,304,101 |
| In more than five years | 296,416 | 572,416 |
| 1,876,517 | 2,318,417 |
| The leases relate to rental of property. |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Trade creditors |
| Amounts owed to group undertakings |
| VAT | 14,221 | 8,443 |
| Other creditors |
| Accruals and deferred income |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans (see note 15) |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 15. | LOANS - continued |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due between two and five years: |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 1,864,633 | 1,996,366 |
| Loans payable by the company are summarised below: |
| - As at 30 September 2024 the balance outstanding relating to initial loan borrowings of £700,000 was £162,294 which is repayable in instalments finishing in October 2025. Interest rate is 3.71% fixed until October 2025. |
| - As at 30 September 2024 the balance outstanding relating to initial loan borrowings of £2,900,000 was £2,472,591 which is repayable in instalments finishing in October 2040. Interest rate is 3.98% fixed until June 2026. |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans |
| Further to the disclosures in notes 10 and 11, HSBC UK Bank plc holds various fixed and floating charges over the property and undertakings of the company. |
| The company is also entered into a cross guarantee in respect of other group companies. |
| Further information in relation to the cross guarantee and charges can be found at Companies House. |
| 17. | FINANCIAL INSTRUMENTS |
| Amortised cost |
| The carrying amount of the company's financial instruments measured at amortised cost are as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Financial liabilities |
| - Loans and borrowings (note 16) | 2,634,885 | 2,885,778 |
| The income, expenses, net gains and net losses attributable to the company's financial instruments measured at amortised cost are summarised as follows: |
| 30.9.24 | 30.9.23 |
| Expense: interest charge |
| Financial liabilities measured at amortised cost (note 8) | 113,695 | 128,097 |
| Details on the loan interest rates and term, and accordingly the exposure of the company to credit risk and interest rate risk, are included in note 15. Details of the loan security are included in note 16. |
| 18. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Tax losses carried forward | ( |
) |
| Other timing differences | 230,259 | 291,509 |
| 238,404 | 267,134 |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 18. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 30 September 2024 |
| Revalued fixed assets are included within Other timing difference totalling £230,259 (2023: £291,509). |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 20. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 October 2023 | 703,201 |
| Deficit for the year | ( |
) | - | ( |
) |
| At 30 September 2024 | ( |
) | 587,202 |
| The revaluation gain on transfer from freehold property to investment property in the year of £nil (2023: £860,165) has been credited to the revaluation reserve with deferred taxation charged to the revaluation reserve of £nil (2023: £204,120) resulting in a net credit of £nil (2023: £656,045). |
| Revaluation reserve |
| The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets on their transfer to investment property net of taxation. |
| Retained Earnings |
| The profit and loss account represents cumulative profits and losses net of dividends and other adjustments |
| 21. | ULTIMATE PARENT COMPANY |
| Ivor King Holdings Limited, registered in England and Wales, is the immediate and ultimate parent company. |
| The smallest and largest group to consolidate these financial statements is Ivor King Holdings Limited. Copies of Ivor King Holdings Limited consolidated financial statements can be obtained from its registered office (Haunchwood Industrial Estate, Galley Common, Nuneaton, Warwickshire, CV10 9SP). |
| 22. | CAPITAL COMMITMENTS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 23. | RELATED PARTY DISCLOSURES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Transfers to related party | 330,000 | - |
| Transferred to another group group | (230,000 | ) | - |
| Repayment by related party | (190,000 | ) | - |
| Amount due from related party |
| Ivor King Properties Limited (Registered number: 07904899) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 23. | RELATED PARTY DISCLOSURES - continued |
| Transfers and balances due to other related parties are transactions with a company under common control. |
| Amount due to related party £nil (2023: £90,000) is included within other creditors. |
| 24. | ULTIMATE CONTROLLING PARTY |
| Ivor King Holdings Limited owns 100% of the issued share capital in Ivor King Properties Limited. |
| Ivor King Holdings Limited is under the control of Mr I H King. |