Registered number
03628799
Ideal Properties (UK) Limited
Unaudited Filleted Accounts
30 September 2024
Ideal Properties (UK) Limited
Registered number: 03628799
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,824,672 1,819,990
1,824,672 1,819,990
Current assets
Debtors 4 351,289 271,472
Cash at bank and in hand 4,357 29,581
355,646 301,053
Creditors: amounts falling due within one year 5 (808,366) (709,005)
Net current liabilities (452,720) (407,952)
Total assets less current liabilities 1,371,952 1,412,038
Creditors: amounts falling due after more than one year 6 (245,264) (312,246)
Provisions for liabilities (81,493) (79,722)
Net assets 1,045,195 1,020,070
Capital and reserves
Called up share capital 2 2
Revaluation reserve 543,307 543,307
Profit and loss account 501,886 476,761
Shareholders' funds 1,045,195 1,020,070
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.
Mr. M. Nasar
Director
Approved by the board on 21 February 2025
Ideal Properties (UK) Limited
Notes to the Accounts
for the year ended 30 September 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 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:
Plant and machinery 33% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Motor vehicles 33% reducing balance
Investment Property
Investment property is included at fair value. Gains are recognised in the Income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Investment Property Plant and machinery Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 October 2023 1,815,573 29,295 - 1,844,868
Additions - 7,715 - 7,715
Surplus on revaluation - - - -
Disposals - - - -
At 30 September 2024 1,815,573 37,010 - 1,852,583
Depreciation
At 1 October 2023 - 24,878 - 24,878
Charge for the year - 3,033 - 3,033
Surplus on revaluation - - - -
On disposals - - - -
At 30 September 2024 - 27,911 - 27,911
Net book value
At 30 September 2024 1,815,573 9,099 - 1,824,672
At 30 September 2023 1,815,573 4,417 - 1,819,990
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,193,383 1,193,383
1,193,383 1,193,383
In order to ascertain the fair value of Investment properties and fair value movement of £Nil (2023 £Nil) included in the profit for the year, investment properties are valued by the directors based on similar properties in the locality and reviews conducted on an open market valuation of a freehold basis. They felt the bought forward value reflected this hence there is no change in the current market values.
4 Debtors 2024 2023
£ £
Trade debtors 62,465 49,987
Other debtors 288,824 221,485
351,289 271,472
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 41,276 47,304
Trade creditors 151,244 151,244
Taxation and social security costs 49,510 50,642
Other creditors 566,336 459,815
808,366 709,005
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 245,264 312,246
245,264 312,246
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 168,888 113,054
168,888 113,054
Secured bank loans 283,462 299,578
Security is given against the freehold interest of the investment properties owned by the company.
8 Other information
Ideal Properties (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
121 Dunstable Road
Luton
Bedfordshire
LU1 1BW
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