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REGISTERED NUMBER: 07904899 (England and Wales)















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: S M King
I King
A J King





REGISTERED OFFICE: Haunchwood Park Industrial Estate
Galley Common
Nuneaton
CV10 9SP





REGISTERED NUMBER: 07904899 (England and Wales)





AUDITORS: Gopsall Audit Services Limited
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.

S M King
I King
A J King

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:





S M King - Director


25 June 2025

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.




Peter White (Senior Statutory Auditor)
for and on behalf of Gopsall Audit Services Limited
Chartered Accountants
Statutory Auditor
4 HRFC Business Centre
Leicester Road
Hinckley
Leicestershire
LE10 3DR

25 June 2025

Ivor King Properties Limited (Registered number: 07904899)

Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 5 513,805 468,105

Administrative expenses 299,839 315,892
OPERATING PROFIT 7 213,966 152,213

Gain/(loss) on revaluation of investment
property

(245,000

)

12,664
(31,034 ) 164,877

Interest payable and similar expenses 8 113,695 128,097
(LOSS)/PROFIT BEFORE TAXATION (144,729 ) 36,780

Tax on (loss)/profit 9 (28,730 ) 28,906
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (115,999 ) 7,874

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 (115,999 ) 7,874


OTHER COMPREHENSIVE INCOME
Revaluation gain on transfer to - 860,165
investment property
Income tax relating to other comprehensive
income

-

(204,120

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

656,045
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(115,999

)

663,919

Ivor King Properties Limited (Registered number: 07904899)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 4,769,611 4,689,041
Investment property 11 1,405,000 1,650,000
6,174,611 6,339,041

CURRENT ASSETS
Debtors 12 70,607 47,999
Cash at bank 31,888 59,647
102,495 107,646
CREDITORS
Amounts falling due within one year 13 3,077,987 2,841,369
NET CURRENT LIABILITIES (2,975,492 ) (2,733,723 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,199,119

3,605,318

CREDITORS
Amounts falling due after more than one
year

14

(2,373,413

)

(2,634,883

)

PROVISIONS FOR LIABILITIES 18 (238,404 ) (267,134 )
NET ASSETS 587,302 703,301

CAPITAL AND RESERVES
Called up share capital 19 100 100
Revaluation reserve 20 656,045 656,045
Retained earnings 20 (68,843 ) 47,156
SHAREHOLDERS' FUNDS 587,302 703,301

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





S M King - Director


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 100 39,282 - 39,382

Changes in equity
Profit for the year - 7,874 - 7,874
Other comprehensive income - - 656,045 656,045
Total comprehensive income - 7,874 656,045 663,919
Balance at 30 September 2023 100 47,156 656,045 703,301

Changes in equity
Deficit for the year - (115,999 ) - (115,999 )
Total comprehensive income - (115,999 ) - (115,999 )
Balance at 30 September 2024 100 (68,843 ) 656,045 587,302

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on reducing balance
Improvements to property - 15% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance

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
£    £   
Rent 513,805 468,105
513,805 468,105

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 96,230 79,416

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 113,695 128,097

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 (28,730 ) 28,906
Tax on (loss)/profit (28,730 ) 28,906

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 (144,729 ) 36,780
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

(36,182

)

9,195

Effects of:
Expenses not deductible for tax purposes 661 -
Depreciation in excess of capital allowances 21,621 2,672
Utilisation of tax losses - 40,606
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 860,165 (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 4,680,450 127,530 46,970 35,244 4,890,194
Additions 23,631 125,629 - 27,540 176,800
At 30 September 2024 4,704,081 253,159 46,970 62,784 5,066,994
DEPRECIATION
At 1 October 2023 167,235 19,130 9,828 4,960 201,153
Charge for year 45,368 35,104 7,428 8,330 96,230
At 30 September 2024 212,603 54,234 17,256 13,290 297,383
NET BOOK VALUE
At 30 September 2024 4,491,478 198,925 29,714 49,494 4,769,611
At 30 September 2023 4,513,215 108,400 37,142 30,284 4,689,041

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 1,650,000
Revaluations (245,000 )
At 30 September 2024 1,405,000
NET BOOK VALUE
At 30 September 2024 1,405,000
At 30 September 2023 1,650,000

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 8,320 6,768
Prepayments and accrued income 62,287 41,231
70,607 47,999

Lessor - operating leases

Minimum lease receipts as they fall due:
Non-cancellable operating leases
30.9.2430.9.23
£   £   
Within one year 411,801441,900
Between one and five years 1,168,3001,304,101
In more than five years 296,416572,416

1,876,5172,318,417

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) 261,472 250,895
Trade creditors 33,455 32,614
Amounts owed to group undertakings 2,760,907 2,456,354
VAT 14,221 8,443
Other creditors - 90,000
Accruals and deferred income 7,932 3,063
3,077,987 2,841,369

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans (see note 15) 2,373,413 2,634,883

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 261,472 250,895

Amounts falling due between one and two years:
Bank loans 129,203 261,472

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 379,577 377,045

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 2,634,885 2,885,778

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 8,145 9,342
Tax losses carried forward - (33,717 )
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 267,134
Credit to Income Statement during year (28,730 )
Balance at 30 September 2024 238,404

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: £    £   
100 Ordinary £1 100 100

20. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2023 47,156 656,045 703,201
Deficit for the year (115,999 ) - (115,999 )
At 30 September 2024 (68,843 ) 656,045 587,202

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 58,705 -

23. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
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 - 90,000

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

Other related parties

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.