| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 September 2024 |
| for |
| IP PROPERTY RENTALS LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 September 2024 |
| for |
| IP PROPERTY RENTALS LIMITED |
| IP PROPERTY RENTALS LIMITED (REGISTERED NUMBER: 06451247) |
| Contents of the Financial Statements |
| for the Year Ended 28 September 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| IP PROPERTY RENTALS LIMITED |
| Company Information |
| for the Year Ended 28 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Accountants & Tax Advisors |
| 573 Chester Road |
| Sutton Coldfield |
| West Midlands |
| B73 5HU |
| BANKERS: |
| 2 Hagley Road |
| Halesowen |
| B63 4RQ |
| IP PROPERTY RENTALS LIMITED (REGISTERED NUMBER: 06451247) |
| Statement of Financial Position |
| 28 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Revaluation reserve | 13 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| IP PROPERTY RENTALS LIMITED (REGISTERED NUMBER: 06451247) |
| Statement of Financial Position - continued |
| 28 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| IP PROPERTY RENTALS LIMITED (REGISTERED NUMBER: 06451247) |
| Notes to the Financial Statements |
| for the Year Ended 28 September 2024 |
| 1. | STATUTORY INFORMATION |
| IP Property Rentals Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents rents receivable. |
| Tangible fixed assets |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 29 September 2023 |
| and 28 September 2024 |
| DEPRECIATION |
| At 29 September 2023 |
| Charge for year |
| At 28 September 2024 |
| NET BOOK VALUE |
| At 28 September 2024 |
| At 28 September 2023 |
| IP PROPERTY RENTALS LIMITED (REGISTERED NUMBER: 06451247) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 September 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 29 September 2023 |
| and 28 September 2024 |
| NET BOOK VALUE |
| At 28 September 2024 |
| At 28 September 2023 |
| Fair value at 28 September 2024 is represented by: |
| £ |
| Valuation in 2008 | 65,000 |
| Valuation in 2016 | 1,595,000 |
| Valuation in 2017 | 611,166 |
| Cost | 5,190,834 |
| 7,462,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 5,190,834 | 5,190,834 |
| Investment property was valued on an open market basis on 28 September 2017 by the directors . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Tax |
| Social security and other taxes |
| Directors' current accounts | 230,105 | 192,040 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 9) |
| IP PROPERTY RENTALS LIMITED (REGISTERED NUMBER: 06451247) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 September 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 3,426,485 | 3,450,673 |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 3,426,485 | 3,450,673 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The company's bank loans are secured on company investment property. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 29 September 2023 |
| Provided during year | ( |
) |
| Balance at 28 September 2024 |
| IP PROPERTY RENTALS LIMITED (REGISTERED NUMBER: 06451247) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 September 2024 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 13. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 29 September 2023 | 3,808,162 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 28 September 2024 | 3,752,180 |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company is under the direct control of Mr D Pearson and Mr D Irons, company directors, via their shareholdings in IP Holding (Midlands) Limited. |