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REGISTERED NUMBER: 06451247 (England and Wales)
























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: D C Irons
D J Pearson



SECRETARY: D C Irons



REGISTERED OFFICE: 573 Chester Road
Sutton Coldfield
West Midlands
B735HU



REGISTERED NUMBER: 06451247 (England and Wales)



ACCOUNTANTS: A K Papadamou & Co
Accountants & Tax Advisors
573 Chester Road
Sutton Coldfield
West Midlands
B73 5HU



BANKERS: Natwest
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 2,392 2,990
Investment property 5 7,462,000 7,462,000
7,464,392 7,464,990

CURRENT ASSETS
Debtors 6 10,129 16,827
Cash at bank 39,467 64,195
49,596 81,022
CREDITORS
Amounts falling due within one year 7 281,595 242,231
NET CURRENT LIABILITIES (231,999 ) (161,209 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,232,393

7,303,781

CREDITORS
Amounts falling due after more than one
year

8

(3,478,759

)

(3,494,051

)

PROVISIONS FOR LIABILITIES 11 (454 ) (568 )
NET ASSETS 3,753,180 3,809,162

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Revaluation reserve 13 1,921,166 1,921,166
Retained earnings 13 1,831,014 1,886,996
SHAREHOLDERS' FUNDS 3,753,180 3,809,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:





D C Irons - Director


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 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 29 September 2023
and 28 September 2024 13,203
DEPRECIATION
At 29 September 2023 10,213
Charge for year 598
At 28 September 2024 10,811
NET BOOK VALUE
At 28 September 2024 2,392
At 28 September 2023 2,990

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 7,462,000
NET BOOK VALUE
At 28 September 2024 7,462,000
At 28 September 2023 7,462,000

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 9,129 9,129
Other debtors 1,000 7,698
10,129 16,827

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 13,068 10,844
Tax 36,582 37,821
Social security and other taxes 314 -
Directors' current accounts 230,105 192,040
Accrued expenses 1,526 1,526
281,595 242,231

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 3,478,759 3,494,051

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 13,068 10,844

Amounts falling due between two and five years:
Bank loans - 2-5 years 52,274 43,378

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 3,491,827 3,504,895

The company's bank loans are secured on company investment property.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 454 568

Deferred
tax
£   
Balance at 29 September 2023 568
Provided during year (114 )
Balance at 28 September 2024 454

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: £    £   
1,000 Ordinary £1 1,000 1,000

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 29 September 2023 1,886,996 1,921,166 3,808,162
Profit for the year 88,018 88,018
Dividends (144,000 ) (144,000 )
At 28 September 2024 1,831,014 1,921,166 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.