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REGISTERED NUMBER: 09279610 (England and Wales)















IRIE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024






IRIE PROPERTIES LIMITED (REGISTERED NUMBER: 09279610)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


IRIE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTOR: L A Avadis





REGISTERED OFFICE: 923 Finchley Road
London
NW11 7PE





REGISTERED NUMBER: 09279610 (England and Wales)





ACCOUNTANTS: Joseph Kahan Associates LLP
Chartered Accountants
923 Finchley Road
London
NW11 7PE

IRIE PROPERTIES LIMITED (REGISTERED NUMBER: 09279610)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 9 11
Investment property 5 605,000 605,000
605,009 605,011

CURRENT ASSETS
Debtors 3,611 21,929
Cash at bank and in hand 12,067 11,175
15,678 33,104
CREDITORS
Amounts falling due within one year 147,969 164,595
NET CURRENT LIABILITIES (132,291 ) (131,491 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

472,718

473,520

CREDITORS
Amounts falling due after more than one
year

6

(305,441

)

(305,826

)

PROVISIONS FOR LIABILITIES (11,564 ) (11,564 )
NET ASSETS 155,713 156,130

CAPITAL AND RESERVES
Called up share capital 7 200 200
Revaluation reserve 8 84,155 84,155
Capital Contribution Reserve 520,000 520,000
Retained earnings (448,642 ) (448,225 )
SHAREHOLDERS' FUNDS 155,713 156,130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

IRIE PROPERTIES LIMITED (REGISTERED NUMBER: 09279610)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 17 July 2025 and were signed by:





L A Avadis - Director


IRIE PROPERTIES LIMITED (REGISTERED NUMBER: 09279610)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Irie 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on any revaluation at the prevailing tax rate expected to apply when the properties are sold.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Income
Income relates to rent receivable.

IRIE PROPERTIES LIMITED (REGISTERED NUMBER: 09279610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2023
and 31 October 2024 52
DEPRECIATION
At 1 November 2023 41
Charge for year 2
At 31 October 2024 43
NET BOOK VALUE
At 31 October 2024 9
At 31 October 2023 11

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023
and 31 October 2024 605,000
NET BOOK VALUE
At 31 October 2024 605,000
At 31 October 2023 605,000

The director is of the opinion that the fair value of the investment properties is as stated in the accounts. The Net Book Value of the Investment Property is £605,000.

Fair value at 31 October 2024 is represented by:
£   
Valuation in 2024 605,000

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 305,441 305,826

Bank loans are secured by First Legal Charges over the investment properties.

IRIE PROPERTIES LIMITED (REGISTERED NUMBER: 09279610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
50 "A" Shares 1 50 50
50 "B" Shares 1 50 50
200 200

8. RESERVES
Revaluation
reserve
£   
At 1 November 2023
and 31 October 2024 84,155

9. RELATED PARTY DISCLOSURES

As at the year end, there is a loan outstanding amounting to £140,552 (2023: £140,552) from Laurie A Avadis & Co Limited, a company which shares a common director. The loan was received on an interest-free basis and is repayable on demand.