Company registration number 10441232 (England and Wales)
I A P INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
I A P INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
I A P INVESTMENTS LTD
BALANCE SHEET
AS AT
5 APRIL 2025
05 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
934,067
909,533
Investments
5
5,284,361
5,122,952
6,218,428
6,032,485
Current assets
Debtors
6
102,037
69,039
Cash at bank and in hand
1,752,975
1,931,987
1,855,012
2,001,026
Creditors: amounts falling due within one year
7
(7,166,771)
(7,161,327)
Net current liabilities
(5,311,759)
(5,160,301)
Total assets less current liabilities
906,669
872,184
Provisions for liabilities
(127,000)
(186,000)
Net assets
779,669
686,184
Capital and reserves
Called up share capital
100
100
Fair value reserve
-
0
2,804
Profit and loss reserve
779,569
683,280
Total equity
779,669
686,184
I A P INVESTMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
5 APRIL 2025
05 April 2025
- 2 -

For the financial year ended 5 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 2 October 2025 and are signed on its behalf by:
Mr I A Proudfoot
Director
Company registration number 10441232 (England and Wales)
I A P INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
- 3 -
1
Accounting policies
Company information

I A P Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Gresham House, 5 - 7 St Pauls Street, Leeds, LS1 2JG.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the year-end, the company had net current liabilities of £5,311,759 (2024 - £5,160,301). Having carried out a detailed review of the company’s resources and financial position, the directors are confident that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the financial statements. The directors therefore believe it is appropriate for the financial statements to be prepared on a going concern basis.true

1.3
Turnover

The turnover shown in the profit and loss account represents rent receivable during the year, exclusive of VAT where applicable.

Income from fixed asset investments

Dividends are accounted for in accordance with FRS102 section 1A and thus included net, without any applicable tax credit.

Income from fixed interest securities, government stocks and other interest receivable are included on an accruals basis.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.5
Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

I A P INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and 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 the Statement of comprehensive income.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

I A P INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
3
I A P INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 6 -
4
Investment property
2025
£
Fair value
At 6 April 2024
909,532
Additions
125,313
Disposals
(89,469)
Revaluations
(11,309)
At 5 April 2025
934,067

The historical cost of the investment properties at 5 April 2025 is £955,529 (2024 - £906,728).

5
Fixed asset investments
2025
2024
£
£
Listed investments
4,808,692
4,754,791
Loans
475,669
368,161
5,284,361
5,122,952
Movements in fixed asset investments
Loans
Listed investments
Total
£
£
£
Cost or valuation
At 6 April 2024
368,161
4,754,791
5,122,952
Additions
116,796
1,421,277
1,538,073
Valuation changes
-
(239,057)
(239,057)
Disposals
(9,288)
(1,128,319)
(1,137,607)
At 5 April 2025
475,669
4,808,692
5,284,361
Carrying amount
At 5 April 2025
475,669
4,808,692
5,284,361
At 5 April 2024
368,161
4,754,791
5,122,952

Listed investments are shown at fair value, the cost of these investments at 5 April 202 5 was £4,406,891 (202 4 - £4,113,933).

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
102,037
69,039
I A P INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 7 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
0
3,444
Corporation tax
85,000
16,400
Other creditors
7,081,771
7,141,483
7,166,771
7,161,327

There is a fixed and floating charge in place dated 7 September 2018 in favour of Julius Baer & Co Ltd. The bank loan was repaid in full in the prior year so this charge is currently dormant.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Investments
127,000
186,000
2025
Movements in the year:
£
Liability at 6 April 2024
186,000
Credit to profit or loss
(59,000)
Liability at 5 April 2025
127,000
9
Reserves

Profit and loss account – this reserve records retained earnings and accumulated losses, and the accumulated unrealised fair value movements relating to fixed asset investments.

Fair value reserve - this reserve includes the cumulate annual fair value adjustments to investment properties of £nil (2024 - £2,804).

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