Company registration number 07399834 (England and Wales)
INTEGRA PROPERTY MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
INTEGRA PROPERTY MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
H G Spencer
S L Dawton
M R Brittain
Secretary
R Weeks
Company number
07399834
Registered office
45 Westerham Road
Bessels Green
Sevenoaks
Kent
TN13 2QB
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
INTEGRA PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 24
INTEGRA PROPERTY MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of management of property on a fee or contract basis. The company does not hold rent deposits received from tenants of residential properties, these are paid over to the Deposit Protection Services (DPS) to hold.

Fair review of the business

The results for the year are set out on page 8 and show a profit before taxation for the year of £450,807 (2023: £87,986 loss). The directors have not recommended a dividend.

The company’s revenue has decreased to £10,105,735 from £10,185,883 (restated) in the prior year. C ost of sales decreased to £7,794,198 from £8,487,638 (restated) resulting in a gross profit of £2,311,537 (2023: £1,698,245 restated).

During the current financial year, the company identified an error relating to property service charges. This error came to light following a comprehensive reconciliation of property-related expenses undertaken after the previous year-end.

The reconciliation revealed that certain property service charges incurred during the prior year had not been appropriately accounted for. As a result, the comparative figures for the year ended 31 March 2023 have been restated to reflect the correction of this error, which totalled £889k resulting in an increase in revenue and cost of sales of this amount therefore no impact on the profit for the prior period or net assets.

Management continue to review the company’s cost bases and monitor where processes, centralisation and synergies can be utilised to generate cost savings. Administrative expenses have increased from £1,786,231 in the prior year to £1,862,087 which is due to the anticipated growth of the business which drove up advertising and staff related costs.

As a result of the profit before taxation for the year is £450,807, and the company is showing a shareholders deficit of £33,359 (202 3: £484,166) at 31 March 202 4.

Going concern

The financial statements have been prepared on the going concern basis as the director and significant ultimate shareholder, K R Spencer, has undertaken to provide financial support, as required, to enable the company to continue to trade for a period of at least twelve months from the date of approval of these statements.

Should the company be unable to meet its liabilities as they fall due, adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for any further liabilities as they arise. This gives rise to a material uncertainty in respect of the going concern basis of preparation.

INTEGRA PROPERTY MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

The process of risk acceptance and risk management is addressed through a framework of procedures and internal controls which are subject to Board approval and ongoing review by management and risk management. Compliance with regulation, legal and ethical standards is a high priority for the company and the compliance team and finance department take on an important oversight role in this regard. The Board is responsible for satisfying itself that a proper internal control framework exists to manage financial risks and that controls operate effectively.

The principal risks to the business relate primarily to the property market in the UK. Fluctuations in estate values and rental incomes have a direct impact on cash flow and ongoing residential refurbishment projects. Persistent inflation and the rising cost of living pose an increased risk of rent defaults or late payments from tenants.

There are also risks relating to ongoing changes to regulation and compliance as the business is tasked with ensuring these are adhered to across a large portfolio of both commercial and residential properties. The company is continually training staff and obtaining additional accreditations to maintain compliance for all relevant regulations as they continue to evolve over time.

In addition to the above the business is always aware of risks relating to new tenants and suppliers, cybersecurity risks and operational risks relating to staff levels and internal processes. These risks are mitigated through robust vetting procedures, ongoing investment in IT security infrastructure, and regular reviews of staffing needs and operational workflows to ensure resilience and continuity.

Key performance indicators

The company closely monitors its performance against a series of measures on a monthly and year to date basis. These cover key aspects of the business operations including debtors, creditors, expenses and cash flow. Expenses are monitored monthly by expense type and cash flow is monitored daily.

The company also monitors turnover, gross profit margin and operating profit/​(loss).

| 2024 | 2023 (Restated)
| £ | £
Turnover | 10,105,735 | 10,185,883
Gross Profit | 2,311,537 | 1,698,245
Operating Profit/(loss) | 450,807 | (87,986)

The company’s net liabilities have decreased from £484,166 to £33,359 as a direct result of the profits made by the company during the year ended 31 March 2024.

The level of trade debtors is monitored on a regular basis and each review examines the ageing of the debt to ensure that the debtor days does not exceed an excessive level. Management also monitors the level of trade creditors on a regular basis with the aim to maximise the level of credit available to the company within normal credit terms offered to it by suppliers.

Non-financial key performance indicators

The Strategic report does not include any non-financial key performance indicators as the directors consider it is not necessary for an understanding of the development, performance or position of the company's business.

INTEGRA PROPERTY MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

On behalf of the board

M R Brittain
Director
25 March 2026
INTEGRA PROPERTY MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

H G Spencer
S L Dawton
M R Brittain
Auditor

In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
M R Brittain
Director
25 March 2026
INTEGRA PROPERTY MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The directors are responsible for preparing the annual report 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; and

- 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.

INTEGRA PROPERTY MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTEGRA PROPERTY MANAGEMENT LIMITED
- 6 -

Qualified opinion

We have audited the financial statements of Integra Property Management Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit 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 qualified opinion

We were not able to obtain reconciled balance confirmations or legal documentation from related party debtors and creditors totalling £9,943 and £2,996,631 respectively as at 31 March 2024. Consequently, we were not able to satisfy ourselves by alternative procedures as to the completeness and accuracy of these debtors and creditors included in the balance sheet. As a result, we were unable to determine whether any adjustment to this amount was necessary.

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 Auditor's 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.

Material uncertainty related to going concern

We draw attention to note 1.2 of the financial statements concerning the company's ability to continue as a going concern. As at 31 March 202 4, the company had net liabilities of £33,359. The company is therefore reliant on the ongoing support of the parent compan y, SQIB Limited and its significant shareholder. H owever this support is itself dependent on a number of other events which are themselves uncertain.

As stated in note 1.2, these events or conditions, along with the other matters as set forth in the note indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

INTEGRA PROPERTY MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTEGRA PROPERTY MANAGEMENT LIMITED (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to debtors amounting to £9,942 and creditors amounting to £2,996,631 described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

INTEGRA PROPERTY MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTEGRA PROPERTY MANAGEMENT LIMITED (CONTINUED)
- 8 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities; and

- identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Anil Kapoor (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
Trinity Court
Church Street
Rickmansworth
WD3 1RT
25 March 2026
INTEGRA PROPERTY MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
10,105,735
10,185,883
Cost of sales
(7,794,198)
(8,487,638)
Gross profit
2,311,537
1,698,245
Administrative expenses
(1,862,087)
(1,786,231)
Operating profit/(loss)
4
449,450
(87,986)
Interest receivable and similar income
6
1,357
-
0
Profit/(loss) before taxation
450,807
(87,986)
Tax on profit/(loss)
7
-
0
-
0
Profit/(loss) for the financial year
450,807
(87,986)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INTEGRA PROPERTY MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
as restated
£
£
Profit/(loss) for the year
450,807
(87,986)
Other comprehensive income
-
-
Total comprehensive income for the year
450,807
(87,986)
INTEGRA PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
11,175
6,212
Tangible assets
9
61,093
42,769
72,268
48,981
Current assets
Debtors
10
10,954,033
5,872,238
Cash at bank and in hand
6,326
109,111
10,960,359
5,981,349
Creditors: amounts falling due within one year
11
(11,065,986)
(6,514,496)
Net current liabilities
(105,627)
(533,147)
Net liabilities
(33,359)
(484,166)
Capital and reserves
Called up share capital
14
1,200
1,200
Profit and loss reserves
(34,559)
(485,366)
Total equity
(33,359)
(484,166)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 March 2026 and are signed on its behalf by:
M R Brittain
Director
Company registration number 07399834 (England and Wales)
INTEGRA PROPERTY MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
1,200
(397,380)
(396,180)
Year ended 31 March 2023:
Loss and total comprehensive income
-
(87,986)
(87,986)
Balance at 31 March 2023
1,200
(485,366)
(484,166)
Year ended 31 March 2024:
Profit and total comprehensive income
-
450,807
450,807
Balance at 31 March 2024
1,200
(34,559)
(33,359)
INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

Integra Property Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

1.1
Accounting convention

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.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of SQIB Limited. These consolidated financial statements are available from its registered office, 45 Westerham Road, Sevenoaks, Kent, TN13 2QB.

1.2
Going concern

As at 31 March 2024, the company had net current liabilities of £105,627 (2023: £533,147) and net liabilities of £33,359 (2023: £484,166).

The company is therefore reliant on the continued support of its parent company, SQIB Limited, its ultimate parent entity, Armatire Limited and its ultimate shareholder s, which has been confirmed in writing for a period of at least 12 months from the date of approval of these financial statements. Furthermore, as noted in note 15, the ultimate shareholder has also provided support to cover certain related party loans should the counterparty fail to repay.

The shareholders’ ability to provide this support is predicted on market conditions and future events that would allow them to inject capital into the business, as well as on the wider group continuing to trade in line with forecasts. It is also contingent on certain subsidiaries securing new financing or extending existing facilities, and on the successful sale of specific group assets.

The directors have concluded that the above circumstances represent a material uncertainty that may cast significant doubt upon the company's ability to continue as a going concern as the availability of additional funds Is not certain. Nevertheless, after making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company will have adequate resources to continue operating for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the financial statements.

INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover

Turnover shown in the profit and loss account represents amounts receivable in respect of property management and other associated services fees earnt during the period, exclusive of Value Added Tax.

The company is principal in a transaction if it controls the specified good or service before that good or service is transferred to a customer. The company recognisees revenue as an agent when it does not control the specified good or service provided by another party before that good or service is transferred to the customer.

Revenue from property management services, including service charges and facilities management, is recognised over the period in which the services are provided.

Revenue from ad hoc or one-off services (e.g. maintenance, repairs, or consultancy) is recognised upon completion of the service, or proportionally over the period of service if the service spans multiple reporting periods.

Where payments are received in advance of the provision of services, the amounts are recognised as deferred income and released to revenue over the period the services are provided.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
20% straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line basis
Fixtures and fittings
20% straight line basis
Computers
50% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
Taxation

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

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.

INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of amounts due from group companies and related parties

The directors consider the amounts due from group companies and related parties to be fully recoverable based on the support provided by the group and its controlling shareholders.

INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
as restated
Property development, investment and management
10,105,735
10,185,883
2024
2023
£
£
Other revenue
Interest income
1,357
-

Revenue is generated wholly in the United Kingdom.

4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,460
21,600
Depreciation of owned tangible fixed assets
31,385
19,362
Amortisation of intangible assets
1,805
688
Operating lease charges
157,026
89,913
5
Employees

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

2024
2023
Number
Number
61
59

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,915,560
1,836,702
Social security costs
203,788
183,731
Pension costs
107,541
93,496
2,226,889
2,113,929

During the year the directors received no remunerations in respect of qualifying services (2023: none).

INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
1,357
-
0
INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
7
Taxation

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
450,807
(87,986)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
112,702
(16,717)
Tax effect of expenses that are not deductible in determining taxable profit
708
-
0
Change in unrecognised deferred tax assets
(113,410)
16,717
Taxation charge for the year
-
-
8
Intangible fixed assets
Website
£
Cost
At 1 April 2023
6,900
Additions
6,768
At 31 March 2024
13,668
Amortisation and impairment
At 1 April 2023
688
Amortisation charged for the year
1,805
At 31 March 2024
2,493
Carrying amount
At 31 March 2024
11,175
At 31 March 2023
6,212
INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
9
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
45,025
2,111
26,449
-
0
73,585
Additions
-
0
12,685
28,409
8,615
49,709
At 31 March 2024
45,025
14,796
54,858
8,615
123,294
Depreciation and impairment
At 1 April 2023
26,989
669
3,158
-
0
30,816
Depreciation charged in the year
8,143
2,267
19,488
1,487
31,385
At 31 March 2024
35,132
2,936
22,646
1,487
62,201
Carrying amount
At 31 March 2024
9,893
11,860
32,212
7,128
61,093
At 31 March 2023
18,036
1,442
23,291
-
0
42,769
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,184
9,021
Corporation tax recoverable
30,186
30,436
Amounts owed by group undertakings
9,321,318
4,380,280
Other debtors
1,049,508
1,245,053
Prepayments and accrued income
529,134
191,745
10,938,330
5,856,535
Deferred tax asset (note 12)
15,703
15,703
10,954,033
5,872,238
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
416,671
378,117
Amounts owed to group undertakings
92,038
-
0
Taxation and social security
213,264
120,643
Other creditors
9,898,876
5,748,041
Accruals and deferred income
445,137
267,695
11,065,986
6,514,496
INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
12
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
15,703
15,703
There were no deferred tax movements in the year.

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
107,541
93,496

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,200
1,200
1,200
1,200
15
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Key Management personnel
2024
2023
£
£
Rent management fee income
651
2,298
Other fee income (Recharges)
327,024
325,033
Other related parties
2024
2023
£
£
Rent management fee income
57,091
41,739
Expenditure recharged
1,949,045
1,488,443
Services and facilities charge
6,071,572
2,358,366
INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Related party transactions
(Continued)
- 23 -

Rent management fee income is received from the landlords of properties managed by the company. Other fee income represents fees charged for the service provided to the tenants of properties managed on behalf of the landlords.

2024
2023
Amounts due to related parties
£
£
Other related parties
688,494
488,307

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Key management personnel
118,862
110,566
Other related parties
904,175
979,194
Other information

At the year end the company had the above loan balances outstanding with related parties.

Of this balance, £72,218 (202 3: £72,218) was owed to Lustrum Investments Limited, a company in the Armatire Group. This company is related by virtue of being under common control.

The remaining balances are owed to related parties that are 100% subsidiaries of Venus TopCo Limited, a company registered in Guernsey and the controlling parent of Markerstudy Group Holdings Limited. Venus TopCo Limited has shareholders in common with the Armatire Group. The ultimate parent undertaking is PSC Nominee 4 Limited, as nominee for PSC IV LP, PSC IV B LP and PSC IV (C) SCSp. The Company's ultimate controlling party are PSC IV LP, PSC IV B LP and PSC IV (C) SCSp, funds managed by Pollen Street Capital Limited (a subsidiary of Pollen Street Capital Holdings Limited).

The amounts outstanding are unsecured, non-interest bearing and will be settled in cash. No guarantees have been given or received. No expense has been recognised in the year (202 3:£nil) in respect of bad debtors from related parties.

Amounts totalling £320,252 owed by related parties have remained outstanding for a considerable period. While the Directors remain confident in the recoverability of the balances, the ultimate shareholder has issued a letter of support confirming that, should the counterparties fail to repay these balances, they will provide the necessary funds to cover any resulting shortfall.

16
Ultimate controlling party

The immediate parent undertaking is SQIB Limited, a company registered in England and Wales. Copies of the immediate parent company's consolidated financial statements may be obtained from 45 Westerham Road, Bessels Green, Sevenoaks, Kent TN13 2QB.

INTEGRA PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Ultimate controlling party
(Continued)
- 24 -

SQIB Limited is the parent undertaking of the smallest group for which group accounts will be drawn up, and of which the company is a member. The registered office address of SQIB Limited, incorporated in England and Wales, is 45 Westerham Road, Sevenoaks, Kent, TN13 2QB.

The ultimate parent undertaking is Armatire Limited, which owns a 75% shareholding in SQIB Limited. Armatire Limited is a company registered in England and Wales, and represents the largest group for which consolidated accounts including 55VS No1 Limited are prepared. Copies of these financial statements may be obtained from 45 Westerham Road, Bessels Green, Sevenoaks, Kent TN13 2QB.

Armatire Limited is controlled by K R Spencer and A Spencer.

17
Charge over assets

The Company entered into an agreement on 29 March 2019 with fellow group companies to secure a group loan by means of fixed charges, floating charges and security over the assets of the Company.

The company has entered into a debenture on 13 July 2021 with Markerstudy Limited . The ultimate parent

company of Markerstudy Limited is Venus Topco Limited, a company registered in Guernsey and the

controlling parent of Markerstudy Group Holdings Limited.

The Company entered into an agreement on 13 January 2023 with Glas Trust Corporation Limited to secure a fixed charge over all land and intellectual property owned.

18
Prior period adjustment

During the current financial year, the company identified an error relating to property service charges. This error came to light following a comprehensive reconciliation of property-related expenses undertaken after the previous year-end.

The reconciliation revealed that certain property service charges incurred during the prior year had not been appropriately accounted for. As a result, the comparative figures for the year ended 31 March 2023 have been restated to reflect the correction of this error, which totalled £889k resulting in an increase in revenue and cost of sales of this amount. There is no impact on the profit for the year ended 31 March 2023 or net assets as at 31 March 2023.

Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.
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