REGISTERED NUMBER: 11252966 (England and Wales)

Financial Statements

for the Period 30 September 2023 to 28 September 2024

for

IPN Property Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

I P Naylor

REGISTERED OFFICE:

28 Fieldway

Ilkley

West Yorkshire

LS29 8NA

REGISTERED NUMBER:

11252966 (England and Wales)

ACCOUNTANTS:

RAA North East Ltd

Suite 4, 10/12 The Grove,

Ilkley

West Yorkshire

LS29 9EG

Fixed assets

Tangible assets

3

4,009

5,178

Current assets

Stocks

4

7,394

19,063

Debtors

5

9,409

6,516

Cash at bank

3

2,275

16,806

27,854

Creditors

Amounts falling due within one year

6

(69,868

)

(47,186

)

Net current liabilities

(53,062

)

(19,332

)

Total assets less current liabilities

(49,053

)

(14,154

)

Creditors

Amounts falling due after more than one year

7

(14,562

)

(17,465

)

Net liabilities

(63,615

)

(31,619

)

Capital and reserves

Called up share capital

9

100

100

Retained earnings

10

(63,715

)

(31,719

)

Shareholders' funds

(63,615

)

(31,619

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 28 September 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.

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 director and authorised for issue on 28 April 2026 and were signed by:

I P Naylor - Director

1.	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.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GOING CONCERN

At the balance sheet date, liabilities exceed assets by £63,614 (2023 : £31,619). The financial statements have been prepared on a going concern basis as the company has the continuing support from its director and majority shareholder, Ian Naylor. The director considers that it is appropriate to prepare the accounts on a going concern basis as it is expected that the company will become profitable in the near future.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - 4 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 30 September 2023

and 28 September 2024

5,081

12,688

17,769

DEPRECIATION

At 30 September 2023

2,575

10,016

12,591

Charge for period

501

668

1,169

At 28 September 2024

3,076

10,684

13,760

NET BOOK VALUE

At 28 September 2024

2,005

2,004

4,009

At 29 September 2023

2,506

2,672

5,178

4.

STOCKS

2024

2023

£

£

Stocks

336

320

Work-in-progress

7,058

18,743

7,394

19,063

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

1,764

1,115

Directors' current accounts

7,324

5,401

Prepayments

321

-

9,409

6,516

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 8)

2,238

2,113

Other loans (see note 8)

23,011

2,836

Trade creditors

30

2,472

Corporation tax

1,567

2,421

Social security and other tax

5,304

8,552

Other creditors

34,722

27,548

Accrued expenses

2,996

1,244

69,868

47,186

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans (see note 8)

14,562

17,465

8.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

2,238

2,113

Funding circle loan

20,103

-

HSBC Loan

2,908

2,836

25,249

4,949

Amounts falling due between two and five years:

HSBC loan

14,562

17,465

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 30 September 2023

(31,719

)

Deficit for the period

(31,996

)

At 28 September 2024

(63,715

)

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 28 September 2024 and the year ended 29 September 2023:

2024

2023

£

£

I P Naylor

Balance outstanding at start of period

5,401

(5,357

)

Amounts advanced

12,758

19,525

Amounts repaid

(10,835

)

(8,767

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

7,324

5,401