1.
General Information
Iceni Property Asset Management (UK) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11649843
. The registered office is Marshfield, Burcot, Abingdon, OX14 3DN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
|
2.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Iceni Property Asset Management (UK) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2024: 1)
4.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at 1 September 2024 |
|
| Additions |
|
| As at 31 August 2025 |
|
| Depreciation | |
| As at 1 September 2024 |
|
| Provided during the period |
|
| As at 31 August 2025 |
|
| Net Book Value | |
| As at 31 August 2025 |
|
| As at 1 September 2024 |
|
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors | - |
|
|
| Amounts owed by group undertakings | 377,020 | 524,996 | |
| Other debtors | 31,734 | 26,717 | |
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | 58,159 | 69,309 | |
| Taxation and social security |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
Iceni Property Asset Management (UK) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 September 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 August 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Matthew McAdden |
|
|
( |
- |
|
The above loan is unsecured, interest free and repayable on demand.
10.
Related Party Transactions
Included within administrative expenses are consultancy costs of £240,000 (2024: £240,000) recharged from a company under common control of the Director.
At the balance sheet date the following loans from related parties were outstanding:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Companies under common control of the Director
|
377,020
|
524,996
|
|
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
||
|
377,020
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
524,996
|
||
These loans are non-interest bearing and repayable on demand.
At the balance sheet date the following loans to related parties were outstanding:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Parent company
|
195,467
|
-
|
|
|
Companies under common control of the Director
|
-
|
173,430
|
|
|
|
|
||
|
195,467
|
173,430
|
These loans are non-interest bearing and repayable on demand.
11.
Ultimate Controlling Party
The company's ultimate controlling party is
Mr M McAdden
by virtue of his ownership of 100% of the issued share capital in the company.