Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Investment property | 4 |
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| 107,212 | 0 | |||
| Current assets | ||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| 194,755 | 181,652 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current liabilities | (21,791) | (7,944) | ||
| Total assets less current liabilities | 85,421 | (7,944) | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of I & L Properties Ltd (registered number:
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I Morrison
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
I & L Properties Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7 Knockard Avenue, Pitlochry, PH16 5JE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The prior year was adjusted to bring in the properties owned by I & L Properties Ltd onto the balance sheet. This has now increased the stock held on the balance sheet from £45,000 to £83,266, increased amounts owed to key management personnel by £41,369, and increased amounts owed to related parties by £1,950. The profit and loss account was also adjusted to net off the opening and closing stock net balance of £95,180 with the sale of property. This has resulted in turnover reducing from £217,641 to £122,461, with cost of sales decreasing from £192,672 to £102,545.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
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 payments 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. Amounts 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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
A prior year adjustment was made to bring the properties onto the balance sheet as owned by I&L Properties Ltd. The profit and loss account was also adjusted to net off the opening and closing stock net balance with the sale of property
| As previously reported | Adjustment | As restated | ||||
| Year ended 30 November 2024 | £ | £ | £ | |||
| Stock | 45,000 | 38,266 | 83,266 | |||
| Amounts owed to key management personnel | 40,677 | 41,369 | 82,046 | |||
| Amounts owed to related parties | 105,050 | 1,950 | 107,000 | |||
| Turnover | 217,641 | (95,180) | 122,461 | |||
| Cost of sales | 192,672 | (90,127) | 102,545 |
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 December 2024 |
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| Additions | 107,212 |
| As at 30 November 2025 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Work in progress |
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| £ | £ | ||
| Amounts owed by related parties |
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| £ | £ | ||
| Amounts owed to connected companies |
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| Amounts owed to directors |
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| Accruals |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to key management personnel | 107,046 | 82,046 |
Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by related parties | 100,000 | 0 | |
| Amounts owed to related parties | 107,000 | 107,000 |