Company Registration No. 01080326 (England and Wales)
IVES PROPERTY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
IVES PROPERTY HOLDINGS LIMITED
COMPANY INFORMATION
Director
N F D Ives
Secretary
F L Spurr
Company number
01080326
Registered office
217 Southend Road
Wickford
Essex
SS11 8PG
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
IVES PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
IVES PROPERTY HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,637
20,749
Investment properties
4
3,580,000
3,680,000
3,597,637
3,700,749
Current assets
Debtors
5
550,611
535,607
Investments
6
650,000
550,000
Cash at bank and in hand
27,006
12,750
1,227,617
1,098,357
Creditors: amounts falling due within one year
7
(445,536)
(444,062)
Net current assets
782,081
654,295
Total assets less current liabilities
4,379,718
4,355,044
Creditors: amounts falling due after more than one year
8
(12,418)
(22,652)
Provisions for liabilities
9
(366,210)
(374,092)
Net assets
4,001,090
3,958,300
Capital and reserves
Called up share capital
10
100
100
Other reserves
2,327,833
2,357,046
Profit and loss reserves
1,673,157
1,601,154
Total equity
4,001,090
3,958,300
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
IVES PROPERTY HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 August 2018
N F D Ives
Director
Company Registration No. 01080326
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
Ives Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 217 Southend Road, Wickford, Essex, SS11 8PG.
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 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.
Under Companies Act 2006, s454, on a voluntary basis, the directors can amend these financial statements if they subsequently prove to be defective.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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 at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 November 2017 are the first financial statements of Ives Property Holdings Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 11.
1.2
Turnover
Turnover represents rent receivable, inclusive of value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Motor vehicles
15% per annum on the reducing balance 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.
1.4
Investment properties
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand 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.
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2016 and 30 November 2017
40,194
Depreciation and impairment
At 1 December 2016
19,445
Depreciation charged in the year
3,112
At 30 November 2017
22,557
Carrying amount
At 30 November 2017
17,637
At 30 November 2016
20,749
4
Investment property
2017
£
Fair value
At 1 December 2016
3,680,000
Disposals
(100,000)
At 30 November 2017
3,580,000
The investment properties were valued on a fair value basis as at 30 November 2017 by N F D Ives, a director of the company.
On an historical cost basis the investment properties would be included at an original cost of £885,957 (2016: £948,862)
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
550,611
535,607
6
Current asset investments
2017
2016
£
£
Other investments
650,000
550,000
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
9,954
9,537
Amounts due to group undertakings
426,723
426,723
Corporation tax
639
-
Other taxation and social security
2,720
4,661
Other creditors
5,500
3,141
445,536
444,062
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
12,418
22,652
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Investment property
366,210
374,092
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
9
Deferred taxation
(Continued)
- 7 -
2017
Movements in the year:
£
Liability at 1 December 2016
374,092
Effect of change in tax rate
(7,882)
Liability at 30 November 2017
366,210
The deferred tax liability set out above relates to the potential tax charge on investment property gains should they be sold.
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 8 -
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 December
30 November
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
3,671,042
3,666,980
Adjustments to prior year (note 12)
-
26,622
As restated
3,671,042
3,693,602
Adjustments arising from transition to FRS 102:
Revaluation at deemed cost
665,412
665,412
Deferred tax provision on transition
(400,714)
(400,714)
Equity reported under FRS 102
3,935,740
3,958,300
Reconciliation of (loss)/profit for the financial period
2016
£
Loss as reported under previous UK GAAP and under FRS 102
(4,062)
Adjustments to prior year (note 12)
26,622
As restated
22,560
Notes to reconciliations on adoption of FRS 102
Investment properties
(a) An adjustment of £665,412 arose as a result of revaluations to deemed cost under FRS 102.
(b) An adjustment of £400,714 arose as a result of the recognition of a deferred tax liability on investment property revaluations under FRS 102.
IVES PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 9 -
12
Prior period adjustment
Changes to the balance sheet
At 30 November 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Provisions for liabilities
Deferred tax
-
26,622
26,622
Net assets
3,666,980
26,622
3,693,602
Capital and reserves
Other reserves
-
26,622
26,622
Total equity
3,666,980
26,622
3,693,602
Changes to the profit and loss account
Period ended 30 November 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Taxation
-
26,622
26,622
(Loss)/profit for the financial period
(4,062)
26,622
22,560
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