Ipex Properties Limited - Filleted accounts

Ipex Properties Limited - Filleted accounts


Registered number
04375536
Ipex Properties Limited
Filleted Accounts
28 February 2018
Ipex Properties Limited
Registered number: 04375536
Balance Sheet
as at 28 February 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 2 189,833 191,852
Current assets
Debtors 3 93 49
Cash at bank and in hand 2,183 3,524
2,276 3,573
Creditors: amounts falling due within one year 4 (39,232) (35,595)
Net current liabilities (36,956) (32,022)
Total assets less current liabilities 152,877 159,830
Creditors: amounts falling due after more than one year 5 (116,763) (124,273)
Net assets 36,114 35,557
Capital and reserves
Called up share capital 100 100
Profit and loss account 36,014 35,457
Shareholders' funds 36,114 35,557
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Shafi
Director
Approved by the board on 18 September 2018
Ipex Properties Limited
Notes to the Accounts
for the year ended 28 February 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land & Buildings 1% straightline method
Equipment 25% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2017 201,950 796 202,746
At 28 February 2018 201,950 796 202,746
Depreciation
At 1 March 2017 10,098 796 10,894
Charge for the year 2,019 - 2,019
At 28 February 2018 12,117 796 12,913
Net book value
At 28 February 2018 189,833 - 189,833
At 28 February 2017 191,852 - 191,852
3 Debtors 2018 2017
£ £
Other debtors 93 49
4 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 870 865
Taxation and social security costs 4,411 3,215
Other creditors 33,951 31,515
39,232 35,595
5 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 116,763 124,273
6 Other information
Ipex Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
28 Brabazon Road
Oadby
Leicester
LE2 5HB
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