Ilex Properties Limited Filleted accounts for Companies House (small and micro)

Ilex Properties Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 09079009
ILEX PROPERTIES LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2018
ILEX PROPERTIES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 June 2018
2018
2017
Note
£
£
£
FIXED ASSETS
Investments
4
60
10
CURRENT ASSETS
Debtors
1,574,166
857,245
Cash at bank and in hand
111,343
147,922
------------
------------
1,685,509
1,005,167
CREDITORS: amounts falling due within one year
1,471,892
904,984
------------
------------
NET CURRENT ASSETS
213,617
100,183
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
213,677
100,193
---------
---------
NET ASSETS
213,677
100,193
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
213,577
100,093
---------
---------
SHAREHOLDERS FUNDS
213,677
100,193
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.
ILEX PROPERTIES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 June 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 27 March 2019 , and are signed on behalf of the board by:
Mr E S C Blood
Director
Company registration number: 09079009
ILEX PROPERTIES LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 - 16 Prudential Buildings, 61 St Petersgate, Stockport, SK1 1DH, Cheshire.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts invoiced during the year.
Corporation tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Investments
£
Cost
At 1 July 2017
10
Additions
50
----
At 30 June 2018
60
----
Impairment
At 1 July 2017 and 30 June 2018
----
Carrying amount
At 30 June 2018
60
----
At 30 June 2017
10
----
5. Related party transactions
Included in debtors falling due within one year is an amount of £1,313,975 (2017: £857,245) owed by Assembly Property Holdings Limited and an amount of £259,191 (2017: £nil) owed by Avalon (Knutsford) Limited. No interest has been charged by the company in respect of these loans which are repayable on demand.
6. Controlling party
The company was under the control of Mr E S C Blood, a director, and members of his close family throughout the the current and previous year.