Inbrook Properties Limited 30/09/2020 iXBRL

Inbrook Properties Limited 30/09/2020 iXBRL

INBROOK PROPERTIES LIMITED - Company Information

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Company registration number: 02164259
Inbrook Properties Limited
Unaudited filleted financial statements
for the year ended 30 September 2020
Inbrook Properties Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Inbrook Properties Limited
Directors and other information
Directors Mr Mark Smith
Mr Edward McGuire
Secretary Mark Smith
Company number 02164259
Registered office No 3 Hampstead West
224 Iverson Road
London
NW6 2HX
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Inbrook Properties Limited
Statement of financial position
30 September 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 872,253 872,253
_______ _______
872,253 872,253
Current assets
Debtors 6 841 16,704
Cash at bank and in hand 131,253 138,073
_______ _______
132,094 154,777
Creditors: amounts falling due
within one year 7 ( 6,688) ( 29,742)
_______ _______
Net current assets 125,406 125,035
_______ _______
Total assets less current liabilities 997,659 997,288
Creditors: amounts falling due
after more than one year 8 ( 330,000) ( 333,000)
Provisions for liabilities ( 126,778) ( 126,778)
_______ _______
Net assets 540,881 537,510
_______ _______
Capital and reserves
Called up share capital 2 2
Revaluation reserve 701,905 701,905
Profit and loss account ( 161,026) ( 164,397)
_______ _______
Shareholders funds 540,881 537,510
_______ _______
For the year ending 30 September 2020 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 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 financial statements.
These 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 Section 1A of 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 March 2021 , and are signed on behalf of the board by:
Mr Mark Smith
Director
Company registration number: 02164259
Inbrook Properties Limited
Notes to the financial statements
Year ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Inbrook Properties Limited, No 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the value of rental income that the company is entitled to receive.Where payments are received from tenants in advance of the due date, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings - 0 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that the fair value will be reliably measureable on an ongoing basis.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Tangible assets
Short leasehold property Total
£ £
Cost
At 1 October 2019 and 30 September 2020 872,253 872,253
_______ _______
Depreciation
At 1 October 2019 and 30 September 2020 - -
_______ _______
Carrying amount
At 30 September 2020 872,253 872,253
_______ _______
At 30 September 2019 872,253 872,253
_______ _______
Investment property
The properties have been stated at values provided by M Smith. M Smith does not hold any professional property surveying qualification but relies on his vast business expertise to value the property.
6. Debtors
2020 2019
£ £
Amounts owed by related parties - 14,588
Other debtors 841 2,116
_______ _______
841 16,704
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 3,000 3,000
Trade creditors - 1,413
Social security and other taxes 100 -
Other creditors 3,588 25,329
_______ _______
6,688 29,742
_______ _______
Loans advanced to the company are secured against the properties owned by the company.
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 330,000 333,000
_______ _______
Loans advanced to the company are secured against the properties owned by the company.