IG Loveridge Mews Limited - Period Ending 2022-03-31

IG Loveridge Mews Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

IG Loveridge Mews Limited

Company Information

Directors

I Haim B Edgar

Registered office

Interland Group 73 Maygrove Road London NW6 2EG

Auditors

Harris & Trotter LLP 64 New Cavendish Street London W1G 8TB

IG Loveridge Mews Limited

(Registration number: 03326329)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	524	699
Investment property	6	1,760,000	1,760,000
		1,760,524	1,760,699
Current assets
Debtors	7	477,855	404,703
Cash at bank and in hand		2	2
		477,857	404,705
Creditors: Amounts falling due within one year	8	(603,797)	(608,089)
Net current liabilities		(125,940)	(203,384)
Total assets less current liabilities		1,634,584	1,557,315
Provisions for liabilities		(350,714)	(350,714)
Net assets		1,283,870	1,206,601
Capital and reserves
Called up share capital	9	2	2
Other reserves		1,052,142	1,052,142
Retained earnings		231,726	154,457
Shareholders' funds		1,283,870	1,206,601

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 March 2023 and signed on its behalf by:
 

IG Loveridge Mews Limited

(Registration number: 03326329)
Balance Sheet as at 31 March 2022

......................................... I Haim Director

......................................... B Edgar Director

IG Loveridge Mews Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The company was formerly known as Greater London Developments Limited.

The address of its registered office is:
Interland Group
73 Maygrove Road
London
NW6 2EG
United Kingdom

The principal place of business is:
Interland Group
73 Maygrove Road
London
NW6 2EG
United Kingdom

These financial statements were authorised for issue by the Board on 30 March 2023.

The Company number is 03326329

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, the functional currency of the company has been determined to be Sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

IG Loveridge Mews Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

IG Loveridge Mews Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

IG Loveridge Mews Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

4	Audit Information

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 March 2023 was Nicholas Newman, who signed for and on behalf of Harris & Trotter LLP.

.........................................

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2021	6,980	6,980
At 31 March 2022	6,980	6,980
Depreciation
At 1 April 2021	6,281	6,281
Charge for the year	175	175
At 31 March 2022	6,456	6,456
Carrying amount
At 31 March 2022	524	524
At 31 March 2021	699	699

6	Investment properties

	£
At 1 April 2021	1,760,000
At 31 March 2022	1,760,000

Investment properties were revalued in April 2020 by Savills who are independent of the company and have experience of valuing similar properties. The property has been valued on an open market existing use basis.

	Note	2022  £	2021 £
Historic Cost		357,144	357,144

IG Loveridge Mews Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

7

Debtors

Current	Note	2022 £	2021 £
Amounts owed by related parties	10	477,855	404,703

8

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Accruals and deferred income	3,700	7,991
Other creditors	600,097	600,098
	603,797	608,089

Charges on property

Interland Capital Limited, a company under common control, has borrowed funds from Secure Trust Bank Plc. Their borrowing is secured on the company's assets and undertakings.

9	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

10	Related party transactions

Summary of transactions with entities with joint control or significant interest

Provision of working capital loans to/from other entities in the group
 

Income and receivables from related parties

2022	Entities with joint control or significant influence £
Amounts receivable from related party	477,855

IG Loveridge Mews Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

2021	Entities with joint control or significant influence £
Amounts receivable from related party	404,703

Expenditure with and payables to related parties

2022	Entities with joint control or significant influence £
Amounts payable to related party	600,097

2021	Entities with joint control or significant influence £
Amounts payable to related party	600,097

11	Parent and ultimate parent undertaking

The company's immediate parent is Interland Residential Properties Limited, incorporated in England.

 

12

Taxation

Tax charged/(credited) in the income statement

	2022  £	2021  £
Deferred taxation
Arising from changes in tax rates and laws	-	84,171

Deferred tax

Deferred tax assets and liabilities

2022	Liability £
	350,714

IG Loveridge Mews Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

2021	Liability £
	350,714