IAW Property Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07979724 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

IAW PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs W H P Buckley

Mr I J Buckley

REGISTERED OFFICE:

The Limes

Main Street

Tinwell

Nr Stamford

Lincolnshire

PE9 3UD

REGISTERED NUMBER:

07979724 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

BANKERS:

HSBC Bank Plc

1 High Street

Harpenden

Hertfordshire

AL5 2RS

FIXED ASSETS

Tangible assets

4

5,812

329

CURRENT ASSETS

Cash at bank

9,265

32,054

CREDITORS

Amounts falling due within one year

5

13,409

7,290

NET CURRENT (LIABILITIES)/ASSETS

(4,144

)

24,764

TOTAL ASSETS LESS CURRENT LIABILITIES

1,668

25,093

CREDITORS

Amounts falling due after more than one year

6

17,092

19,326

NET (LIABILITIES)/ASSETS

(15,424

)

5,767

CAPITAL AND RESERVES

Called up share capital

7

103

103

Retained earnings

(15,527

)

5,664

SHAREHOLDERS' FUNDS

(15,424

)

5,767

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:

Mr I J Buckley - Director

1.	STATUTORY INFORMATION

IAW Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from rental of properties is accrued and recognised on a monthly basis as rents fall due.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery

- 33% on cost

Fixtures and fittings

- 33% on cost

Computer equipment

- 33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

2,857

8,540

1,247

12,644

Additions

-

6,215

2,155

8,370

Disposals

-

-

(1,247

)

(1,247

)

At 31 March 2023

2,857

14,755

2,155

19,767

DEPRECIATION

At 1 April 2022

2,857

8,540

918

12,315

Charge for year

-

1,899

659

2,558

Eliminated on disposal

-

-

(918

)

(918

)

At 31 March 2023

2,857

10,439

659

13,955

NET BOOK VALUE

At 31 March 2023

-

4,316

1,496

5,812

At 31 March 2022

-

-

329

329

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

2,606

2,606

Trade creditors

845

-

Corporation tax

-

3,008

Directors' current accounts

8,669

417

Accruals and deferred income

1,289

1,259

13,409

7,290

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans - 1-2 years

2,606

2,606

Bank loans - 2-5 years

7,817

7,817

Bank loans more than 5 years

6,669

8,903

17,092

19,326

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

6,669

8,903

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

1

Ordinary C

£1

1

1

1

Ordinary D

£1

1

1

1

Ordinary E

£1

1

1

103

103

8.	RELATED PARTY DISCLOSURES

During the year, the company made payments in the form of rents totalling £28,800 (2022: £28,800) to a related party.

In addition, a total of £4,750 was paid to other related parties for services provided to the company during the year.