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REGISTERED NUMBER:
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ITF PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2018 |
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REGISTERED NUMBER:
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ITF PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2018 |
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ITF PROPERTIES LIMITED (REGISTERED NUMBER: 06412110) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ITF PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ITF PROPERTIES LIMITED (REGISTERED NUMBER: 06412110) |
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BALANCE SHEET |
31 OCTOBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve | 10 |
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( |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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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. |
ITF PROPERTIES LIMITED (REGISTERED NUMBER: 06412110) |
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BALANCE SHEET - continued |
31 OCTOBER 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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ITF PROPERTIES LIMITED (REGISTERED NUMBER: 06412110) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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1. | STATUTORY INFORMATION |
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ITF Properties Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 1, management is |
required to make judgements, estimates and assumptions about the carrying values of assets and |
liabilities that are not readily apparent from other sources. The estimates and underlying assumptions |
are based on historical experience and other factors that are considered to be relevant. Actual results |
may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision affects only that |
period, or in the period of the revision and future periods if the revision affects both current and future |
periods. |
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The key sources of estimation uncertainty that have a significant effect on the amounts recognised in |
the financial statements are described below: |
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Valuation of investment property |
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As described in notes to the financial statements, land and buildings are stated at fair value based on |
the valuation performed by the directors using a yield calculation to ascertain fair value. |
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Tangible fixed assets |
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Investment property | - |
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Plant and machinery | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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ITF PROPERTIES LIMITED (REGISTERED NUMBER: 06412110) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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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. |
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Turnover |
Turnover is measured at fair value of the consideration received or receivable net of VAT and |
discounts. The policies adopted for the recognition of turnover are as follows: |
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Rendering of Services: |
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Turnover relates to rental income is recognised by reference is usually billed quarterly in advance for |
rental income entitlement. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of |
a past event, it is probable that an outflow of economic benefit will be required in settlement and the |
amount can be reliable estimated. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss |
account in other administration expenses. |
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Impairment |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at |
each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets |
cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount |
exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is |
carried at a revalued amount where the impairment loss is a revaluation decrease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ITF PROPERTIES LIMITED (REGISTERED NUMBER: 06412110) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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4. | TANGIBLE FIXED ASSETS |
Investment | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 November 2017 |
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Disposals | ( |
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At 31 October 2018 |
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DEPRECIATION |
At 1 November 2017 |
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Eliminated on disposal |
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( |
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At 31 October 2018 |
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NET BOOK VALUE |
At 31 October 2018 |
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At 31 October 2017 |
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Properties are held for investment purposes and as such they are not depreciated. Such properties are |
not held for consumption but for investment and the directors consider that to depreciate them would |
not give a true and fair view. |
The value of the properties, which have been included at a fair value valuation and have been |
considered by the directors using a yield calculation to ascertain fair value. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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VAT | 243 | - |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Tax |
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Social security and other taxes |
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Accruals and deferred income |
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ITF PROPERTIES LIMITED (REGISTERED NUMBER: 06412110) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans (see note 8) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 245,076 |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 245,076 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
ITF PROPERTIES LIMITED (REGISTERED NUMBER: 06412110) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 November 2017 |
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Profit for the year |
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Property revaluation | (233,770 | ) | 233,770 | - |
At 31 October 2018 |
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97,978 |
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11. | RELATED PARTY DISCLOSURES |
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During the period the company received rental income of £34,842 (2017 - £87,076) from Rhomco |
Consulting Limited. |
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Included in debtors is rent of £nil (2017-£17,901) owed by Rhomco Consulting Limited. |
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Mr Normansell and Mr Gauregui are directors and shareholders of Rhomco Consulting Limited. |
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During the year the investment property and plant & machinery was sold for £500,000 to Mr |
Normansell and Mr Gauregu self investment pension schemes. Mr Normansell and Mr Gauregu are |
trustees of these pension schemes. |
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12. | CONTROLLING PARTY |
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The company is controlled by the directors. |