Company registration number 02367409 (England and Wales)
INTERCOUNTY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
INTERCOUNTY PROPERTIES LIMITED
COMPANY INFORMATION
Directors
R D Cardash
R J Cardash
(Appointed 15 June 2023)
Mrs J S Cardash
(Appointed 15 June 2023)
S L Cardash
(Appointed 15 June 2023)
Secretary
Mrs J S Cardash
Company number
02367409
Registered office
1 Angel Court
Pall Mall
London
SW1Y 6QF
Accountants
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
INTERCOUNTY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
INTERCOUNTY PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
994
1,986
Investments
5
9,691,032
7,630,710
9,692,026
7,632,696
Current assets
Stocks
1,167,818
1,167,818
Debtors
6
16,461,499
12,180,910
Cash at bank and in hand
369,085
2,450,627
17,998,402
15,799,355
Creditors: amounts falling due within one year
7
(13,960,970)
(9,649,821)
Net current assets
4,037,432
6,149,534
Total assets less current liabilities
13,729,458
13,782,230
Creditors: amounts falling due after more than one year
9
(25,780)
(1,955,650)
Net assets
13,703,678
11,826,580
Capital and reserves
Called up share capital
108
100
Share premium account
1,919,992
Revaluation reserve
10
5,704,459
5,704,459
Profit and loss reserves
6,079,119
6,122,021
Total equity
13,703,678
11,826,580
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INTERCOUNTY PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2023 and are signed on its behalf by:
R D Cardash
Director
Company Registration No. 02367409
INTERCOUNTY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Intercounty Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Angel Court, Pall Mall, London, SW1Y 6QF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents net rent and management charges receivable excluding VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% on cost
Computer equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
INTERCOUNTY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
INTERCOUNTY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2021 - 3).
2022
2021
Number
Number
Total
3
3
INTERCOUNTY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
28,298
Depreciation and impairment
At 1 January 2022
26,312
Depreciation charged in the year
992
At 31 December 2022
27,304
Carrying amount
At 31 December 2022
994
At 31 December 2021
1,986
5
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
9,691,032
7,630,710
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2022
7,630,710
Additions
2,060,322
At 31 December 2022
9,691,032
Carrying amount
At 31 December 2022
9,691,032
At 31 December 2021
7,630,710
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
15,397,313
8,729,146
Other debtors
1,064,186
3,451,764
16,461,499
12,180,910
INTERCOUNTY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Debtors
(Continued)
- 7 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,870
9,626
Trade creditors
21,177
26,815
Amounts owed to group undertakings
8,392,916
5,771,668
Taxation and social security
3,045
5,115
Other creditors
5,533,962
3,836,597
13,960,970
9,649,821
8
Loans and overdrafts
2022
2021
£
£
Bank loans
35,650
45,276
Preference shares
1,920,000
35,650
1,965,276
Payable within one year
9,870
9,626
Payable after one year
25,780
1,955,650
Bank loans are payable over 72 months from 2 July 2020 and carry interest rate of 2.5% per annum.
9
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
8
25,780
35,650
Other borrowings
8
1,920,000
25,780
1,955,650
During the year non redeemable and non cumulative preference shares have been cancelled by issuing 8 ordinary shares at a premium of £1,919,992.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
-
1,920,000
INTERCOUNTY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
10
Revaluation reserve
2022
2021
£
£
At the beginning and end of the year
5,704,459
5,704,459
11
Related party transactions
i) During the year the company charged management charges of £69,000 (2021: £69,000) to group companies. During the year, the company received interest of £15,125 (2021: £62,100) from an entity controlled by R D Cardash.
ii) At the balance sheet date, the balances due from/to group companies were £15,397,313 (2021: £8,729,146) and £8,392,916 (2021: £5,771,668) respectively.
iii) At the balance sheet date the balances due from/to entities controlled by R D Cardash were £1,032,936 (2021: £954,545) and £328,891 (2021: £347,541) respectively. The balance due to companies under common directors was £996,652 (2021: £1,018,911).
iv) Included in the other creditors is the balance of £44,013 (2021: £44,013) owed to Mrs J S Cardash and loan interest of £1,666,501 (2021: £1,666,501) and £27,555 (2021: £27,555) payable to R D Cardash and Mrs J S Cardash respectively.
12
Directors' transactions
The balance due to the director at the balance sheet date was £1,445,200 (2021: £60,834).