Company Registration No. 04387034 (England and Wales)
IPSWICH TOWN PROPERTY COMPANY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
IPSWICH TOWN PROPERTY COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr M S Andrews
Mr M Van Os
(Appointed 1 March 2019)
Secretary
Mr M S Andrews
Company number
04387034
Registered office
Portman Road
Ipswich
Suffolk
IP1 2DA
Business address
Portman Road
Ipswich
Suffolk
IP1 2DA
IPSWICH TOWN PROPERTY COMPANY LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
IPSWICH TOWN PROPERTY COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2019
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2019.
Principal activities
The principal activity of the company continued to be that of a dormant company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M S Andrews
Mr M Van Os
(Appointed 1 March 2019)
Mr I Milne
(Resigned 15 February 2019)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr M S Andrews
Director
30 September 2020
IPSWICH TOWN PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2019
30 June 2019
- 2 -
2019
2018
Notes
£'000
£'000
£'000
£'000
Current assets
Debtors
3
50
50
Net current assets
50
50
Capital and reserves
Profit and loss reserves
5
50
50
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 30 June 2019 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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.
T
he members have 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.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2020 and are signed on its behalf by:
Mr M S Andrews
Director
Company Registration No. 04387034
IPSWICH TOWN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Ipswich Town Property Company Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is Portman Road, Ipswich, IP1 2DA.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
£1,000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of exemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
The financial statements of the company are consolidated in the financial statements of
Ipswich Town Football Club Company Limited
. These consolidated financial statements are available from its registered office
,
Portman Road, Ipswich, IP1 2DA.
IPSWICH TOWN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern
The financial statements have been prepared on a going concern basis for the following reason.
true
The company and its subsidiary undertakings remain reliant upon the group’s principal shareholder for ongoing financial support. The principal shareholder has provided the directors with a letter of support detailing their intention to provide support for at least 12 months from the date of approval of these financial statements that it will continue to make available such funds as are needed by the company and its subsidiary undertakings and in particular will not seek repayment of any of the amounts currently made available. In forming this opinion, they have taken account of the ultimate parent undertaking, MEWH, providing financial support and are satisfied it has the ability to provide this support. This should enable the company and its subsidiary undertakings to continue in operational existence by meeting their liabilities as they fall due.
As with any company placing reliance upon another entity for financial support the directors acknowledge that there can be no certainty that this support will continue indefinitely.
Based on this undertaking the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
1.3
Profit and loss account
The company has not traded during the year or the preceding financial period. During
this time,
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
1.4
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 including amounts due from group undertakings are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
1.5
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.
2
Employees
All staff are employed by Ipswich Town Football Club Company Limited and accordingly their costs are borne by that company. None of the directors received any remuneration for their services as directors of the company during the period
.
IPSWICH TOWN PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 5 -
3
Debtors
2019
2018
Amounts falling due after more than one year:
£'000
£'000
Amounts owed by group undertakings
50
50
4
Share capital
2019
2018
£
£
Ordinary share capital
Authorised
2 Ordinary of £1 each
2
2
Allotted, called up and fully paid
1 Ordinary of £1 each
1
1
5
Profit and loss reserves
The profit and loss account i
ncludes all current and prior period retained profits and losses.
6
Ultimate controlling party
The company is a wholly owned (100%) subsidiary of Ipswich Town Football Club Company Limited, which itself is 87.5% owned by Marcus Evans Worldwide Holdings (IOM) Limited (registered in the Isle of Man). The remaining 12.5% is owned by Ipswich Town plc. On
1 October 2014 the entire share capital of ITFC was transferred from MEIL to MEWH.
By virtue of his ownership of MEWH, Mr M Evans is considered to be Ultimate controller of the company.
Ipswich Town Football Club Company
Limited
is
the
parent of the largest and smallest group for which group accounts
are drawn up
. The consolidated accounts of this company are available to the public and may be obtained from its registered office: Portman Road, Ipswich, IP1 2DA.