IPSWICH BOROUGH ASSETS LIMITED

• ⚠

  Material uncertainty over going concern

  Despite challenging economic conditions, the long leases and high quality of tenants has served to confirm directors' estimates of future cashflows, and all rental income due continues to be received. The company has two loan capital repayments due within 12 months from the date of approval of the financial statements, totalling £10,130,379. There is an agreement in principle with the shareholder to refinance these loans, which should require the shareholder to take out back to back loans with the Public Works Loan Board to be able to meet the repayments. The shareholder has taken legal advice which would indicate that the loans are permissible under the current guidelines issued by the Public Works Loan Board. However, this cannot be confirmed until the point at which the loan application is made. There is therefore a residual level of uncertainty over the ability of the shareholder to provide the loans, which, should this not take place, would result in a material uncertainty over the company's ability to continue as a going concern and that it may be unable to realize its assets and discharge its liabilities in the ordinary course of business. Nevertheless, after making enquiries and considering the uncertainties described above, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the financial statements.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Abridged

Yes — abridged accounts (limited disclosure)

Auditor

Ensors

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Despite challenging economic conditions, the long leases and high quality of tenants has served to confirm directors' estimates of future cashflows, and all rental income due continues to be received. The company has two loan capital repayments due within 12 months from the date of approval of the financial statements, totalling £10,130,379. There is an agreement in principle with the shareholder to refinance these loans, which should require the shareholder to take out back to back loans with the Public Works Loan Board to be able to meet the repayments. The shareholder has taken legal advice which would indicate that the loans are permissible under the current guidelines issued by the Public Works Loan Board. However, this cannot be confirmed until the point at which the loan application is made. There is therefore a residual level of uncertainty over the ability of the shareholder to provide the loans, which, should this not take place, would result in a material uncertainty over the company's ability to continue as a going concern and that it may be unable to realize its assets and discharge its liabilities in the ordinary course of business. Nevertheless, after making enquiries and considering the uncertainties described above, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the financial statements.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -4.3%

  £7,079,527 → £6,778,594

• Cash

  -45.5%

  £5,092,765 → £2,774,602

• Net assets

  -9.6%

  -£20,108,727 → -£22,040,183

• Employees

  —

  Not reported

• Operating profit

  +396.9%

  -£1,461,964 → £4,340,024

• Profit before tax

  +79.7%

  -£6,972,103 → -£1,412,582

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers