Company Registration No. 11036238 (England and Wales)
ACRE PROPERTIES 2017 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ACRE PROPERTIES 2017 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ACRE PROPERTIES 2017 LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,457,600
2,450,000
Current assets
Debtors
4
301,561
402,843
Cash at bank and in hand
47,616
4,262
349,177
407,105
Creditors: amounts falling due within one year
5
(2,419,657)
(2,444,552)
Net current liabilities
(2,070,480)
(2,037,447)
Total assets less current liabilities
387,120
412,553
Provisions for liabilities
(81,527)
(81,527)
Net assets
305,593
331,026
Capital and reserves
Called up share capital
100
100
Other reserves
244,579
244,579
Profit and loss reserves
60,914
86,347
Total equity
305,593
331,026
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.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2023 and are signed on its behalf by:
Gurneen Chadha
Director
Company Registration No. 11036238
ACRE PROPERTIES 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Acre Properties 2017 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises of rental income and other recoveries from tenants of the company's investment properties, net of VAT. Rental income is recognised on an accrual basis in the period in which it is earned, in accordance with the terms of the lease.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the "investment property reserve" together with the associated deferred tax.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
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. 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.
ACRE PROPERTIES 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
There were no employees during the current and previous year.
3
Investment property
2022
£
Fair value
At 1 January 2022
2,450,000
Additions
7,600
At 31 December 2022
2,457,600
The company's investment property was subject to revaluation at open market value at the year end, carried out by the directors.
On an historical costs basis the property has on original cost of £2,131,494 (2021: £2,123,894).
ACRE PROPERTIES 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
50,967
57,264
Other debtors
248,206
345,579
Prepayments
2,388
301,561
402,843
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,866
Amounts owed to parent
2,127,107
2,166,403
Corporation tax
10,035
8,935
Other taxation and social security
10,427
18,082
Other creditors
220,000
220,000
Accruals and deferred income
49,222
31,132
2,419,657
2,444,552