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REGISTERED NUMBER: 10021462 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

AREA INVESTMENTS LIMITED

AREA INVESTMENTS LIMITED (REGISTERED NUMBER: 10021462)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AREA INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: C R Ritchie





REGISTERED OFFICE: 313 Dyke Road
Hove
East Sussex
BN3 6PE





REGISTERED NUMBER: 10021462 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

AREA INVESTMENTS LIMITED (REGISTERED NUMBER: 10021462)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 2,480,000 2,420,000

CURRENT ASSETS
Debtors 4 570,779 39,568
Cash at bank 24,624 7,107
595,403 46,675
CREDITORS
Amounts falling due within one year 5 1,176,815 725,284
NET CURRENT LIABILITIES (581,412 ) (678,609 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,898,588 1,741,391

CREDITORS
Amounts falling due after more than one year 6 (1,431,275 ) (1,197,182 )

PROVISIONS FOR LIABILITIES (87,363 ) (95,913 )
NET ASSETS 379,950 448,296

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 229,931 437,768
Retained earnings 149,919 10,428
SHAREHOLDERS' FUNDS 379,950 448,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 October 2023 and were signed by:




C R Ritchie - Director


AREA INVESTMENTS LIMITED (REGISTERED NUMBER: 10021462)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

AREA INVESTMENTS LIMITED (REGISTERED NUMBER: 10021462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 2,420,000
Additions 715,000
Disposals (610,000 )
Revaluations (45,000 )
At 31 March 2023 2,480,000
NET BOOK VALUE
At 31 March 2023 2,480,000
At 31 March 2022 2,420,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2021 274,900
Valuation in 2022 258,782
Valuation in 2023 60,000
Cost 1,886,318
2,480,000

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 566,212 34,212
Other debtors 611 -
Directors' loan accounts 3,956 3,956
Prepayments and accrued income - 1,400
570,779 39,568

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 228 3,353
Amounts owed to group undertakings 984,904 536,170
Amounts owed to associates 30,000 33,500
Other creditors 150,000 150,000
Accruals and deferred income 9,800 -
Accrued expenses 1,883 2,261
1,176,815 725,284

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more 5 yr by instal 1,431,275 1,197,182

AREA INVESTMENTS LIMITED (REGISTERED NUMBER: 10021462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,431,275 1,197,182

7. RESERVES
Revaluation
reserve
£   
At 1 April 2022 437,768
Revaluation movement (207,837 )

At 31 March 2023 229,931

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
C R Ritchie
Balance outstanding at start of year 3,956 2,556
Amounts advanced - 3,800
Amounts repaid - (2,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,956 3,956

This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Area Developments Limited.

The ultimate controlling party is C R Ritchie.

This was by virtue of his 60% holding of Area Developments Limited.

10. ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. As at the year end the current liabilities exceeded current assets by £581,412.

The validity of this basis depends upon the continued support of the company's director. The director confirms that he will give the required support.