1 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 164,596 161,128 3,468 3,468 164,596 xbrli:pure xbrli:shares iso4217:GBP 04674356 2022-04-01 2023-03-31 04674356 2023-03-31 04674356 2022-03-31 04674356 2021-04-01 2022-03-31 04674356 2022-03-31 04674356 bus:Director1 2022-04-01 2023-03-31 04674356 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04674356 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 04674356 core:WithinOneYear 2023-03-31 04674356 core:WithinOneYear 2022-03-31 04674356 core:AfterOneYear 2023-03-31 04674356 core:AfterOneYear 2022-03-31 04674356 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 04674356 core:ShareCapital 2023-03-31 04674356 core:ShareCapital 2022-03-31 04674356 core:RevaluationReserve 2023-03-31 04674356 core:RestatedAmount core:RevaluationReserve 2022-03-31 04674356 core:RetainedEarningsAccumulatedLosses 2023-03-31 04674356 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-03-31 04674356 core:RestatedAmount 2022-03-31 04674356 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 04674356 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 04674356 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 04674356 core:Non-currentFinancialInstruments 2023-03-31 04674356 core:Non-currentFinancialInstruments 2022-03-31 04674356 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 04674356 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 04674356 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04674356 bus:SmallEntities 2022-04-01 2023-03-31 04674356 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04674356 bus:FullAccounts 2022-04-01 2023-03-31 04674356 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04674356 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04674356 core:OfficeEquipment 2022-03-31 04674356 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 04674356
Aitus Investment Ltd
Unaudited financial statements
31 March 2023
Aitus Investment Ltd
Statement of financial position
31 March 2023
2023
2022
(restated)
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,115,000
2,635,000
Investments
6
3,468
164,596
-----------
-----------
3,118,468
2,799,596
Current assets
Debtors
7
157,877
158,186
Cash at bank and in hand
11,735
13,643
---------
---------
169,612
171,829
Creditors: Amounts falling due within one year
8
( 10,813)
( 183,040)
---------
---------
Net current assets/(liabilities)
158,799
( 11,211)
-----------
-----------
Total assets less current liabilities
3,277,267
2,788,385
Creditors: Amounts falling due after more than one year
9
( 2,005,822)
( 1,916,180)
Provisions
Taxation including deferred tax
( 162,280)
( 33,814)
-----------
-----------
Net assets
1,109,165
838,391
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,058,464
714,245
Profit and loss account
50,601
124,046
-----------
---------
Shareholders funds
1,109,165
838,391
-----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aitus Investment Ltd
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
F L Talbot
Director
Company registration number: 04674356
Aitus Investment Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Peacock House, 32 St Mary's Street, Ely, Cambridgeshire, CB7 4ES.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the conditions are satisfied.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
4. Employee numbers
The average number of employees during the year was 1 (2022: 1 ).
5. Tangible assets
Freehold property
Short leasehold property
Equipment
Total
£
£
£
£
Cost or valuation
At 1 April 2022 (as restated)
2,635,000
25,582
4,116
2,664,698
Revaluations
480,000
480,000
-----------
-------
------
-----------
At 31 March 2023
3,115,000
25,582
4,116
3,144,698
-----------
-------
------
-----------
Depreciation
At 1 April 2022 and 31 March 2023
25,582
4,116
29,698
-----------
-------
------
-----------
Carrying amount
At 31 March 2023
3,115,000
3,115,000
-----------
-------
------
-----------
At 31 March 2022
2,635,000
2,635,000
-----------
-------
------
-----------
The properties have been revalued by the directors at 31 March 2023.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2023
Aggregate cost
1,886,941
Aggregate depreciation
-----------
Carrying value
1,886,941
-----------
At 31 March 2022
Aggregate cost
1,886,941
Aggregate depreciation
-----------
Carrying value
1,886,941
-----------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2022 as restated
164,596
Disposals
( 161,128)
---------
At 31 March 2023
3,468
---------
Impairment
At 1 April 2022 as restated and 31 March 2023
---------
Carrying amount
At 31 March 2023
3,468
---------
At 31 March 2022
164,596
---------
7. Debtors
2023
2022
(restated)
£
£
Trade debtors
85
Other debtors
157,792
158,186
---------
---------
157,877
158,186
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
3,792
4,481
Trade creditors
192
1,626
Social security and other taxes
3,949
3,301
Other creditors
2,880
173,632
-------
---------
10,813
183,040
-------
---------
9. Creditors: Amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
1,842,612
1,845,675
Other creditors
163,210
70,505
-----------
-----------
2,005,822
1,916,180
-----------
-----------
Included within creditors: amounts falling due after more than one year is an amount of £1,826,463 (2022: £1,830,707) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are secured by fixed and floating charges over the assets of the company. These loans are subject to interest rates of between 2.5% - 4.39% and the latest is due to mature in May 2051.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2021. The following adjustments were made to the year ended 31 March 2022 in line with this transition:
£
Debit Investment Property
7,481
Credit (Gain)/loss On Financial Assets at FVPL
7,481
Debit Profit & Loss Reserves
7,142
Credit Revaluation Reserves
7,142
Debit Deferred Tax P&L
338
Credit Deferred Tax Balance Sheet
338