ARDD Property Limited 06918543 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Rental of investment properties Digita Accounts Production Advanced 6.30.9574.0 true 06918543 2022-06-01 2023-05-31 06918543 2023-05-31 06918543 bus:OrdinaryShareClass1 2023-05-31 06918543 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 06918543 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 06918543 core:CurrentFinancialInstruments 2023-05-31 06918543 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 06918543 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 06918543 core:MotorVehicles 2023-05-31 06918543 bus:SmallEntities 2022-06-01 2023-05-31 06918543 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 06918543 bus:FullAccounts 2022-06-01 2023-05-31 06918543 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 06918543 bus:RegisteredOffice 2022-06-01 2023-05-31 06918543 bus:Director1 2022-06-01 2023-05-31 06918543 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 06918543 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06918543 core:RevaluationReserve core:LandBuildings 2022-06-01 2023-05-31 06918543 core:LandBuildings 2022-06-01 2023-05-31 06918543 core:MotorVehicles 2022-06-01 2023-05-31 06918543 countries:England 2022-06-01 2023-05-31 06918543 2022-05-31 06918543 core:MotorVehicles 2022-05-31 06918543 2021-06-01 2022-05-31 06918543 2022-05-31 06918543 bus:OrdinaryShareClass1 2022-05-31 06918543 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-05-31 06918543 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-05-31 06918543 core:CurrentFinancialInstruments 2022-05-31 06918543 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 06918543 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 06918543 core:MotorVehicles 2022-05-31 06918543 core:RevaluationReserve core:LandBuildings 2021-06-01 2022-05-31 06918543 core:LandBuildings 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06918543

ARDD Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

ARDD Property Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

ARDD Property Limited

(Registration number: 06918543)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

47,814

63,752

Investment property

5

1,870,500

1,870,500

 

1,918,314

1,934,252

Current assets

 

Debtors

6

2,304

2,075

Cash at bank and in hand

 

131,921

87,477

 

134,225

89,552

Creditors: Amounts falling due within one year

7

(1,179,922)

(1,171,139)

Net current liabilities

 

(1,045,697)

(1,081,587)

Total assets less current liabilities

 

872,617

852,665

Creditors: Amounts falling due after more than one year

7

(52,673)

(63,199)

Provisions for liabilities

(18,203)

(16,863)

Net assets

 

801,741

772,603

Capital and reserves

 

Called up share capital

8

1,000

1,000

Revaluation reserve

248,918

247,567

Retained earnings

551,823

524,036

Shareholders' funds

 

801,741

772,603

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
Simon C Dennis
Director

 

ARDD Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital incorporated in England and the company registration number is 06918543.

The address of its registered office is:
39 Connaught Avenue
Grimsby
N.E. Lincolnshire
DN32 0BS
United Kingdom

These financial statements were authorised for issue by the Board on 9 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

ARDD Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Directors. Changes in fair value are recognised in the profit and loss account.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2022 - 3).

 

ARDD Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

99,516

99,516

At 31 May 2023

99,516

99,516

Depreciation

At 1 June 2022

35,764

35,764

Charge for the year

15,938

15,938

At 31 May 2023

51,702

51,702

Carrying amount

At 31 May 2023

47,814

47,814

At 31 May 2022

63,752

63,752

5

Investment properties

2023
£

At 1 June

1,870,500

At 31 May

1,870,500

Investment properties comprise of multiple properties held for rental purposes. The fair value of the investment properties has been arrived at on the basis of a valuation carried out on 31 May 2023 by Mr S Dennis, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6

Debtors

Current

2023
£

2022
£

Prepayments

2,304

2,075

 

ARDD Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

10,527

10,527

Other creditors

 

1,161,581

1,153,280

Accruals and deferred income

 

7,814

7,332

 

1,179,922

1,171,139

Due after one year

 

Loans and borrowings

10

52,673

63,199


Creditors include borrowings from Directors, which amount to £1,150,577 (2021 £1,150,577), are secured on the company's investment properties.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

52,673

63,199

 

ARDD Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

1,351

1,351

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

65,250

65,250

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

52,673

63,199

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

10,527

10,527

Other borrowings

1,150,577

1,150,577

1,161,104

1,161,104