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COMPANY REGISTRATION NUMBER: 11963719
Aitus Associates Limited
Unaudited financial statements
31 March 2023
Aitus Associates Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
17,797,673
15,104,877
Current assets
Debtors
6
366,142
278,513
Cash at bank and in hand
78,690
65,245
---------
---------
444,832
343,758
Creditors: Amounts falling due within one year
7
( 449,868)
( 470,853)
---------
---------
Net current liabilities
( 5,036)
( 127,095)
------------
------------
Total assets less current liabilities
17,792,637
14,977,782
Creditors: Amounts falling due after more than one year
8
( 11,027,779)
( 10,101,302)
Provisions
Taxation including deferred tax
( 724,576)
( 236,147)
------------
------------
Net assets
6,040,282
4,640,333
------------
------------
Capital and reserves
Called up share capital
100
100
Share premium account
3,121,835
3,121,835
Revaluation reserve
2,231,011
722,811
Profit and loss account
687,336
795,587
-----------
-----------
Shareholders funds
6,040,282
4,640,333
-----------
-----------
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 Associates Limited
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: 11963719
Aitus Associates Limited
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
33% straight line
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 3 (2022: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Investment properties
Total
£
£
£
£
Cost or valuation
At 1 April 2022
45,535
15,064,465
15,110,000
Additions
1,440
499
1,259,601
1,261,540
Disposals
( 555,000)
( 555,000)
Revaluations
1,990,934
1,990,934
-------
----
------------
------------
At 31 March 2023
46,975
499
17,760,000
17,807,474
-------
----
------------
------------
Depreciation
At 1 April 2022
5,123
5,123
Charge for the year
4,637
41
4,678
-------
----
------------
------------
At 31 March 2023
9,760
41
9,801
-------
----
------------
------------
Carrying amount
At 31 March 2023
37,215
458
17,760,000
17,797,673
-------
----
------------
------------
At 31 March 2022
40,412
15,064,465
15,104,877
-------
----
------------
------------
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
14,785,318
Aggregate depreciation
------------
Carrying value
14,785,318
------------
At 31 March 2022
Aggregate cost
14,100,717
Aggregate depreciation
------------
Carrying value
14,100,717
------------
6. Debtors
2023
2022
£
£
Trade debtors
267
Amounts owed by group undertakings and undertakings in which the company has a participating interest
57,497
Other debtors
365,875
221,016
---------
---------
366,142
278,513
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
161,241
422,474
Trade creditors
16,517
10,401
Amounts owed to group undertakings and undertakings in which the company has a participating interest
262,200
21,480
Social security and other taxes
1,731
Other creditors
8,179
16,498
---------
---------
449,868
470,853
---------
---------
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,027,779
10,101,302
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £10,466,944 (2022: £9,492,976) 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 a fixed and floating charge over the assets of the company. These loans are subject to interest rates of between 2.5% - 10% and the latest is due to mature in August 2049.
9. Director's advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £74,577 (2022 - £Nil). The maximum overdrawn balance during the year was £74,577. Interest of £241 was charged at the official rate.