Absolute Property Investments Limited 10563886 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true true 10563886 2022-02-01 2023-01-31 10563886 2023-01-31 10563886 bus:OrdinaryShareClass1 2023-01-31 10563886 core:CurrentFinancialInstruments 2023-01-31 10563886 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 10563886 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 10563886 bus:SmallEntities 2022-02-01 2023-01-31 10563886 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 10563886 bus:FullAccounts 2022-02-01 2023-01-31 10563886 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 10563886 bus:RegisteredOffice 2022-02-01 2023-01-31 10563886 bus:Director1 2022-02-01 2023-01-31 10563886 bus:Director2 2022-02-01 2023-01-31 10563886 bus:Director3 2022-02-01 2023-01-31 10563886 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 10563886 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 10563886 core:OtherRelatedParties 2022-02-01 2023-01-31 10563886 countries:England 2022-02-01 2023-01-31 10563886 2022-01-31 10563886 2021-02-01 2022-01-31 10563886 2022-01-31 10563886 bus:OrdinaryShareClass1 2022-01-31 10563886 core:CurrentFinancialInstruments 2022-01-31 10563886 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 10563886 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10563886

Absolute Property Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Absolute Property Investments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Absolute Property Investments Limited

Company Information

Directors

B Webster

L Saunders

Nick Wallis

Registered office

Sopers House
Sopers Road
Cuffley
EN6 4RY

Accountants

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

Absolute Property Investments Limited

(Registration number: 10563886)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

360,234

360,234

Current assets

 

Debtors

887

1,054

Cash at bank and in hand

 

10,780

3,530

 

11,667

4,584

Creditors: Amounts falling due within one year

5

(107,056)

(105,813)

Net current liabilities

 

(95,389)

(101,229)

Total assets less current liabilities

 

264,845

259,005

Creditors: Amounts falling due after more than one year

5

(249,629)

(249,629)

Net assets

 

15,216

9,376

Capital and reserves

 

Called up share capital

6

200

200

Retained earnings

15,016

9,176

Shareholders' funds

 

15,216

9,376

For the financial year ending 31 January 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 13 September 2023 and signed on its behalf by:
 

.........................................
B Webster
Director

 

Absolute Property Investments Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Sopers House
Sopers Road
Cuffley
EN6 4RY

These financial statements were authorised for issue by the Board on 13 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represnts amounts derived from rents charged to tenants during the year and is recognised at the date the rental period occurred

Tax

The tax expense for the period comprises current 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Absolute Property Investments Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors represent amounts due from tenants in respect of rents for the occupation of land and property

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

4

Investment properties

2023
£

At 1 February

360,234

At 31 January

360,234

The investment property is valued based on an assessment of the property and the market by the company directors. The directors are of the opinion that the current market value is the same as the original purchase price, and therefore no revaluation is necessary.

 

Absolute Property Investments Limited

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

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax liability

998

-

Accruals and deferred income

1,750

1,750

Other creditors

104,308

104,063

107,056

105,813

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

249,629

249,629

The bank loans and overdraft are secured by a fixed charge over the assets of the company.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

7

Related party transactions

Summary of transactions with other related parties

Included in the other creditors is an amount of £ 104,063 (2022: £ 104,063) owed to Absolute Property Agents,Limited, a company under common control