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REGISTERED NUMBER: 05879069 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2023

FOR

A F PROPERTIES (SUSSEX) LIMITED

A F PROPERTIES (SUSSEX) LIMITED (REGISTERED NUMBER: 05879069)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


A F PROPERTIES (SUSSEX) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mrs J P Fenton
Mrs C S Askaroff





REGISTERED OFFICE: Winslow
The Drive
Hellingly
East Sussex
BN27 4EP





REGISTERED NUMBER: 05879069 (England and Wales)





ACCOUNTANTS: Honey Barrett Limited
53 Gildredge Road
Eastbourne
East Sussex
BN21 4SF

A F PROPERTIES (SUSSEX) LIMITED (REGISTERED NUMBER: 05879069)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 555 741
Investment property 6 610,000 620,000
610,555 620,741

CURRENT ASSETS
Debtors 7 98 120
Cash at bank and in hand 51,785 42,133
51,883 42,253
CREDITORS
Amounts falling due within one year 8 64,965 55,862
NET CURRENT LIABILITIES (13,082 ) (13,609 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

597,473

607,132

CREDITORS
Amounts falling due after more than
one year

9

(420,000

)

(420,000

)

PROVISIONS FOR LIABILITIES 10 (43,725 ) (46,092 )
NET ASSETS 133,748 141,040

CAPITAL AND RESERVES
Called up share capital 11 100 100
Non-distributable reserves 144,000 163,620
Retained earnings (10,352 ) (22,680 )
SHAREHOLDERS' FUNDS 133,748 141,040

A F PROPERTIES (SUSSEX) LIMITED (REGISTERED NUMBER: 05879069)

BALANCE SHEET - continued
31 JULY 2023


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

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

The directors acknowledge their 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





Mrs J P Fenton - Director


A F PROPERTIES (SUSSEX) LIMITED (REGISTERED NUMBER: 05879069)

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


1. STATUTORY INFORMATION

A F Properties (Sussex) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The company has prepared these accounts an a going concern basis.

Turnover
Turnover represents rental income receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

Investment property
Investment property is shown at estimated market value at the balance sheet date. 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 Profit and loss account, 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 provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

A F PROPERTIES (SUSSEX) LIMITED (REGISTERED NUMBER: 05879069)

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


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

A F PROPERTIES (SUSSEX) LIMITED (REGISTERED NUMBER: 05879069)

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


5. TANGIBLE FIXED ASSETS
Equipmen
£   
COST
At 1 August 2022
and 31 July 2023 2,570
DEPRECIATION
At 1 August 2022 1,829
Charge for year 186
At 31 July 2023 2,015
NET BOOK VALUE
At 31 July 2023 555
At 31 July 2022 741

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 620,000
Revaluations (10,000 )
At 31 July 2023 610,000
NET BOOK VALUE
At 31 July 2023 610,000
At 31 July 2022 620,000

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2020 418,000
Valuation in 2021 22,000
Valuation in 2022 180,000
Valuation in 2023 (10,000 )
610,000

A F PROPERTIES (SUSSEX) LIMITED (REGISTERED NUMBER: 05879069)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 37 37
Prepayments and accrued income 61 83
98 120

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 7,000 7,000
Directors' current accounts 56,106 46,900
Accruals and deferred income 1,859 1,962
64,965 55,862

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Directors' loan accounts 420,000 420,000

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 43,725 46,092

Deferred
tax
£   
Balance at 1 August 2022 46,092
Provided during year (2,367 )
Balance at 31 July 2023 43,725

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100