REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Anchor Property Holdings Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Anchor Property Holdings Limited |
Anchor Property Holdings Limited (Registered number: 04714960) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Anchor Property Holdings Limited |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
F39 Innovation Centre Medway |
Chatham |
Kent |
ME5 9FD |
Anchor Property Holdings Limited (Registered number: 04714960) |
Statement of Financial Position |
30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Housing Properties | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Non distributable reserves | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
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. |
Anchor Property Holdings Limited (Registered number: 04714960) |
Statement of Financial Position - continued |
30 April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Anchor Property Holdings Limited (Registered number: 04714960) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Anchor Property Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements relate to the individual entity only. |
The company is a public benefit entity administered by the directors and the board of management. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Statement of Recommended Practice for Social Housing Providers 2018, the Accounting Direction for private registered providers of social housing in England 2022 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets |
Preparation of consolidated financial statements |
The financial statements contain information about Anchor Property Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents rents and service charges received in respect of social housing |
Tangible fixed assets |
Equipment, fixtures & fittings | - |
Motor vehicles | - |
At each Statement of Financial Position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Housing property |
Social housing properties are carried at fair value determined annually by the directors with periodic professional valuations .Fair value is derived from current market rents and investment property yields for comparable real estate adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation has been provided on the major components of housing properties. It is the company's practice to maintain these assets in a continual state of sound repair and to make improvements thereto from time to time. Accordingly the company considers that the life of these assets and their residual values (based on prices prevailing at the time of acquisition or subsequent valuation) are such that their depreciation is insignificant. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors, creditors and loans from banks. |
Anchor Property Holdings Limited (Registered number: 04714960) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Long leasehold |
Leasehold premises with unexpired lease terms of 50 years or less are depreciated by equal annual instalments over the remaining period of the lease. Long leasehold buildings are maintained in a state of good repair and it is considered that residual values, base on prices prevailing at the time of acquisition are such that depreciation is not significant. The departure from the requirement for all properties to be depreciated is, in the opinion of the directors, necessary to give a true and fair view |
Operating lease income |
Income from operating leases is recognised on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Anchor Property Holdings Limited (Registered number: 04714960) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | TANGIBLE FIXED ASSETS |
Equipment, |
Long | fixtures & | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
6. | HOUSING PROPERTIES |
Total |
£ |
FAIR VALUE |
At 1 May 2022 |
Additions |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Anchor Property Holdings Limited (Registered number: 04714960) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
6. | HOUSING PROPERTIES - continued |
The housing properties consists of social housing properties held for letting |
Accommodation in management |
At the end of the financial year accommodation in management for each class of accommodation was as follows: |
2023 2022 |
Number Number |
Social housing |
General housing |
-Social rent 50 47 |
Total owned 50 47 |
Rental properties |
General housing |
- Social rent 49 50 |
Total owned and managed 99 97 |
Fair value at 30 April 2023 is represented by: |
£ |
Valuation in 2023 | 4,750,616 |
If Housing properties had not been revalued they would have been included at the following historical cost: |
30.4.23 | 30.4.22 |
£ | £ |
Cost | 3,805,569 | 3,454,052 |
Housing properties were valued on an open market basis on 30 April 2023 by the directors of the company . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Anchor Property Holdings Limited (Registered number: 04714960) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 719,431 | 495,986 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.4.23 | 30.4.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans |
All bank loans are secured by fixed charges on individual properties. |
The bank loans are repaid in monthly instalments at variable rates of interest. |
The variable rates of interest are up to 3% over bank base rate. |
Final instalments fall to be repaid in the period from 2025 to 2037 |
12. | PROVISIONS FOR LIABILITIES |
30.4.23 | 30.4.22 |
£ | £ |
Deferred tax | 79,511 | 78,698 |
Deferred tax |
£ |
Balance at 1 May 2022 |
Accelerated Capital Allowances | 813 |
Balance at 30 April 2023 |
Anchor Property Holdings Limited (Registered number: 04714960) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.23 | 30.4.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
14. | RESERVES |
Non |
Retained | distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 May 2022 | 3,309,800 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2023 | 3,422,492 |
15. | RELATED PARTY DISCLOSURES |
During the year total pension contributions of £24,000 (2022: £24,000) were paid by the company in respect of directors' pension schemes. |
Throughout the year under review the company had one wholly owned subsidiary company, Anchor Support Services Limited, which is not regulated by the Social Housing Regulator. The subsidiary company provides support to adults with learning disabilities. |
The subsidiary company paid the following remuneration to its directors in connection with the management of that company's affairs: |
Salary Pension Other benefits |
Mr G. Parkinson £12,532 £376 £575 |
Mrs M. Parkinson £12,100 £363 - |