2022-04-012023-03-312023-03-31false10210991AAPG (PROPERTY) 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AAPG (PROPERTY) LIMITED

Registered Number
10210991
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

AAPG (PROPERTY) LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Adrian Palmer-Geaves
Kate Palmer-Geaves

Registered Address

24 Old Bond Street
London
W1S 4AP

Registered Number

10210991 (England and Wales)
AAPG (PROPERTY) LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property71,824,0511,824,051
1,824,0511,824,051
Current assets
Debtors74,48967,328
Cash at bank and on hand55,68143,878
130,170111,206
Creditors amounts falling due within one year11(9,155)(12,691)
Net current assets (liabilities)121,01598,515
Total assets less current liabilities1,945,0661,922,566
Creditors amounts falling due after one year12(1,493,516)(1,492,497)
Provisions for liabilities13(77,496)(77,496)
Net assets374,054352,573
Capital and reserves
Called up share capital100100
Revaluation reserve330,376330,376
Profit and loss account43,57822,097
Shareholders' funds374,054352,573
The financial statements were approved and authorised for issue by the Board of Directors on 21 October 2023, and are signed on its behalf by:
Adrian Palmer-Geaves
Director
Registered Company No. 10210991
AAPG (PROPERTY) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's ultimate parent is AAPG Investments UK Limited, incorporated in England. The ultimate controlling party is Mr A Palmer-Geaves.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is the rental of investment properties.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings4
Investment property policy
Investment property is carried at fair value, derived from the 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.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
5.Employee information

20232022
Average number of employees during the year00
6.Property, plant and equipment

Fixtures & fittings

Total

££
Cost or valuation
At 01 April 2213,98013,980
At 31 March 2313,98013,980
Depreciation and impairment
At 01 April 2213,98013,980
At 31 March 2313,98013,980
Net book value
At 31 March 23--
At 31 March 22--
7.Investment property
The properties have been valued by a qualified independent valuer. The carrying value of the properties within the balance sheet is not materially different to their fair value at the balance sheet date.

£
Fair value at 01 April 221,824,051
At 31 March 231,824,051
8.Description of nature of transactions and balances with related parties
Within creditors amounts falling due after more than one year is an amount of £422,618 (2022 - £422,186) due to the company directors, the loan is interest free and not due for repayment until after 31 March 2024. Within creditors amounts falling due after more than one year is an amount of £599,900 (2022 - £599,900) due to the parent company AAPG Investments UK Limited, the loan is interest free and not due for repayment until after 31 March 2024.
9.Debtors within one year

2023

2022

££
Other debtors5,447-
Prepayments and accrued income4,0422,328
Total9,4892,328
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Debtors after one year

2023

2022

££
Other debtors65,00065,000
Total65,00065,000
£65,000 (2022 - £65,000) of other debtors is classified as non current. This is an interest only loan where the capital is not due for repayment until December 2036.
11.Creditors within one year

2023

2022

££
Taxation and social security5,0396,129
Accrued liabilities and deferred income4,1166,562
Total9,15512,691
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts470,998470,411
Amounts owed to related parties599,900599,900
Other creditors422,618422,186
Total1,493,5161,492,497
13.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)77,49677,496
Total77,49677,496