2022-04-012023-03-312023-03-31false11854095Abbey Priory Properties 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Abbey Priory Properties Limited

Registered Number
11854095
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Abbey Priory Properties Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

SEWELL, Elizabeth Clare
SEWELL, Stephen Andrew

Registered Address

Abbey View, 6
The Glebe
Wetheral
CA4 8EY

Registered Number

11854095 (England and Wales)
Abbey Priory Properties Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property5450,000418,954
450,000418,954
Current assets
Debtors7-483
Cash at bank and on hand81,43556,091
81,43556,574
Creditors amounts falling due within one year8(443,275)(438,857)
Net current assets (liabilities)(361,840)(382,283)
Total assets less current liabilities88,16036,671
Provisions for liabilities9(7,700)-
Net assets80,46036,671
Capital and reserves
Called up share capital100100
Other reserves23,346-
Profit and loss account57,01436,571
Shareholders' funds80,46036,671
The financial statements were approved and authorised for issue by the Board of Directors on 5 October 2023, and are signed on its behalf by:
SEWELL, Elizabeth Clare
Director
SEWELL, Stephen Andrew
Director

Registered Company No. 11854095
Abbey Priory Properties 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.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. 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.
Investment property policy
Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
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.
Leases policy
Rental income from operating leases is credited to Income Statement on a straight line basis over the lease term.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year22
5.Investment property
On 31 March 2023, the Director's valued the investment properties on an open market value based on existing use basis. Had the investment properties been measured at historical cost the amount would have been £418,954.

£
Fair value at 01 April 22418,954
Fair value adjustments31,046
At 31 March 23450,000
6.Description of nature of transactions and balances with related parties
On 31 March 2023 £435,701 (2022 - £432,447) is owed to the directors in respect of their loans with the company. The loans are included within creditors and are unsecured, interest free and repayable on demand. During the year the company occupied premises owned by directors rent free.
7.Debtors

2023

2022

££
Trade debtors / trade receivables-483
Total-483
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.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables170709
Taxation and social security5,2643,801
Other creditors435,701432,447
Accrued liabilities and deferred income2,1401,900
Total443,275438,857
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.
9.Provisions for liabilities
The provision for deferred tax has arisen due to an increase in the fair value of the investment properties and is as follows:

2023

2022

££
Net deferred tax liability (asset)7,700-
Total7,700-