REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MARCH 2023 |
FOR |
ACES PROPERTY LIMITED |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MARCH 2023 |
FOR |
ACES PROPERTY LIMITED |
ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MARCH 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ACES PROPERTY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778) |
ABRIDGED BALANCE SHEET |
28 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
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. |
ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778) |
ABRIDGED BALANCE SHEET - continued |
28 MARCH 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 |
ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MARCH 2023 |
1. | STATUTORY INFORMATION |
ACES Property Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements. |
Turnover |
Turnover represents rent receivable. |
Tangible fixed assets |
Fixtures, fittings and equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property is initially recognised at cost which includes purchase cost and any directly attributable expenditure. At the end of each period, the carrying value is adjusted to the fair value at that date. Fair value is determined by consideration of comparable market data such as rental yields, location, condition and nature of the property. The gains and losses are taken to profit and loss at the end of each period. |
Deferred tax is recognised in respect to any gains, and the amount included in profit and loss is net of any deferred trax provision. |
ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MARCH 2023 |
3. | 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 29 March 2022 |
Additions |
At 28 March 2023 |
DEPRECIATION |
At 29 March 2022 |
Charge for year |
At 28 March 2023 |
NET BOOK VALUE |
At 28 March 2023 |
At 28 March 2022 |
ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MARCH 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 29 March 2022 |
and 28 March 2023 |
NET BOOK VALUE |
At 28 March 2023 |
At 28 March 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable by instalments |
Bank loans more than 5 years | 2,397,308 | 2,417,741 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 2,397,308 | 2,417,741 |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 129,814 | 129,814 |
Deferred |
tax |
£ |
Balance at 29 March 2022 |
Balance at 28 March 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MARCH 2023 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 29 March 2022 |
and 28 March 2023 |
12. | RELATED PARTY DISCLOSURES |
Loan from directors |
At the reporting date, the directors were owed £384,653 (2022 - £566,439) by the company. This is an unsecured interest-free loan. |
13. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors who own 100% of the issued share capital. |