IRIS Accounts Production v23.2.0.158 03119018 Board of Directors 1.4.22 31.3.23 31.3.23 29.9.23 0 0 false true false false true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure031190182022-03-31031190182023-03-31031190182022-04-012023-03-31031190182021-03-31031190182021-04-012022-03-31031190182022-03-3103119018ns16:EnglandWales2022-04-012023-03-3103119018ns15:PoundSterling2022-04-012023-03-3103119018ns11:Director12022-04-012023-03-3103119018ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3103119018ns11:SmallEntities2022-04-012023-03-3103119018ns11:Audited2022-04-012023-03-3103119018ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3103119018ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3103119018ns11:FullAccounts2022-04-012023-03-3103119018ns11:Director22022-04-012023-03-3103119018ns11:CompanySecretary12022-04-012023-03-3103119018ns11:RegisteredOffice2022-04-012023-03-3103119018ns6:CurrentFinancialInstruments2023-03-3103119018ns6:CurrentFinancialInstruments2022-03-3103119018ns6:ShareCapital2023-03-3103119018ns6:ShareCapital2022-03-3103119018ns6:RetainedEarningsAccumulatedLosses2023-03-3103119018ns6:RetainedEarningsAccumulatedLosses2022-03-3103119018ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3103119018ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3103119018ns6:DeferredTaxation2022-03-3103119018ns6:DeferredTaxation2022-04-012023-03-3103119018ns6:DeferredTaxation2023-03-31
REGISTERED NUMBER: 03119018 (England and Wales)













Financial Statements

for the Year Ended 31 March 2023

for

Anglo-European Developments GB Limited

Anglo-European Developments GB Limited (Registered number: 03119018)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Anglo-European Developments GB Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P L Murphy
M Slane





SECRETARY: M M Slane





REGISTERED OFFICE: Winston House
2 Dollis Park
London
N3 1HF





REGISTERED NUMBER: 03119018 (England and Wales)





AUDITORS: Elliotts Shah
Statutory Auditor
Chartered Accountants
4th Floor
167 Fleet Street
London
EC4A 2EA

Anglo-European Developments GB Limited (Registered number: 03119018)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,890,000 2,470,000

CURRENT ASSETS
Debtors 5 1,059,846 976,715
Cash at bank 184,071 8,171
1,243,917 984,886
CREDITORS
Amounts falling due within one year 6 1,944,612 1,760,527
NET CURRENT LIABILITIES (700,695 ) (775,641 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,189,305

1,694,359

PROVISIONS FOR LIABILITIES 7 600,000 175,000
NET ASSETS 2,589,305 1,519,359

CAPITAL AND RESERVES
Called up share capital 90 90
Retained earnings 2,589,215 1,519,269
SHAREHOLDERS' FUNDS 2,589,305 1,519,359

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





P L Murphy - Director


Anglo-European Developments GB Limited (Registered number: 03119018)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Anglo-European Developments GB 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
After considering the company's prospects, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing the financial statements, estimates and judgements are made that could affect the reported amounts of assets and liabilities within the next reporting period. Estimates and judgements are continually evaluated and are based on factors such as historical experience and current best estimates of uncertain future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The critical judgements and estimates made by management that have a significant effect on the amounts recognised in the financial statements are described below:

Valuation of investment property
The investment property is stated at fair value based on the valuation performed by the director who is experienced in property investment and has a good knowledge of the location and type of property owned. The valuation reflects observable market prices, if available, condition of the property, and likely income from the asset. As a result of the pandemic (Covid-19), significant disruption and uncertainty in the UK property market prevails which inevitably increases the risk of misstatement and the degree of judgement in arriving at values as at at 31 March 2023.

Investment property
Investment property is included at fair value as determined by the director. Revaluation surpluses or deficits are recognised in the income statement. Deferred tax is provided on those gains at the rate expected to apply when the property is sold.

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.


Anglo-European Developments GB Limited (Registered number: 03119018)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 2,470,000
Additions 75
Revaluations 1,419,925
At 31 March 2023 3,890,000
NET BOOK VALUE
At 31 March 2023 3,890,000
At 31 March 2022 2,470,000

The investment property was revalued on a fair value basis by the director of the company as at the balance sheet date. The historical cost of the property is £1,049,177 (2022: £1,049,102).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,070 4,603
Amounts owed by group undertakings 994,980 936,127
VAT - 12,592
Prepayments and accrued income 44,796 23,393
1,059,846 976,715

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 8,539 -
VAT 23,072 -
Amounts due to joint property
participants 1,904,712 1,753,975
Accruals and deferred income 8,289 6,552
1,944,612 1,760,527

Anglo-European Developments GB Limited (Registered number: 03119018)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 600,000 175,000

Deferred
tax
£   
Balance at 1 April 2022 175,000
Provided during year 425,000
Balance at 31 March 2023 600,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Arvind Shah (Senior Statutory Auditor)
for and on behalf of Elliotts Shah

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The share of profit/(loss) attributable to joint property participants includes £81,167 (2022: (£2,072)) allocated to Mountheed Limited, £11,595 (2022: (£296)) allocated to Reachdrum Limited, £4,638 (2022: (£109)) allocated to M 25 Group Limited and £9,276 (2022: (£218)) allocated to PLM Children's Trust.

Included within creditors under amounts due to joint property participants are sums of £1,025,614 (2022: £944,447) due to Mountheed Limited, £146,517 (2022: £134,922) due to Reachdrum Limited, £54,449 (2022: £49,811) due to M 25 Group Ltd and £108,697 (2022: £99,421) due to PLM Children's Trust.

Mountheed Limited is a wholly owned subsidiary of M 25 Group Limited, which in turn is a wholly owned subsidiary of Enterprise Properties Limited. The share capital of Enterprise Properties Limited is 50.3% owned by PL Murphy and 49.7% owned by PLM Children's Trust. P L Murphy is the settlor and a trustee of PLM Children's Trust. Reachdrum Limited is under the control of M Slane, a director of the parent company, MFC Estates plc.

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of MFC Estates plc, a company registered in England and Wales. MFC Estates plc is under the control of the director, P L Murphy, by virtue of his beneficial interest in that company's issued share capital.