IRIS Accounts Production v23.3.0.418 08780778 Board of Directors Board of Directors 29.3.22 28.3.23 28.3.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh087807782022-03-28087807782023-03-28087807782022-03-292023-03-28087807782021-03-28087807782021-03-292022-03-28087807782022-03-2808780778ns10:Originalns15:EnglandWales2022-03-292023-03-2808780778ns14:PoundSterlingns10:Original2022-03-292023-03-2808780778ns10:Originalns10:Director12022-03-292023-03-2808780778ns10:Original2022-03-292023-03-2808780778ns10:Originalns10:Director22022-03-292023-03-2808780778ns10:Original2023-03-2808780778ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-292023-03-2808780778ns10:Originalns10:SmallEntities2022-03-292023-03-2808780778ns10:Originalns10:AuditExempt-NoAccountantsReport2022-03-292023-03-2808780778ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-03-292023-03-2808780778ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-292023-03-2808780778ns10:Originalns10:AbridgedAccounts2022-03-292023-03-2808780778ns10:Originalns10:OrdinaryShareClass12022-03-292023-03-2808780778ns10:Originalns10:RegisteredOffice2022-03-292023-03-2808780778ns10:Original2022-03-2808780778ns10:Originalns5:CurrentFinancialInstruments2023-03-2808780778ns10:Originalns5:CurrentFinancialInstruments2022-03-2808780778ns10:Originalns5:Non-currentFinancialInstruments2023-03-2808780778ns10:Originalns5:Non-currentFinancialInstruments2022-03-2808780778ns5:ShareCapitalns10:Original2023-03-2808780778ns5:ShareCapitalns10:Original2022-03-2808780778ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-2808780778ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-03-2808780778ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-2808780778ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-2808780778ns10:Originalns5:FurnitureFittings2022-03-292023-03-2808780778ns10:Original2021-03-292022-03-2808780778ns10:Original2022-03-2808780778ns10:Originalns5:DeferredTaxation2022-03-2808780778ns10:Originalns5:DeferredTaxation2023-03-2808780778ns10:Originalns10:OrdinaryShareClass12023-03-2808780778ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-03-28
REGISTERED NUMBER: 08780778 (England and Wales)














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: Mr Elias Hadji Stavrinou
Mr Constantine Hadji Stavrinou





REGISTERED OFFICE: c/o Michael Filiou Ltd
Salisbury House
81 High Street
Potters Bar
Hertfordshire
EN6 5AS





REGISTERED NUMBER: 08780778 (England and Wales)





ACCOUNTANTS: Michael Filiou Ltd
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 1,413 1,112
Investment property 6 3,971,527 3,971,527
3,972,940 3,972,639

CURRENT ASSETS
Debtors 3,341 3,922
Cash at bank 4,023 119,533
7,364 123,455
CREDITORS
Amounts falling due within one year 29,287 33,826
NET CURRENT (LIABILITIES)/ASSETS (21,923 ) 89,629
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,951,017

4,062,268

CREDITORS
Amounts falling due after more than one
year

7

(2,781,961

)

(2,979,495

)

PROVISIONS FOR LIABILITIES 9 (129,814 ) (129,814 )
NET ASSETS 1,039,242 952,959

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Fair value reserve 11 551,926 551,926
Retained earnings 486,316 400,033
SHAREHOLDERS' FUNDS 1,039,242 952,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 March 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 2 November 2023 and were signed on its behalf by:




Mr Elias Hadji Stavrinou - Director



Mr Constantine Hadji Stavrinou - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 25% on reducing balance

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 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 29 March 2022 5,039
Additions 868
At 28 March 2023 5,907
DEPRECIATION
At 29 March 2022 3,927
Charge for year 567
At 28 March 2023 4,494
NET BOOK VALUE
At 28 March 2023 1,413
At 28 March 2022 1,112

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 3,971,527
NET BOOK VALUE
At 28 March 2023 3,971,527
At 28 March 2022 3,971,527

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 129,814
Balance at 28 March 2023 129,814

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 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 551,926

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.