Company registration number 09833971 (England and Wales)
AA PROPERTIES (BLACKBURN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
AA PROPERTIES (BLACKBURN) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AA PROPERTIES (BLACKBURN) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
717
Investment property
4
445,925
442,923
445,925
443,640
Current assets
Debtors
5
43,299
42,711
Cash at bank and in hand
16,075
19,043
59,374
61,754
Creditors: amounts falling due within one year
6
(485,665)
(490,435)
Net current liabilities
(426,291)
(428,681)
Total assets less current liabilities
19,634
14,959
Provisions for liabilities
-
0
(136)
Net assets
19,634
14,823
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
19,534
14,723
Total equity
19,634
14,823

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 10 November 2023
Mr B Afzal
Director
Company registration number 09833971 (England and Wales)
AA PROPERTIES (BLACKBURN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information

AA Properties (Blackburn) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Freckleton Business Centre, Freckleton Street, Blackburn, Lancashire, BB2 2AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant upon the support of the director and its parent company in order to meet its liabilities as they fall due.trueThe director has indicated that this support will continue for the foreseeable future and has therefore prepared the financial statements on a going concern basis.

1.3
Turnover

Revenue represents rents receivable by the company excluding VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AA PROPERTIES (BLACKBURN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

AA PROPERTIES (BLACKBURN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 and 31 January 2023
5,573
Depreciation and impairment
At 1 February 2022
4,856
Depreciation charged in the year
717
At 31 January 2023
5,573
Carrying amount
At 31 January 2023
-
0
At 31 January 2022
717
4
Investment property
2023
£
Fair value
At 1 February 2022
442,923
Additions
3,002
At 31 January 2023
445,925

The director considers that the carrying value of investment property is not materially different from its historic cost.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
43,299
42,711
AA PROPERTIES (BLACKBURN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
948
3,874
Other creditors
484,717
486,561
485,665
490,435

Other creditors include £200,911 (2022 - £197,785) due to the director in respect of loan monies advanced, in addition to £282,831 due to connected companies (2022 - £282,831)

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100
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