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COMPANY REGISTRATION NUMBER: 03154757
Anchor Property Management Limited
Filleted Unaudited Financial Statements
31 March 2023
Anchor Property Management Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Anchor Property Management Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
213,385
189,082
Current assets
Debtors
5
403
298
Cash at bank and in hand
1,594
19,495
---------
---------
1,997
19,793
Creditors: amounts falling due within one year
6
12,785
9,040
---------
---------
Net current (liabilities)/assets
( 10,788)
10,753
---------
---------
Total assets less current liabilities
202,597
199,835
Provisions
Taxation including deferred tax
1
14
---------
---------
Net assets
202,596
199,821
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
202,592
199,817
---------
---------
Shareholders funds
202,596
199,821
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Anchor Property Management Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr T R Steer
Director
Company registration number: 03154757
Anchor Property Management Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 Willow Road, Finchfield, West Midlands, WV3 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rental income receivable.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
189,007
86
798
189,891
Additions
24,372
24,372
---------
---------
---------
---------
At 31 March 2023
213,379
86
798
214,263
---------
---------
---------
---------
Depreciation
At 1 April 2022
78
731
809
Charge for the year
2
67
69
---------
---------
---------
---------
At 31 March 2023
80
798
878
---------
---------
---------
---------
Carrying amount
At 31 March 2023
213,379
6
213,385
---------
---------
---------
---------
At 31 March 2022
189,007
8
67
189,082
---------
---------
---------
---------
5. Debtors
2023
2022
£
£
Other debtors
403
298
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,591
1,990
Other creditors
9,194
7,050
---------
---------
12,785
9,040
---------
---------
7. Directors' advances, credits and guarantees
Amounts due to the directors at the year end amounted to £7,754 (2022: £5,910).
8. Related party transactions
The company was under the control of the directors during the current and previous years.