Company Registration No. 10834949 (England and Wales)
Aedificus Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Aedificus Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Aedificus Limited
Statement of financial position
As at 31 March 2023
31 March 2023
Page 1
2023
2022
Notes
€
€
€
€
Fixed assets
Investments
4
9,394,985
9,365,332
Current assets
Debtors
6
79,086
106,766
Cash at bank and in hand
889,917
926,757
969,003
1,033,523
Creditors: amounts falling due within one year
7
(10,466,216)
(10,812,275)
Net current liabilities
(9,497,213)
(9,778,752)
Net liabilities
(102,228)
(413,420)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(102,229)
(413,421)
Total equity
(102,228)
(413,420)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 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 14 November 2023.
14 November 2023
The Hon. Luke Portman
Director
Company Registration No. 10834949
Aedificus Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information
Aedificus Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
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 euros, 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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The financial statements have been prepared on the going concern basis, notwithstanding net liabilities of true€102,228 (2022: €413,420) which the directors believe to be appropriate for the following reasons. The company is dependent for its working capital on funds provided to it by WP Orchard who have indicated that for at least 12 months from the date of approval of these financial statements they will continue to make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available. The directors consider that this should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on related entities for financial support, the directors acknowledge that there can be no certainty that this support will continue beyond the agreed 12 months although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Aedificus Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 3
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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.
1.5
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
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 income statement 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.
Aedificus Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 4
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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 estimate 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
Aedificus Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 5
4
Fixed asset investments
2023
2022
€
€
Shares in group undertakings and participating interests
38,231
38,231
Loans to group undertakings and participating interests
9,356,754
9,327,101
9,394,985
9,365,332
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
€
€
€
Cost or valuation
At 1 April 2022
38,231
9,327,101
9,365,332
Additions
-
29,653
29,653
At 31 March 2023
38,231
9,356,754
9,394,985
Carrying amount
At 31 March 2023
38,231
9,356,754
9,394,985
At 31 March 2022
38,231
9,327,101
9,365,332
5
Director's loan account
During the year the director provided cash of €nil (2022: €58,319) to the company. The balance outstanding at 31 March 2023 is €56,942 (2022: €58,319). The change in the year relates to foreign exchange gains.
6
Debtors
2023
2022
Amounts falling due within one year:
€
€
Other debtors
79,086
106,766
7
Creditors: amounts falling due within one year
2023
2022
€
€
Trade creditors
3,931
2,560
Amounts owed to group undertakings
10,329,514
10,746,656
Corporation tax
70,766
Other creditors
62,005
63,059
10,466,216
10,812,275
Aedificus Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 6
8
Called up share capital
2023
2022
€
€
Ordinary share capital
Issued and fully paid
1 Ordinary share of €1 each
1
1