Company registration number SC485394 (Scotland)
AB11 PROPERTY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AB11 PROPERTY GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AB11 PROPERTY GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
5,457,526
5,457,526
Investments
5
2
2
5,457,528
5,457,528
Current assets
Debtors
6
14,420
50,285
Cash at bank and in hand
165,603
93,218
180,023
143,503
Creditors: amounts falling due within one year
7
(3,035,403)
(2,891,699)
Net current liabilities
(2,855,380)
(2,748,196)
Total assets less current liabilities
2,602,148
2,709,332
Creditors: amounts falling due after more than one year
8
(2,375,000)
(2,475,000)
Net assets
227,148
234,332
Capital and reserves
Called up share capital
100
100
Other reserves
80,029
80,029
Profit and loss reserves
147,019
154,203
Total equity
227,148
234,332

The directors of the company have elected not to include a copy of the profit and loss account 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

AB11 PROPERTY GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
M W MILNE
M W Milne
Director
Company Registration No. SC485394
AB11 PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

AB11 Property Group Limited is a private company limited by shares incorporated in Scotland. The registered office is 12 Earlspark Avenue, Bieldside, Aberdeen, AB15 9BU.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. At 31 March 2023, the Company had net current liabilities of £2,855,380 (2022 - £2,748,196). Included within creditors are amounts due to the directors and a company under common control amounting to £2,909,100 (2022 - £2,718,682). The directors and the company under common control have confirmed that they shall not seek repayment of amounts due until working capital permits. Furthermore, the directors and the company under common control will continue to support the company to facilitate its ability to continue trading as a going concern for the foreseeable future. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.true

1.3
Turnover

Property sales are recognised in the period to which they relate. Any properties not sold at the year end are held as stock.

Rental income is recognised for the period to which it relates. Any rentals invoiced in advance are deferred accordingly over the year end.

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 and fittings
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

AB11 PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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. Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Cash and cash equivalents

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.

1.8
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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.

AB11 PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2022 and 31 March 2023
83,004
Depreciation and impairment
At 1 April 2022 and 31 March 2023
83,004
Carrying amount
At 31 March 2023
-
At 31 March 2022
-
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
5,457,526

The directors have considered the value of investment property and in their opinion, there has been no material change in the open market value. The directors' valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

AB11 PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,757
44,985
Other debtors
7,663
5,300
14,420
50,285
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
100,000
100,000
Amounts owed to group undertakings
1,525,031
1,352,981
Corporation tax
9,178
40,521
Other creditors
1,401,194
1,398,197
3,035,403
2,891,699
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,375,000
2,475,000

Secured loans

The bank loan is secured by a bond and floating charge over the investment property of the company.

9
Related party transactions

During the year, the company made advances to the directors of £83,632. Credits were received of £102,000 which resulted in amounts due to the directors at the year end of £1,384,069 (2022 - £1,365,701).

 

During the year, the company made advances to related parties of £53,330. Credits were received of £230,000 which resulted in amounts due by the company at the year end of £1,525,031 (2022 - £1,348,361).

 

The loans are unsecured and interest free with no fixed repayment terms in place.

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