Company Registration No. 12474341 (England and Wales)
ASEA PROPERTIES LIMITED
Unaudited accounts
for the year ended 28 February 2023
ASEA PROPERTIES LIMITED
Unaudited accounts
Contents
ASEA PROPERTIES LIMITED
Company Information
for the year ended 28 February 2023
Directors
A Norbury
S Norbury
Company Number
12474341 (England and Wales)
Registered Office
35 Castlegate Drive
Pontefract
West Yorkshire
WF8 4RE
Accountants
Stoney Philbin & Company Limited
7 High Street
Chapel-en-le-Frith
High Peak
SK23 0HD
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
ASEA PROPERTIES LIMITED
for the year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
ASEA PROPERTIES LIMITED for the year ended
28 February 2023 as set out on pages
5 -
7 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Stoney Philbin & Company Limited
Chartered Certified Accountants
7 High Street
Chapel-en-le-Frith
High Peak
SK23 0HD
20 November 2023
ASEA PROPERTIES LIMITED
Statement of financial position
as at 28 February 2023
Investment property
200,000
200,000
Cash at bank and in hand
14,933
11,081
Creditors: amounts falling due within one year
(2,061)
(2,306)
Net current assets
12,872
8,775
Total assets less current liabilities
212,872
208,775
Provisions for liabilities
Deferred tax
(38,000)
(38,000)
Net assets
174,872
170,775
Called up share capital
700
700
Revaluation reserve
162,000
162,000
Profit and loss account
12,172
8,075
Shareholders' funds
174,872
170,775
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by
A Norbury
Director
Company Registration No. 12474341
ASEA PROPERTIES LIMITED
Notes to the Accounts
for the year ended 28 February 2023
ASEA PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12474341. The registered office is 35 Castlegate Drive, Pontefract, West Yorkshire, WF8 4RE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 March 2022
200,000
At 28 February 2023
200,000
Investment property is included at fair value on a revaluation basis, with carrying fair value ascertained via realistic review by directors. The valuation is considered to have been made on an open market value basis by reference to recent market evidence of transaction prices for similar rental properties in the area.
5
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
961
1,206
Loans from directors
300
300
ASEA PROPERTIES LIMITED
Notes to the Accounts
for the year ended 28 February 2023
6
Deferred taxation
2023
2022
Revaluation of investment property
38,000
38,000
Provision at start of year
38,000
34,580
Charged to the profit and loss account
-
3,420
Provision at end of year
38,000
38,000
The deferred tax figure stems from subsequent earlier revaluations of the investment property ( 2021 - £182,000, 2022 - £200,000) at the then prevailing tax rates. No reversal is expected in the next accounting period.
7
Average number of employees
During the year the average number of employees was 2 (2022: 2).