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REGISTERED NUMBER: 02165913 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

A. & C. DEVELOPMENTS LIMITED

A. & C. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02165913)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


A. & C. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02165913)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 262 350
Investments 5 625,116 603,448
Investment property 6 1,562,877 1,562,877
2,188,255 2,166,675

CURRENT ASSETS
Debtors 7 2,104 729
Cash at bank 58,276 110,204
60,380 110,933
CREDITORS
Amounts falling due within one year 8 20,245 21,744
NET CURRENT ASSETS 40,135 89,189
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,228,390

2,255,864

CREDITORS
Amounts falling due after more than one
year

9

(1,079,586

)

(1,144,307

)

PROVISIONS FOR LIABILITIES 10 (66,907 ) (66,907 )
NET ASSETS 1,081,897 1,044,650

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 285,234 285,234
Retained earnings 796,563 759,316
1,081,897 1,044,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

A. & C. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02165913)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2024 and were signed on its behalf by:





Mr N I Koumettou - Director


A. & C. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02165913)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

A. & C. Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02165913

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents value of rents receivable excluding discount, rebates during the accounting period. Revenue is recognised evenly over the period of rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 25% on reducing balance method

The company has adopted the policy of not depreciating the assets in the year of acquisition. However, full depreciation will be provided in the year of disposal.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred taxation is provided on these gains or losses at the rate expected to apply when the property is sold.


A. & C. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02165913)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Preparation of consolidated financial statements
The financial statements contain information about A & C Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under section 398 of the Companies Act 2006 not to prepare consolidated financial statements and accordingly these financial statements present information about the company as a single undertaking as the company and its subsidiary undertakings comprise a small group.

Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

A. & C. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02165913)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 April 2022
and 31 March 2023 18,602
DEPRECIATION
At 1 April 2022 18,252
Charge for year 88
At 31 March 2023 18,340
NET BOOK VALUE
At 31 March 2023 262
At 31 March 2022 350

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 2,029 2,029
Loans to group undertakings 623,086 601,418
Other investments not loans 1 1
625,116 603,448

Additional information is as follows:
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 2,029 1 2,030
NET BOOK VALUE
At 31 March 2023 2,029 1 2,030
At 31 March 2022 2,029 1 2,030
Loans to
group
undertakings
£   
At 1 April 2022 601,418
New in year 21,668
At 31 March 2023 623,086

A. & C. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02165913)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,562,877
NET BOOK VALUE
At 31 March 2023 1,562,877
At 31 March 2022 1,562,877

The directors consider the market values of the property to be as stated in the financial statements at the year-end.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,104 729

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 120
Taxation and social security 8,185 7,584
Other creditors 12,060 14,040
20,245 21,744

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 1,079,586 1,144,307

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 66,907 66,907

Deferred
tax
£   
Balance at 1 April 2022 66,907
Balance at 31 March 2023 66,907

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other creditors is an interest-free loan amount of £1,079,586 (2022: £1,144,307) owed to the director of the company.