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REGISTERED NUMBER: 02156990 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

ABLE PROPERTY DEVELOPMENTS LIMITED

ABLE PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02156990)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABLE PROPERTY DEVELOPMENTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: A H Fakih
Ms L Fakih





REGISTERED OFFICE: 10 London Mews
London
W2 1HY





REGISTERED NUMBER: 02156990 (England and Wales)





ACCOUNTANTS: Stein Richards
Chartered Accountants
10 London Mews
London
W21HY

ABLE PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02156990)

BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 304,727 304,727

CURRENT ASSETS
Debtors 5 36,795 20,046
Cash at bank 29,978 329,628
66,773 349,674
CREDITORS
Amounts falling due within one year 6 518,942 810,108
NET CURRENT LIABILITIES (452,169 ) (460,434 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(147,442

)

(155,707

)

CREDITORS
Amounts falling due after more than one
year

7

200,000

200,000
NET LIABILITIES (347,442 ) (355,707 )

CAPITAL AND RESERVES
Called up share capital 8 15,000 15,000
Retained earnings (362,442 ) (370,707 )
SHAREHOLDERS' FUNDS (347,442 ) (355,707 )

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.

ABLE PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02156990)

BALANCE SHEET - 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 22 February 2024 and were signed on its behalf by:





A H Fakih - Director


ABLE PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02156990)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Able Property Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Going concern

At the balance sheet date the company has a deficiency of assets. The accounts have been prepared on a going concern basis, as the director is satisfied that the company will continue to receive the support of its loan creditors.

Turnover
Turnover represents the value of net invoiced rents and professional fees receivable.


Investment property
In accordance with FRS102, Section 1A, the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties are transferred to the profit and loss account.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

ABLE PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02156990)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 304,727
NET BOOK VALUE
At 31 March 2023 304,727
At 31 March 2022 304,727

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 36,795 20,046

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors - 3,059
Amounts owed to group undertakings 49,637 50,477
Taxation and social security 3,637 1,072
Other creditors 465,668 755,500
518,942 810,108

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 200,000 200,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 200,000 200,000

ABLE PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02156990)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
500,000 Ordinary £0.10 15,000 15,000

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company owes £457,692 (2022 - £502,277) to Leesdel limited.

At the balance sheet date the company is owed £17,655 (2022 - £Nil) by Highsky Development Limited.

The director Mr A Fakih has an interest in these companies.