Registered number
09572849
Andac Developments Ltd
Filleted Accounts
31 May 2023
Andac Developments Ltd
Registered number: 09572849
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,190,000 3,040,000
Current assets
Debtors 4 3,537 2,145
Cash at bank and in hand 46,005 43,082
49,542 45,227
Creditors: amounts falling due within one year 5 (228,260) (315,086)
Net current liabilities (178,718) (269,859)
Total assets less current liabilities 5,011,282 2,770,141
Creditors: amounts falling due after more than one year 6 (2,308,000) (2,208,000)
Provisions for liabilities (665,000) (101,500)
Net assets 2,038,282 460,641
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 2,004,500 418,000
Profit and loss account 33,682 42,541
Shareholders' funds 2,038,282 460,641
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S A Cooper, Esq
Director
Approved by the board on 11 March 2024
Andac Developments Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from rents receivable, and is recognised when due and payable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold and leasehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Leasehold land and buildings Nil
Computer equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2022 3,040,000
Profit/(Loss) on revaluation 2,150,000
At 31 May 2023 5,190,000
Depreciation
At 31 May 2023 -
Net book value
At 31 May 2023 5,190,000
At 31 May 2022 3,040,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 2,530,000 2,530,000
Cumulative depreciation based on historical cost - -
2,530,000 2,530,000
Freehold and leasehold properties were revalued by the directors at the year end to reflect updated market values.
4 Debtors 2023 2022
£ £
Trade debtors 3,537 2,145
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 139,993 240,943
Tenants' security deposits 8,700 5,700
Trade creditors 3,013 5,388
Taxation and social security costs 23,034 9,415
Other creditors 53,520 53,640
228,260 315,086
6 Creditors: amounts falling due after one year 2023 2022
£ £
Directors' loans 2,308,000 2,208,000
Included in creditors is £2,358,670 (2022: £2,250,679) owing to the directors, of which £2,308,000 (2022: £2,208,000) are long-term loans. The loans are interest-free and there is no fixed date of repayment. The directors have confirmed that the loans will only be repaid as and when cash flow permits.
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loan 234,993 240,943
The loan is secured on a freehold property owned by the company.
8 Revaluation reserve 2023 2022
£ £
At 1 June 2022 418,000 25,000
Gain on revaluation of land and buildings 2,150,000 485,000
Deferred taxation arising on the revaluation of land and buildings (563,500) (92,000)
At 31 May 2023 2,004,500 418,000
9 Controlling party
The company is controlled by the directors, who own 76% of the share capital of the company.

10 Other information
Andac Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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