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Registration number: 01039864

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Annual Report and Unaudited Financial Statements

for the year ended 30 June 2023

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Contents

Statement of Income and Retained Earnings

1

Statement of Financial Position

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Statement of Income and Retained Earnings
for the year ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

22,350

30,775

Administrative expenses

 

13,732

(4,177)

Operating profit

 

36,082

26,598

Interest payable and similar charges

 

(15,128)

(15,240)

 

(15,128)

(15,240)

Profit before tax

20,954

11,358

Taxation

 

(3,981)

(2,175)

Profit for the financial year

 

16,973

9,183

Retained earnings brought forward

 

291,837

282,654

Retained earnings carried forward

 

308,810

291,837

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

(Registration number: 01039864)
Statement of Financial Position
30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4

4

Investment property

5

723,819

703,819

 

723,823

703,823

Current assets

 

Debtors

6

427

(1,597)

Cash at bank and in hand

 

5,080

11,226

 

5,507

9,629

Creditors: Amounts falling due within one year

7

(183,126)

(188,021)

Net current liabilities

 

(177,619)

(178,392)

Total assets less current liabilities

 

546,204

525,431

Creditors: Amounts falling due after more than one year

7

(7,500)

(7,500)

Provisions for liabilities

(39,883)

(36,083)

Net assets

 

498,821

481,848

Capital and reserves

 

Called up share capital

100

100

Other reserves

209,911

189,911

Retained earnings

288,810

291,837

Shareholders' funds

 

498,821

481,848

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

(Registration number: 01039864)
Statement of Financial Position
30 June 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 March 2024 and signed on its behalf by:
 

.........................................
Mark Joseph Hodson
Director

.........................................
Matthew John Hodson
Director

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Statement of Changes in Equity
for the year ended 30 June 2023

Share capital
£

Non-dist reserve
£

Retained earnings
£

Total
£

At 1 July 2022

100

189,911

291,837

481,848

Profit for the year

-

-

16,973

16,973

Other comprehensive income

-

20,000

(20,000)

-

Total comprehensive income

-

20,000

(3,027)

16,973

At 30 June 2023

100

209,911

288,810

498,821

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 July 2021

100

189,911

282,654

472,665

Profit for the year

-

-

9,183

9,183

At 30 June 2022

100

189,911

291,837

481,848

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Notes to the Unaudited Financial Statements
for the year ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL
United Kingdom

These financial statements were authorised for issue by the Board on 29 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the amounts receivable from rents derived from letting of property net of Value Added Tax in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Notes to the Unaudited Financial Statements
for the year ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

over 5 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Notes to the Unaudited Financial Statements
for the year ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Notes to the Unaudited Financial Statements
for the year ended 30 June 2023

Financial instruments

Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Notes to the Unaudited Financial Statements
for the year ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

22,350

369

22,719

At 30 June 2023

22,350

369

22,719

Depreciation

At 1 July 2022

22,348

367

22,715

At 30 June 2023

22,348

367

22,715

Carrying amount

At 30 June 2023

2

2

4

At 30 June 2022

2

2

4

5

Investment properties

2023
£

At 1 July

703,819

Fair value adjustments

20,000

At 30 June

723,819

6

Debtors

Current

2023
£

2022
£

Other debtors

427

(1,597)

 

427

(1,597)

 

Angola Property Company Limited (The)

trading as Angola Property Company Limited

Notes to the Unaudited Financial Statements
for the year ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

536

2,950

Accruals and deferred income

3,204

5,685

Other creditors

179,386

179,386

183,126

188,021

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

7,500

7,500

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

7,500

7,500