Registered Number:02347418 |
For the year ended 30 June 2023
England and Wales
Unaudited Financial Statements
For the year ended 30 June 2023
A E Properties Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
A E Properties Limited
Statement of Financial Position
2022
2023
Property, plant and equipment |
8,920,000
8,750,000
2
8,920,000
8,750,000
Trade and other receivables |
444,781
401,590
3
144,693
Cash and cash equivalents |
144,466
546,056
589,474
Trade and other payables: amounts falling due within one year |
(319,505)
(314,385)
4
269,969
231,671
Net current assets
Total assets less current liabilities |
9,151,671
9,019,969
Trade and other payables: amounts falling due after more than one |
year |
(7,207,009)
(7,214,959)
5
(123,429)
(113,202)
Provisions for liabilities |
1,813,283
Net assets
1,699,758
102
102
493,719
323,719
1,319,462
1,375,937
1,813,283
1,699,758
Shareholders' funds
For the year ended 30 June 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 of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006 |
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
These financial statements were approved and authorised for issue by the Board on 27 March 2024 and were signed by: |
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For the year ended 30 June 2023
A E Properties Limited
Statement of Financial Position Continued
The notes form part of these financial statements |
2 of 5
For the year ended 30 June 2023
A E Properties Limited
Notes to the Financial Statements
Statutory Information
A E Properties Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number |
02347418. |
Unit 21, Kingspark Business Centre
152-178 Kingston Road
New Malden
Surrey
KT3 3ST
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The |
financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. |
Property, plant and equipment
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Fixtures, fittings & equipment
Investment property
Investment properties consist of freehold and leasehold properties that are held to earn rentals or for capital appreciation or both. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. Investment properties are stated at fair value as at the year end, which is based on the most recent valuation, by independent professional registered valuers, carried out in May 2022 and August 2020 for the commercial properties and residential properties respectively, and the directors' assumption that there has been no material changes in the fair value of the investment properties at the year end. No independent professional valuation was carried out this year. |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Deferred tax relating to investment properties is measured using the tax rates and allowances that apply to the sale of the asset. The provision for liabilities in the statement of financial position is the deferred tax provision on investment property fair value gains or loss at 25%. |
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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For the year ended 30 June 2023
A E Properties Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment |
Freehold & |
leasehld |
properties |
8,750,278
278
8,750,000
170,000
-
170,000
8,920,000
278
8,920,278
Provision for depreciation and impairment |
278
278
-
278
278
-
8,920,000
-
8,920,000
8,750,000
-
8,750,000
3. Trade and other receivables |
2022
2023
64,326
74,650
Amounts owed by group undertakings and participating interests |
329,467
329,571
7,797
40,560
444,781
401,590
The debtors above include the following amounts falling due after more than one year: |
Amounts owed by group undertakings and participating interests |
329,467
329,571
4. Trade and other payables: amounts falling due within one year |
2022
2023
Amounts owed to group undertaking and undertaking in which the company |
has a participating interest |
200,739
202,947
Taxation and social security |
15,373
17,266
98,273
99,292
314,385
319,505
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For the year ended 30 June 2023
A E Properties Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due after more than one year |
2022
2023
Amounts owed to group undertaking and undertaking in which the company |
has a participating interest |
1,702,145
1,702,145
5,512,814
5,504,864
7,214,959
7,207,009
6. Related party transactions |
During the year ended 30 June 2023, management charges of £10,000 (2022: £10,000) were payable to the immediate parent |
company, Continental Assets Limited. |
The company is controlled by its immediate parent undertaking, Continental Assets Limited, a company registered in England |
and Wales. |
The company's ultimate parent company is Morita Investment Holding Limited, a company registered in the British Virgin |
Islands. |
7. Average number of persons employed |
During the year the average number of employees was 3 (2022 : 3)
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