1 August 2022 false Taxfiler 2023.15 12727702business:PrivateLimitedCompanyLtd2022-08-012023-07-31 127277022022-07-31 127277022022-08-012023-07-31 12727702business:AuditExemptWithAccountantsReport2022-08-012023-07-31 12727702business:FilletedAccounts2022-08-012023-07-31 127277022023-07-31 12727702business:Director12022-08-012023-07-31 12727702business:Director22022-08-012023-07-31 12727702business:RegisteredOffice2022-08-012023-07-31 127277022022-07-31 12727702core:WithinOneYear2023-07-31 12727702core:WithinOneYear2022-07-31 12727702core:AfterOneYear2023-07-31 12727702core:AfterOneYear2022-07-31 12727702core:ShareCapitalcore:PreviouslyStatedAmount2023-07-31 12727702core:ShareCapitalcore:PreviouslyStatedAmount2022-07-31 12727702core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-07-31 12727702core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-07-31 12727702core:PreviouslyStatedAmount2023-07-31 12727702core:PreviouslyStatedAmount2022-07-31 12727702business:SmallEntities2022-08-012023-07-31 12727702countries:EnglandWales2022-08-012023-07-31 12727702core:AfterOneYear2022-08-012023-07-31 12727702core:RevaluationInvestmentPropertyDeferredTax2023-07-31 12727702core:RevaluationInvestmentPropertyDeferredTax2022-07-31 127277022021-07-31 127277022021-08-012022-07-31 12727702business:OrdinaryShareClass12022-08-012023-07-31 12727702business:OrdinaryShareClass12021-08-012022-07-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 12727702 (England and Wales)
ASSG Properties Ltd Unaudited accounts for the year ended 31 July 2023
ASSG Properties Ltd Unaudited accounts Contents
Page
- 2 -
ASSG Properties Ltd Company Information for the year ended 31 July 2023
Directors
Deborah Morris Dominic Morris
Company Number
12727702 (England and Wales)
Registered Office
71-75 SHELTON STREET COVENT GARDEN LONDON WC2H 9JQ ENGLAND
Accountants
Hybrid Premium LTD 110 Newbury Gardens Stoneleigh Epsom Surrey KT19 0PD
- 3 -
ASSG Properties Ltd Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investment property
7,505,001 
5,816,450 
Current assets
Debtors
- 
441 
Cash at bank and in hand
56,848 
38,937 
56,848 
39,378 
Creditors: amounts falling due within one year
(708,750)
(3,550)
Net current (liabilities)/assets
(651,902)
35,828 
Total assets less current liabilities
6,853,099 
5,852,278 
Creditors: amounts falling due after more than one year
(6,780,477)
(5,601,531)
Provisions for liabilities
Deferred tax
(63,629)
(87,784)
Net assets
8,993 
162,963 
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
8,989 
162,959 
Shareholders' funds
8,993 
162,963 
For the year ending 31 July 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by
Deborah Morris Director Company Registration No. 12727702
- 4 -
ASSG Properties Ltd Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
ASSG Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 12727702. The registered office is 71-75 SHELTON STREET, COVENT GARDEN, LONDON, WC2H 9JQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
Investment properties have been revalued by an estate agent and have been included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains/losses at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Investment property
2023 
£ 
Fair value at 1 August 2022
5,816,450 
Additions
1,785,170 
Net loss from fair value adjustments
(96,619)
At 31 July 2023
7,505,001 
Investment Properties are revalued at year-end.
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
394 
Other debtors
- 
47 
- 
441 
- 5 -
ASSG Properties Ltd Notes to the Accounts for the year ended 31 July 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
708,731 
- 
Other creditors
19 
3,550 
708,750 
3,550 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
3,077,125 
3,077,078 
Other creditors
3,703,352 
2,524,453 
6,780,477 
5,601,531 
At year-end the company owed. Precise Mortgage £631,746.70, interest-only rate of 3.39% p.a for a 25-year term. Paragon Mortgage £399,050.00, interest-only rate of 3.64% p.a for a 25-year term. Precise Mortgage £491,501.99, interest-only rate of 3.39% p.a for a 25-year term. TML Mortgage £486,688.74, interest-only rate of 3.65% p.a for a 25-year term. TML Mortgage £401,506.02 interest -only rate of 3.24% p.a for a 25-year term. TML Mortgage £666,631.47 interest-only rate of 3.31% for a 25-year term. The mortgages are secured against each investment property. The company owed a company Waypoint Global Limited £4,454,453.10, an unsecured loan for 25 years, interest-only rate of 2.25% p.a. Total loan drawn down at year-end £3,703,351.99.
8
Deferred taxation
2023 
2022 
£ 
£ 
Revaluation of investment property
63,629 
87,784 
2023 
2022 
£ 
£ 
Provision at start of year
87,784 
(9,620)
(Credited)/charged to the profit and loss account
(24,155)
97,404 
Provision at end of year
63,629 
87,784 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
35 Ordinary shares of £0.10 each
3.50 
3.50 
10
Transactions with related parties
On 25th July 2023, the Company extended an unsecured interst only loan from Waypoint Global Limited to £4,414,453.10. As of the reporting date, £3,703,351.99 had been drawn down from this facility. The loan is for 25 years, at an interest rate of 2.25% pa. Waypoint Global is 100% owed and controlled and by Mr. and Mrs. D Morris.
- 6 -
ASSG Properties Ltd Notes to the Accounts for the year ended 31 July 2023
11
Average number of employees
During the year the average number of employees was 0 (2022: 0).
- 7 -