Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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5,023,398 | 6,044,513 | |||
Current assets | ||||
Debtors |
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Cash at bank and in hand |
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77,456 | 74,233 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets/(liabilities) | 624 | (15,122) | ||
Total assets less current liabilities | 5,024,022 | 6,029,391 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of AEW Properties Limited (registered number:
S C King
Director |
A J Tilly
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
AEW Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Bearley Cottage Bearley, Tintinhull, Yeovil, BA22 8PE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Vehicles |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated depreciation | |||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
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Fair value movement | (1,020,000) |
As at 31 March 2023 |
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Valuation
The company commenced trade on 22 October 2015 at which point properties were brought into the company at open market value of £3,408,000 as attributed by an independent valuer. An independent valuer valued the properties to market value on 31 March 2023 giving a fair value decrease of £1,020,000. All fair value uplift is recognised in the fair value reserve less its deferred tax.
2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Transactions with owners holding a participating interest in the entity
Other related party transactions
S King Director Loan Account - During the year there were advances to the director of £27,439 and repayments by the director of £(27,439). At 31/03/2023 the company owed JS King £4,873 (2022: £9,063).
A Tilly Director Loan Account - During the year there were advances to the director of £27,439 and repayments by the director of £(27,439). At 31/03/2023 the company owed JS King £4,873 (2022: £9,063).