Angelwell Estates Ltd
Registered number: 05394840
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,803,735 1,803,735
Current assets
Debtors 4 1,893 1,893
Cash at bank and in hand 229 1,487
2,122 3,380
Creditors: amounts falling due within one year 5 (533) (532)
Net current assets 1,589 2,848
Total assets less current liabilities 1,805,324 1,806,583
Creditors: amounts falling due after more than one year 6 (1,762,246) (1,740,958)
Net assets 43,078 65,625
Capital and reserves
Called up share capital 1 1
Revaluation reserve 8 93,017 93,017
Profit and loss account (49,940) (27,393)
Shareholder's funds 43,078 65,625
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
C Jones
Director
Approved by the board on 29 November 2023
Angelwell Estates Ltd
Notes to the Accounts
for the year ended 31 March 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 and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Depreciation has not been provided on the properties.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 1,803,735
At 31 March 2023 1,803,735
Depreciation
At 31 March 2023 -
Net book value
At 31 March 2023 1,803,735
At 31 March 2022 1,803,735
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,710,718 1,710,718
Cumulative depreciation based on historical cost - -
1,710,718 1,710,718
4 Debtors 2023 2022
£ £
Other debtors 1,893 1,893
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 124 124
Other creditors 409 408
533 532
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 640,788 656,928
Directors loan account 1,121,458 1,084,030
1,762,246 1,740,958
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 696,701 696,701
The bank loans are secured over the properties owned by the company.
8 Revaluation reserve 2023 2022
£ £
At 1 April 2022 93,017 93,017
At 31 March 2023 93,017 93,017
9 Other information
Angelwell Estates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
19 Park Road
St Annes
Lancashire
FY8 1PW
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