Silverfin false 31/03/2023 01/04/2022 31/03/2023 S C King A J Tilly 14 November 2023 The principal activity of the Company during the financial year was property rental 09524451 2023-03-31 09524451 2022-03-31 09524451 core:CurrentFinancialInstruments 2023-03-31 09524451 core:CurrentFinancialInstruments 2022-03-31 09524451 core:Non-currentFinancialInstruments 2023-03-31 09524451 core:Non-currentFinancialInstruments 2022-03-31 09524451 core:ShareCapital 2023-03-31 09524451 core:ShareCapital 2022-03-31 09524451 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 09524451 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 09524451 core:RetainedEarningsAccumulatedLosses 2023-03-31 09524451 core:RetainedEarningsAccumulatedLosses 2022-03-31 09524451 core:Vehicles 2022-03-31 09524451 core:Vehicles 2023-03-31 09524451 core:MoreThanFiveYears 2023-03-31 09524451 core:MoreThanFiveYears 2022-03-31 09524451 2022-04-01 2023-03-31 09524451 bus:FullAccounts 2022-04-01 2023-03-31 09524451 bus:SmallEntities 2022-04-01 2023-03-31 09524451 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09524451 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09524451 bus:Director1 2022-04-01 2023-03-31 09524451 bus:Director2 2022-04-01 2023-03-31 09524451 core:Vehicles 2022-04-01 2023-03-31 09524451 2021-04-01 2022-03-31 09524451 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 09524451 (England and Wales)

AEW PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

AEW PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

AEW PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2023
AEW PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,460 5,575
Investment property 4 5,018,938 6,038,938
5,023,398 6,044,513
Current assets
Debtors 18,652 18,546
Cash at bank and in hand 58,804 55,687
77,456 74,233
Creditors: amounts falling due within one year 5 ( 76,832) ( 89,355)
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 ( 480,313) ( 498,731)
Provision for liabilities ( 275,587) ( 451,740)
Net assets 4,268,122 5,078,920
Capital and reserves
Called-up share capital 2,973,130 2,973,130
Fair value reserve 1,070,401 1,915,097
Profit and loss account 224,591 190,693
Total shareholders' funds 4,268,122 5,078,920

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of AEW Properties Limited (registered number: 09524451) were approved and authorised for issue by the Director on 14 November 2023. They were signed on its behalf by:

S C King
Director
A J Tilly
Director
AEW PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
AEW PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the rent of property in the normal course of business, and is shown net of returns, rebates and discounts. The company is not registered for VAT.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 April 2022 17,911 17,911
At 31 March 2023 17,911 17,911
Accumulated depreciation
At 01 April 2022 12,336 12,336
Charge for the financial year 1,115 1,115
At 31 March 2023 13,451 13,451
Net book value
At 31 March 2023 4,460 4,460
At 31 March 2022 5,575 5,575

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 6,038,938
Fair value movement (1,020,000)
As at 31 March 2023 5,018,938

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.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 29,367 33,543
Taxation and social security 18,521 17,700
Other creditors 28,944 38,112
76,832 89,355

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 480,313 498,731

The bank loans are secured on freehold properties own by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 347,609 354,141

7. Related party transactions

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).