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REGISTERED NUMBER: 10920131 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

ANGELCRAFT LTD

ANGELCRAFT LTD (REGISTERED NUMBER: 10920131)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ANGELCRAFT LTD

COMPANY INFORMATION
for the year ended 31 August 2023







DIRECTORS: D Angelillo
R Lucraft





SECRETARY: R Lucraft





REGISTERED OFFICE: 2, 21 Brunswick Square
Hove
East Sussex
BN3 1EH





REGISTERED NUMBER: 10920131 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

ANGELCRAFT LTD (REGISTERED NUMBER: 10920131)

BALANCE SHEET
31 August 2023

31.8.23 31.8.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,765 9,055
Investment property 5 2,388,582 2,388,582
2,396,347 2,397,637

CURRENT ASSETS
Debtors 6 3,146 2,548
Cash at bank 11,550 10,325
14,696 12,873
CREDITORS
Amounts falling due within one year 7 (732,359 ) (687,179 )
NET CURRENT LIABILITIES (717,663 ) (674,306 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,678,684

1,723,331

CREDITORS
Amounts falling due after more than one
year

8

(1,116,331

)

(1,144,968

)

PROVISIONS FOR LIABILITIES 9 (104,211 ) (105,469 )
NET ASSETS 458,142 472,894

CAPITAL AND RESERVES
Called up share capital 10 20 20
Other reserves 469,330 466,598
Retained earnings (11,208 ) 6,276
SHAREHOLDERS' FUNDS 458,142 472,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

ANGELCRAFT LTD (REGISTERED NUMBER: 10920131)

BALANCE SHEET - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





R Lucraft - Director


ANGELCRAFT LTD (REGISTERED NUMBER: 10920131)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Angelcraft Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the fair value of consideration received or receivable net of VAT. Rental income is recognised on an accruals basis. Sales income is recognised when the works are complete.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property-straight line over 12 years
Fixtures and fittings-straight line over 4 years
Computer equipment -33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ANGELCRAFT LTD (REGISTERED NUMBER: 10920131)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 September 2022
and 31 August 2023 13,219 897 416 14,532
DEPRECIATION
At 1 September 2022 4,406 796 275 5,477
Charge for year 1,102 51 137 1,290
At 31 August 2023 5,508 847 412 6,767
NET BOOK VALUE
At 31 August 2023 7,711 50 4 7,765
At 31 August 2022 8,813 101 141 9,055

ANGELCRAFT LTD (REGISTERED NUMBER: 10920131)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 2,388,582
NET BOOK VALUE
At 31 August 2023 2,388,582
At 31 August 2022 2,388,582

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2019 297,066
Valuation in 2021 275,000
Cost 1,816,516
2,388,582

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 695 -
Other debtors 2,451 2,548
3,146 2,548

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 28,638 27,977
Taxation and social security 4,189 4,230
Other creditors 699,532 654,972
732,359 687,179

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 1,116,331 1,144,968

Lloyds TSB has a fixed and floating charge over the company assets.

9. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 104,211 105,469

ANGELCRAFT LTD (REGISTERED NUMBER: 10920131)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2022 105,469
Provided during year (1,258 )
Balance at 31 August 2023 104,211

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
20 Ordinary £1 20 20