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AET Transport Properties Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2023

Registration number: 10807251

 

AET Transport Properties Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

AET Transport Properties Limited

Balance Sheet

31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

3,200,000

3,200,000

Current assets

 

Debtors

5

1,078

100

Cash at bank and in hand

 

10,460

4,007

 

11,538

4,107

Creditors: Amounts falling due within one year

6

(1,931,197)

(1,939,643)

Net current liabilities

 

(1,919,659)

(1,935,536)

Total assets less current liabilities

 

1,280,341

1,264,464

Creditors: Amounts falling due after more than one year

6

(423,544)

(528,390)

Net assets

 

856,797

736,074

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

856,697

735,974

Shareholders' funds

 

856,797

736,074

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................
A E Trotter
Director

.........................................
S A Trotter
Director

 
     

Company Registration Number: 10807251

 

AET Transport Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Alan's House
51 Holton Road
Holton Heath Trading Park
Poole
Dorset
BH16 6LT

These financial statements were authorised for issue by the Board on 28 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared in British pound sterling and rounded to the nearest whole pound.

Going concern

The company shows net current liabilities at the balance sheet date. However, as the main creditor relates to a bank loan secured against the freehold property, the directors are of the opinion that based on the support of the bank the financial statements can be prepared on a going concern basis.

Revenue recognition

Turnover compromises the fair value of the consideration received or receivable for the rental of the property in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

Tax is recognised in profit or loss, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

AET Transport Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 September

3,200,000

At 31 August

3,200,000

The property was acquired from a fellow subsidiary in October 2017 at a value assessed by an independent valuer. The directors consider that the value of this property has not changed significantly since acquisition.

 

AET Transport Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

5

Debtors

2023
£

2022
£

Other debtors

495

100

Prepayments

583

-

1,078

100

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2018
£

Due within one year

 

Loans and borrowings

7

104,847

100,698

Amounts due to group undertakings

1,792,383

1,800,257

Corporation tax

31,842

21,773

Other creditors

 

-

12,000

Accrued expenses

 

2,125

4,915

 

1,931,197

1,939,643

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

423,544

528,390

2023
£

2022
£

Due after more than five years

After more than five years by instalments

-

81,804

-

-

 

AET Transport Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

7

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

423,544

528,390

2023
£

2022
£

Current loans and borrowings

Bank borrowings

104,847

100,698


Secured creditors

Bank loans within loans and borrowings are secured against the investment property.

Bank facilities are secured by an inter-company guarantee incorporating the following companies: AET Transport Group Limited, AET Transport Services Limited and AET Transport Properties Limited

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Parent and ultimate parent undertaking

The company's immediate parent is AET Transport Group Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is AET Transport Group Limited. These financial statements are available upon request from Alan's House, Holton Heath Trading Park, Poole, Dorset, BH16 6LT.