0 01/02/2023 31/01/2024 2024-01-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-02-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11498621 2023-02-01 2024-01-31 11498621 2024-01-31 11498621 2023-01-31 11498621 2022-02-01 2023-01-31 11498621 2023-01-31 11498621 2022-01-31 11498621 bus:RegisteredOffice 2023-02-01 2024-01-31 11498621 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 11498621 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 11498621 bus:Director1 2023-02-01 2024-01-31 11498621 bus:Director2 2023-02-01 2024-01-31 11498621 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 11498621 core:AfterOneYear 2024-01-31 11498621 core:AfterOneYear 2023-01-31 11498621 core:WithinOneYear 2024-01-31 11498621 core:WithinOneYear 2023-01-31 11498621 core:ShareCapital 2024-01-31 11498621 core:ShareCapital 2023-01-31 11498621 core:RevaluationReserve 2024-01-31 11498621 core:RevaluationReserve 2023-01-31 11498621 core:RetainedEarningsAccumulatedLosses 2024-01-31 11498621 core:RetainedEarningsAccumulatedLosses 2023-01-31 11498621 bus:OrdinaryShareClass1 core:ShareCapital 2024-01-31 11498621 bus:OrdinaryShareClass1 core:ShareCapital 2023-01-31 11498621 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 11498621 bus:SmallEntities 2023-02-01 2024-01-31 11498621 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 11498621 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 11498621 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11498621 bus:FullAccounts 2023-02-01 2024-01-31 11498621 core:EntitiesControlledByKeyManagementPersonnel 2024-01-31 11498621 core:EntitiesControlledByKeyManagementPersonnel 2023-01-31
Company registration number: 11498621
(England and Wales)
Angell Property Investments Limited
Unaudited filleted financial statements
for the year ended
31 January 2024
Angell Property Investments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Angell Property Investments Limited
Directors and other information
Directors D Angell
S Angell
Company number 11498621
Registered office 7 Burns Avenue
Colchester
Essex
CO3 4JE
Business address 7 Burns Avenue
Colchester
Essex
CO3 4JE
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Angell Property Investments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Angell Property Investments Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Angell Property Investments Limited for the year ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Angell Property Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Angell Property Investments Limited and state those matters that we have agreed to state to the board of directors of Angell Property Investments Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Angell Property Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Angell Property Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Angell Property Investments Limited. You consider that Angell Property Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Angell Property Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
10 April 2024
Angell Property Investments Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 857,500 857,500
_______ _______
857,500 857,500
Current assets
Cash at bank and in hand 38,068 31,783
_______ _______
38,068 31,783
Creditors: amounts falling due
within one year 6 ( 296,574) ( 298,374)
_______ _______
Net current liabilities ( 258,506) ( 266,591)
_______ _______
Total assets less current liabilities 598,994 590,909
Creditors: amounts falling due
after more than one year 7 ( 443,940) ( 443,956)
Provisions for liabilities ( 23,022) ( 23,022)
_______ _______
Net assets 132,032 123,931
_______ _______
Capital and reserves
Called up share capital 8 100 100
Revaluation reserve 98,146 98,146
Profit and loss account 33,786 25,685
_______ _______
Shareholders funds 132,032 123,931
_______ _______
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
D Angell
Director
Company registration number: 11498621
Angell Property Investments Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Burns Avenue, Colchester, Essex, CO3 4JE.
The principal activity of the company continues to be that of letting and operating of own or leased real estate.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Revenue from rent is recognised with reference to the stage of completion of the rental period; when the amount of revenue can be measured reliably and when it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 February 2023 and 31 January 2024 857,500 857,500
_______ _______
Depreciation
At 1 February 2023 and 31 January 2024 - -
_______ _______
Carrying amount
At 31 January 2024 857,500 857,500
_______ _______
At 31 January 2023 857,500 857,500
_______ _______
Investment property
The investment properties have been valued by the directors, by reference to current open market values at the year end .
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 1,900 2,666
Other creditors 294,674 295,708
_______ _______
296,574 298,374
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 443,940 443,956
_______ _______
The amounts included within bank loans are made up of buy-to-let mortgages which are secured by fixed charges on the properties they were used to finance.
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Related party transactions
The company has received a loan of £ 160,000 (2023: £ 160,000 ) from a company which the owners hold a participating interest. This balance is interest free and repayable upon demand.