Company registration number 12258965 (England and Wales)
ACKC PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
ACKC PROPERTY LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
ACKC PROPERTY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Chadda
Mrs K Chadda
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr A Chadda
Director
2 April 2024
ACKC PROPERTY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,058,349
691,757
Current assets
Debtors
5
10,959
4,562
Cash at bank and in hand
44,658
102,405
55,617
106,967
Creditors: amounts falling due within one year
6
(2,061,460)
(784,292)
Net current liabilities
(2,005,843)
(677,325)
Net assets
52,506
14,432
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
52,406
14,332
Total equity
52,506
14,432

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 2 April 2024 and are signed on its behalf by:
Mr A Chadda
Director
Company registration number 12258965 (England and Wales)
ACKC PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

ACKC Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Highfield Road, Newcastle upon Tyne, NE5 5HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

 

The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue operating is dependent upon the ongoing support of its parent company shareholders.

 

In the event that the company is unable to continue operating, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any liabilities which might arise and to re-classify fixed assets and long-term liabilities as current assets and liabilities.

 

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

1.2
Turnover

Turnover represents rents, service charges and insurances receivable in accordance with the underlying property leases and exclusive of Value Added Tax where there are options to tax on properties.

1.3
Investment properties

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.

 

The methods and significant assumptions used to ascertain the fair value of £2,058,846 and fair value movement of £Nil included in the profit/loss for the year are as follows:

 

The investment property has been valued at fair value based on estimates by the directors

1.4
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.5
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 current liabilities.

ACKC PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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

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.

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.

1.7

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
-
0
3
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
18,296
3,032
ACKC PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 November 2022
691,757
Additions
1,366,592
At 31 October 2023
2,058,349
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Unpaid share capital
100
100
Prepayments and accrued income
10,859
4,462
10,959
4,562
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
9,500
3,362
Other creditors
2,044,479
778,885
Accruals and deferred income
7,481
2,045
2,061,460
784,292
7
Related party transactions
2023
2022
Amounts due to related parties
£
£
Key management personnel
1,621,769
361,125
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