APS Investments Limited |
Registered number: |
04153423 |
Balance Sheet |
as at 31 July 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
612,865 |
|
|
612,865 |
|
Current assets |
Debtors |
4 |
|
224,266 |
|
|
202,427 |
Cash at bank and in hand |
|
|
15,474 |
|
|
9,555 |
|
|
|
239,740 |
|
|
211,982 |
|
Creditors: amounts falling due within one year |
5 |
|
(284,234) |
|
|
(185,232) |
|
Net current (liabilities)/assets |
|
|
|
(44,494) |
|
|
26,750 |
|
Total assets less current liabilities |
|
|
|
568,371 |
|
|
639,615 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(449,870) |
|
|
(449,870) |
|
|
|
Net assets |
|
|
|
118,501 |
|
|
189,745 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Fair value reserve |
8 |
|
|
250,134 |
|
|
250,134 |
Profit and loss account |
|
|
|
(131,635) |
|
|
(60,391) |
|
Shareholders' funds |
|
|
|
118,501 |
|
|
189,745 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
A Alexandrou |
Director |
Approved by the board on 16 April 2024 |
|
APS Investments Limited |
Notes to the Accounts |
for the year ended 31 July 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax of rents receivable, and on agent fees receivable. |
|
|
Tangible fixed assets |
|
Investment properties are re-valued annually at fair value and the aggregate surplus or deficit is transferred to the profit and loss account. No depreciation is provided in respect of investment properties. The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS102. The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt FRS102 in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation. |
|
|
Investment property |
Nil |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
£ |
|
Fair value |
|
At 1 August 2022 |
612,865 |
|
At 31 July 2023 |
612,865 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 July 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Fair value |
|
At 31 July 2023 |
612,865 |
|
At 31 July 2022 |
612,865 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
£ |
£ |
|
Historical cost |
362,731 |
|
362,731 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
362,731 |
|
362,731 |
|
Investment properties have been revalued by the director at the period end at the fair open market value. |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
224,266 |
|
202,427 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Associated company loans |
|
281,814 |
|
155,814 |
|
Director's loan |
960 |
|
26,498 |
|
Other creditors |
1,460 |
|
2,920 |
|
|
|
|
|
|
284,234 |
|
185,232 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
449,870 |
|
449,870 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
449,870 |
|
449,870 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
449,870 |
|
449,870 |
|
|
|
|
|
|
|
|
|
|
The investment properties have been secured by way of legal mortgage and fixed charge over the assets of the company. |
|
|
8 |
Fair value reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 August 2022 |
250,134 |
|
250,134 |
|
|
At 31 July 2023 |
250,134 |
|
250,134 |
|
|
|
|
|
|
|
|
|
|
9 |
Related party transactions |
|
|
During the year, the company received rent of £19,905 from Atlantic Lodge (Housing) Limited, (2022 - £18,780), company in which the director A Alexandrou holds an interest. This transaction was on a commercial arms length basis. During the year the company was loaned £281,814 by Atlantic Lodge (Housing) Limited, included in creditors (2022 - £155,814). This is a company in which the director A Alexandrou holds an interest. No interest is charged on this loan. |
|
|
10 |
Controlling party |
|
|
During the period under review, the company was under control by its director, A Alexandrou, by virtue of 100% ownership of the issued share capital (jointly with his wife). |
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|
11 |
Other information |
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|
APS Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Atlantic Business Centre |
|
1 The Green |
|
London |
|
E4 7ES |