Company No:
Contents
DIRECTOR | Michael Adam Jude Grant |
REGISTERED OFFICE | C/O Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
COMPANY NUMBER | 13498706 (England and Wales) |
ACCOUNTANT | Praxis |
1 Poultry | |
London | |
EC2R 8EJ |
Note | 31.07.2023 | 31.07.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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1,171,646 | 1,171,646 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (484,700) | (504,422) | ||
Total assets less current liabilities | 686,946 | 667,224 | ||
Creditors: amounts falling due after more than one year | 5 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Adprop Real Estate Investment Ltd (registered number:
Michael Adam Jude Grant
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Adprop Real Estate Investment Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Year ended 31.07.2023 |
Period from 07.07.2021 to 31.07.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 August 2022 |
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As at 31 July 2023 |
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Encumbered
The fair value of the Company's investment properties that was unencumbered at 31 July 2023 have been arrived at on the basis of valuations carried out on that date by the director of the business. In carrying out their review, the director has made assumptions in relation to rental yields and estimated future achievable rents. The director does not consider there to be a material change in value, as considered by them on an open market value for existing use basis.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Historic cost | 1,171,646 | 1,171,646 |
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Bank overdrafts | (
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Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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Amounts owed to Group undertakings are repayable on demand and do not bear interest.
Included within other creditors is an amount of £464,261 due to the director, arising from a loan made to fund the acquisition of investment property. The loan does not bear interest and no date for repayment has been set.
31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Bank loans |
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31.07.2023 | 31.07.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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The Company had no material capital commitments at the year ended 31 July 2023.