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Registration number: 10650396

AACE Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

AACE Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

AACE Properties Limited

(Registration number: 10650396)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,129

38,373

Investment property

5

562,219

562,219

Investments

6

100

100

 

590,448

600,692

Current assets

 

Debtors

7

336,718

469,117

Cash at bank and in hand

 

39,520

43,993

 

376,238

513,110

Creditors: Amounts falling due within one year

8

(191,342)

(177,324)

Net current assets

 

184,896

335,786

Total assets less current liabilities

 

775,344

936,478

Creditors: Amounts falling due after more than one year

8

(636,381)

(801,281)

Net assets

 

138,963

135,197

Capital and reserves

 

Called up share capital

150

150

Share premium reserve

9,900

9,900

Retained earnings

128,913

125,147

Shareholders' funds

 

138,963

135,197

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

AACE Properties Limited

(Registration number: 10650396)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 7 August 2024
 

.........................................
Mrs A G Caiger
Director

 

AACE Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Windrush House
55 Crawley Road
Witney
Oxfordshire
OX28 1HX
England

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

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.

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 £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

AACE Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

AACE Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

4,592

3,011

46,666

54,269

At 31 March 2024

4,592

3,011

46,666

54,269

Depreciation

At 1 April 2023

3,737

2,049

10,111

15,897

Charge for the year

409

501

9,333

10,243

At 31 March 2024

4,146

2,550

19,444

26,140

Carrying amount

At 31 March 2024

446

461

27,222

28,129

At 31 March 2023

856

962

36,555

38,373

5

Investment properties

2024
£

At 1 April

562,219

At 31 March

562,219

There has been no valuation of investment property by an independent valuer.

6

Investments

2024
£

2023
£

Investments in associates

100

100

 

AACE Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Associates

£

Cost

At 1 April 2023

100

Provision

Carrying amount

At 31 March 2024

100

At 31 March 2023

100

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,588

8,562

Amounts owed by related parties

334,130

460,555

   

336,718

469,117

 

AACE Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

170,000

165,000

Taxation and social security

 

8,518

11,152

Other creditors

 

12,824

1,172

 

191,342

177,324

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

612,231

801,281

Other non-current financial liabilities

 

24,150

-

 

636,381

801,281

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

170,000

165,000

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

612,231

801,281