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Registration number: 10494295

Arboury Property Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Arboury Property Holdings Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Arboury Property Holdings Ltd

(Registration number: 10494295)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,159

132

Investment property

5

9,703,649

9,327,000

 

9,704,808

9,327,132

Current assets

 

Debtors

6

9,729

7,189

Cash at bank and in hand

 

29,439

33,102

 

39,168

40,291

Creditors: Amounts falling due within one year

7

(961,391)

(890,487)

Net current liabilities

 

(922,223)

(850,196)

Total assets less current liabilities

 

8,782,585

8,476,936

Creditors: Amounts falling due after more than one year

7

(6,025,061)

(5,805,529)

Provisions for liabilities

(377,199)

(350,658)

Net assets

 

2,380,325

2,320,749

Capital and reserves

 

Called up share capital

8

600

600

Share premium reserve

1,272,712

1,272,712

Other reserves

1,189,675

1,111,252

Profit and loss account

(82,662)

(63,815)

Shareholders' funds

 

2,380,325

2,320,749

For the financial year ending 30 November 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 



 

Mr. D. N. R Potter
Director

 

Arboury Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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:
32 Wigford Road
Dosthill
Tamworth
B77 1LY

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern

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

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Tax policies

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

 

Arboury Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants and letting agents for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2022 - 0).

 

Arboury Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 December 2022

199

199

Additions

1,175

1,175

At 30 November 2023

1,374

1,374

Depreciation

At 1 December 2022

67

67

Charge for the year

148

148

At 30 November 2023

215

215

Net book value

At 30 November 2023

1,159

1,159

At 30 November 2022

132

132

5

Investment property

2023
£

2022
£

At 1 December

9,327,000

7,998,477

Additions

224,427

492,081

Fair value adjustments

152,222

836,442

At 30 November

9,703,649

9,327,000

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

6

Debtors

2023
£

2022
£

Other debtors

3,361

2,485

Prepayments

6,368

4,704

9,729

7,189

 

Arboury Property Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans

39,112

22,633

Trade creditors

4,054

314

Taxation and social security

415

303

Other creditors

43,455

49,844

Other loans

869,245

799,244

Accruals

5,110

18,149

961,391

890,487

Creditors include bank loans in the sum of £39,112 (2022 - £22,633) which are secured by a government backed guarantee or against the properties they relate to or by negative pledges, floating charges and fixed charges against the investment properties.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Bank loans

6,025,061

5,805,529

6,025,061

5,805,529

Creditors include bank loans in the sum of £6,025,061 (2022 - £5,805,529) which are secured against the properties they relate to or by negative pledges, floating charges and fixed charges against the investment properties. Within this amount is £199,650 (2022 - £70,961) due by instalments after more than five years and £5,755,546 (2022 - £5,673,246) due, other than by instalments, after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares A of £1 each

305

305

305

305

Ordinary Shares B of £1 each

5

5

5

5

Ordinary Shares C of £1 each

95

95

95

95

Ordinary Shares D of £1 each

95

95

95

95

Ordinary Shares E of £0.01 each

10,000

100

10,000

100

 

10,500

600

10,500

600

9

Related party transactions

Directors’ loan

The directors provided the company with a loan on which interest was charged at a market rate.