0 false false false false false false false false false false true false false false false true true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,718,046 19,863 630,440 1,107,469 1,107,469 1,718,046 xbrli:pure xbrli:shares iso4217:GBP 09143180 2023-01-01 2023-12-31 09143180 2023-12-31 09143180 2022-12-31 09143180 2022-01-01 2022-12-31 09143180 2022-12-31 09143180 2021-12-31 09143180 core:PlantMachinery 2023-01-01 2023-12-31 09143180 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09143180 bus:Director3 2023-01-01 2023-12-31 09143180 core:PlantMachinery 2023-12-31 09143180 core:WithinOneYear 2023-12-31 09143180 core:WithinOneYear 2022-12-31 09143180 core:AfterOneYear 2023-12-31 09143180 core:AfterOneYear 2022-12-31 09143180 core:ShareCapital 2023-12-31 09143180 core:ShareCapital 2022-12-31 09143180 core:RetainedEarningsAccumulatedLosses 2023-12-31 09143180 core:RetainedEarningsAccumulatedLosses 2022-12-31 09143180 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 09143180 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 09143180 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 09143180 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 09143180 core:Non-currentFinancialInstruments 2023-12-31 09143180 core:Non-currentFinancialInstruments 2022-12-31 09143180 bus:SmallEntities 2023-01-01 2023-12-31 09143180 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09143180 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09143180 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09143180 bus:FullAccounts 2023-01-01 2023-12-31 09143180 bus:OrdinaryShareClass1 2023-12-31 09143180 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: 09143180
Assern Properties Limited
Filleted Unaudited Financial Statements
31 December 2023
Assern Properties Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
624
Investments
6
1,107,469
1,718,046
------------
------------
1,108,093
1,718,046
Current assets
Debtors
7
34,006
70,402
Cash at bank and in hand
295,160
42,471
---------
---------
329,166
112,873
Creditors: amounts falling due within one year
8
320,567
775,835
---------
---------
Net current assets/(liabilities)
8,599
( 662,962)
------------
------------
Total assets less current liabilities
1,116,692
1,055,084
Creditors: amounts falling due after more than one year
9
514,766
575,085
Provisions
Taxation including deferred tax
26,291
49,612
------------
------------
Net assets
575,635
430,387
------------
------------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
575,535
430,287
---------
---------
Shareholders funds
575,635
430,387
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Assern Properties Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr M Collingwood
Director
Company registration number: 09143180
Assern Properties Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camomile House, 6 Embassy Drive, Edgbaston, B15 1TP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investment properties
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rents on investment properties in line with tenancy agreements at each property, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
20% straight line
Equipment
-
20% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employees
The company has no employees, however the average number of directors during the year was 2 (2022 - 2).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
6,748
6,748
Additions
780
780
----
-------
-------
At 31 December 2023
780
6,748
7,528
----
-------
-------
Depreciation
At 1 January 2023
6,748
6,748
Charge for the year
156
156
----
-------
-------
At 31 December 2023
156
6,748
6,904
----
-------
-------
Carrying amount
At 31 December 2023
624
624
----
-------
-------
At 31 December 2022
----
-------
-------
6. Investments
Investment properties
£
Cost
At 1 January 2023
1,718,046
Additions
19,863
Disposals
( 630,440)
------------
At 31 December 2023
1,107,469
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
1,107,469
------------
At 31 December 2022
1,718,046
------------
The valuations are market value at the date of acquisition which the directors do not believe is materially different to that at the year end. In respect of investments held at valuation, the aggregate cost and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model would have been £1,107,469 (2022: £1,718,046).
7. Debtors
2023
2022
£
£
Trade debtors
20,171
38,656
Prepayments and accrued income
7,248
26,364
Other debtors
6,587
5,382
--------
--------
34,006
70,402
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
41,435
22,223
Trade creditors
17,414
11,329
Other creditors
261,718
742,283
---------
---------
320,567
775,835
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
514,766
575,085
---------
---------
The bank loan is secured on the company's assets and undertakings by way of fixed and floating charge.
Included in creditors due greater than 1 year is £349,026 which is due in more than 5 years.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Related party transactions
The company owes loan amount of £Nil (2022: £519,569) to the estate of Mr. E J Barnshaw which is connected to a director.