2023-04-012024-03-312024-03-31false10210991AAPG (PROPERTY) 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AAPG (PROPERTY) LIMITED

Registered Number
10210991
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

AAPG (PROPERTY) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Adrian Palmer-Geaves
Kate Palmer-Geaves

Registered Address

24 Old Bond Street
London
W1S 4AP

Registered Number

10210991 (England and Wales)
AAPG (PROPERTY) LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property42,289,7071,824,051
2,289,7071,824,051
Current assets
Debtors5,669,62674,489
Cash at bank and on hand25,53955,681
95,165130,170
Creditors amounts falling due within one year7(5,636)(9,155)
Net current assets (liabilities)89,529121,015
Total assets less current liabilities2,379,2361,945,066
Creditors amounts falling due after one year8(1,917,910)(1,493,516)
Provisions for liabilities9(77,496)(77,496)
Net assets383,830374,054
Capital and reserves
Called up share capital100100
Revaluation reserve330,376330,376
Profit and loss account53,35443,578
Shareholders' funds383,830374,054
The financial statements were approved and authorised for issue by the Board of Directors on 14 August 2024, and are signed on its behalf by:
Adrian Palmer-Geaves
Director
Registered Company No. 10210991
AAPG (PROPERTY) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's ultimate parent is AAPG Investments UK Limited, incorporated in England. The ultimate controlling party is Mr A Palmer-Geaves.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Interest income
Interest income is recognised using the effective interest rate method.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings4
Investment property
Investment property is carried at fair value, derived from the 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.
Trade and other 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.
Trade and other 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.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 April 2313,98013,980
Disposals(13,980)(13,980)
Depreciation and impairment
At 01 April 2313,98013,980
On disposals(13,980)(13,980)
Net book value
At 31 March 24--
At 31 March 23--
4.Investment property
The properties have been valued by a qualified independent valuer. The carrying value of the properties within the balance sheet is not materially different to their fair value at the balance sheet date.

£
Fair value at 01 April 231,824,051
Additions465,656
At 31 March 242,289,707
5.Debtors: amounts due within one year

2024

2023

££
Other debtors7,7325,447
Prepayments and accrued income6,4494,042
Total14,1819,489
6.Debtors: amounts due after one year

2024

2023

££
Other debtors55,44565,000
Total55,44565,000
7.Creditors: amounts due within one year

2024

2023

££
Taxation and social security2,2935,039
Accrued liabilities and deferred income3,3434,116
Total5,6369,155
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts406,000470,998
Amounts owed to related parties623,877599,900
Other creditors888,033422,618
Total1,917,9101,493,516
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)77,49677,496
Total77,49677,496
10.Related party transactions
Within creditors amounts falling due after more than one year is an amount of £888,033 (2023 - £422,618) due to the company directors, the loan is interest free and not due for repayment until after 31 March 2025. Within creditors amounts falling due after more than one year is an amount of £623,877 (2023 - £599,900) due to the parent company AAPG Investments UK Limited, the loan is interest free and not due for repayment until after 31 March 2025.