AXIAL PROPERTIES (UK) LTD |
Registered number: |
04320623 |
Balance Sheet |
as at 30 November 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Investments |
3 |
|
|
1,550,000 |
|
|
1,350,000 |
|
Current assets |
Debtors |
4 |
|
- |
|
|
- |
Cash at bank and in hand |
|
|
3,129 |
|
|
12,937 |
|
|
|
3,129 |
|
|
12,937 |
|
Creditors: amounts falling due within one year |
5 |
|
(12,376) |
|
|
(11,521) |
|
Net current assets |
|
|
|
(9,247) |
|
|
1,416 |
|
Total assets less current liabilities |
|
|
|
1,540,753 |
|
|
1,351,416 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(631,052) |
|
|
(635,377) |
|
Provisions for liabilities |
|
|
|
(194,166) |
|
|
(47,214) |
|
|
Net assets |
|
|
|
715,535 |
|
|
668,825 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account non-distributable |
|
|
|
582,499 |
|
|
529,451 |
Profit and loss account |
|
|
|
132,936 |
|
|
139,274 |
|
Shareholders' funds |
|
|
|
715,535 |
|
|
668,825 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
A O Aina |
Director |
Approved by the board on 26 August 2024 |
|
AXIAL PROPERTIES (UK) LTD |
Notes to the Accounts |
for the year ended 30 November 2023 |
1 |
Accounting policies |
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
Freehold investment property |
|
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in repsect of investment properties. |
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
3 |
Investments |
Freehold |
Investment |
Property |
Total |
£ |
£ |
|
Cost |
|
At 1 December 2022 |
1,350,000 |
|
1,350,000 |
|
Additions |
- |
|
- |
|
Revaluation |
200,000 |
|
200,000 |
|
Disposals |
- |
|
- |
|
|
At 30 November 2023 |
1,550,000 |
|
1,550,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 December 2022 |
773,335 |
|
- |
|
At 30 November 2023 |
773,335 |
|
- |
|
|
|
|
|
|
|
|
Freehold investment property was valued by the directors as at 30th November 2023. Tax of approximately £194,166 would be payable if the properties were sold at these values. |
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
Trade debtors |
- |
|
- |
|
Other debtors |
- |
|
- |
|
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
Taxation and social security costs |
- |
|
2,708 |
|
Other creditors |
12,376 |
|
8,813 |
|
|
|
|
|
|
12,376 |
|
11,521 |
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
Other creditors |
631,052 |
|
635,377 |
|
|
|
|
|
|
631,052 |
|
635,377 |
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
A O Aina Director |
|
Interest free loan to the company. |
|
Amount due to A O Aina |
529,382 |
|
532,982 |
|
|
R F Cocoracchio Director |
|
Interest free loan to the company. |
|
Amount due to R F Cocoracchio |
105,995 |
|
103,295 |
|
8 |
Controlling party |
|
The ultimate controlling party is A O Aina |
|
9 |
Other information |
|
AXIAL PROPERTIES (UK) LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
Beecroft |
|
Butlers Dene Road |
|
Woldingham |
|
Surrey |
|
CR3 7HD |