A&S PROPERTIES LIMITED
Registered number: 02130624
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,099,900 4,126,569
Current assets
Stocks - 700,999
Creditors: amounts falling due within one year 4 (3,855,650) (4,294,312)
Net current liabilities (3,855,650) (3,593,313)
Total assets less current liabilities 1,244,250 533,256
Creditors: amounts falling due after more than one year 5 (923,650) (107,193)
Net assets 320,600 426,063
Capital and reserves
Called up share capital 90 90
Revaluation reserve 7 359,000 359,000
Profit and loss account (38,490) 66,973
Shareholders' funds 320,600 426,063
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.
Mr Ian Selby
Director
Approved by the board on 9 August 2024
A&S PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 March 2024
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.
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset by the reducing balance method as follows:
Freehold buildings Not provided
Leasehold land and buildings over the lease term if less than 20 years
Motor vehciles 25%
Fixtures, fittings, tools and equipment 25%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 4,725,321 51,028 13,000 4,789,349
Additions 974,666 300 - 974,966
At 31 March 2024 5,699,987 51,328 13,000 5,764,315
Depreciation
At 1 April 2023 605,000 47,042 10,738 662,780
Charge for the year - 1,070 565 1,635
At 31 March 2024 605,000 48,112 11,303 664,415
Net book value
At 31 March 2024 5,094,987 3,216 1,697 5,099,900
At 31 March 2023 4,120,321 3,986 2,262 4,126,569
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,641,514 3,652,243
Trade creditors 209,687 594,209
Corporation tax 185 8,596
Other taxes and social security costs 647 647
Other creditors 3,617 38,617
3,855,650 4,294,312
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 923,650 -
Other creditors - 107,193
923,650 107,193
The bank loans are secured on properties at South Marston, Wiltshire.
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 3,637,500 3,637,500
The bank loans are secured by a debenture over the whole of the company and charges on the company's properties.
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 359,000 359,000
At 31 March 2024 359,000 359,000
8 Other information
A&S PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Red Lion House
6 Sheep Street
Highworth
Wiltshire
SN6 7AA
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