Registered number
04320623
AXIAL PROPERTIES (UK) LTD
Accounts for the year ended
30 November 2023
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
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