0 01/12/2022 30/11/2023 2023-11-30 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-12-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI642144 2022-12-01 2023-11-30 NI642144 2023-11-30 NI642144 2022-11-30 NI642144 2021-12-01 2022-11-30 NI642144 2022-11-30 NI642144 2021-11-30 NI642144 bus:RegisteredOffice 2022-12-01 2023-11-30 NI642144 bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 NI642144 bus:Director1 2022-12-01 2023-11-30 NI642144 bus:Director2 2022-12-01 2023-11-30 NI642144 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 NI642144 core:FurnitureFittingsToolsEquipment 2022-11-30 NI642144 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 NI642144 core:FurnitureFittingsToolsEquipment 2023-11-30 NI642144 core:WithinOneYear 2023-11-30 NI642144 core:WithinOneYear 2022-11-30 NI642144 core:ShareCapital 2023-11-30 NI642144 core:ShareCapital 2022-11-30 NI642144 core:RetainedEarningsAccumulatedLosses 2023-11-30 NI642144 core:RetainedEarningsAccumulatedLosses 2022-11-30 NI642144 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI642144 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 NI642144 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 NI642144 core:FurnitureFittingsToolsEquipment 2022-11-30 NI642144 bus:SmallEntities 2022-12-01 2023-11-30 NI642144 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI642144 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI642144 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI642144 bus:FullAccounts 2022-12-01 2023-11-30
Company registration number: NI642144
AC Property Limited
Unaudited filleted financial statements
30 November 2023
AC Property Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
AC Property Limited
Directors and other information
Directors CM Wilson
A Wilson
Company number NI642144
Registered office 22 Great Victoria Street
Belfast
BT2 7BA
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Report to the board of directors on the preparation of the
unaudited statutory financial statements of AC Property Limited
Year ended 30 November 2023
In accordance with the engagement letter dated 26 August 2024, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie/Professional-Standards/Home.
This report is made solely to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors, as a body, for our work, or for this report.
We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by the Institute of Chartered Accountants Ireland.
You have acknowledged on the balance sheet for the year ended 30 November 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Hill Vellacott 29 August 2024
22 Great Victoria Street
Belfast
BT2 7BA
AC Property Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 165,687 169,575
_______ _______
165,687 169,575
Current assets
Debtors 5 100 100
Cash at bank and in hand 57,538 57,849
_______ _______
57,638 57,949
Creditors: amounts falling due
within one year 6 ( 174,800) ( 179,185)
_______ _______
Net current liabilities ( 117,162) ( 121,236)
_______ _______
Total assets less current liabilities 48,525 48,339
Provisions for liabilities ( 124) ( 124)
_______ _______
Net assets 48,401 48,215
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 48,301 48,115
_______ _______
Shareholders funds 48,401 48,215
_______ _______
For the year ending 30 November 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
A Wilson
Director
Company registration number: NI642144
AC Property Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Hill Vellacott, 22 Great Victoria Street, Belfast, BT2 7BA.
The principal activity of the company is property rental.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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. Significant judgementsThere are no judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 %
Fittings fixtures and equipment - 20 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2022 and 30 November 2023 187,838 1,308 189,146
_______ _______ _______
Depreciation
At 1 December 2022 18,785 786 19,571
Charge for the year 3,757 131 3,888
_______ _______ _______
At 30 November 2023 22,542 917 23,459
_______ _______ _______
Carrying amount
At 30 November 2023 165,296 391 165,687
_______ _______ _______
At 30 November 2022 169,053 522 169,575
_______ _______ _______
5. Debtors
2023 2022
£ £
Other debtors 100 100
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 1,190 6,530
Other creditors 173,610 172,655
_______ _______
174,800 179,185
_______ _______