A.S. Flats Limited |
Registered number: |
04151002 |
Balance Sheet |
as at 30 June 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
10,424,257 |
|
|
10,424,257 |
Investments |
4 |
|
|
2,438,989 |
|
|
2,204,890 |
|
|
|
|
12,863,246 |
|
|
12,629,147 |
|
Current assets |
Debtors |
5 |
|
30,756 |
|
|
69,997 |
Cash at bank and in hand |
|
|
890,953 |
|
|
676,616 |
|
|
|
921,709 |
|
|
746,613 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,240,637) |
|
|
(1,205,952) |
|
Net current liabilities |
|
|
|
(318,928) |
|
|
(459,339) |
|
Total assets less current liabilities |
|
|
|
12,544,318 |
|
|
12,169,808 |
|
|
Provisions for liabilities |
|
|
|
(1,826,855) |
|
|
(1,789,633) |
|
|
Net assets |
|
|
|
10,717,463 |
|
|
10,380,175 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2,000,000 |
|
|
2,000,000 |
Share premium |
|
|
|
677,444 |
|
|
677,444 |
Revaluation reserve |
7 |
|
|
4,168,458 |
|
|
4,015,905 |
Profit and loss account |
|
|
|
3,871,561 |
|
|
3,686,826 |
|
Shareholders' funds |
|
|
|
10,717,463 |
|
|
10,380,175 |
|
|
|
|
|
|
|
|
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. |
|
|
Mrs J V Scott |
Director |
Approved by the board on 10 September 2024 |
|
A.S. Flats Limited |
Notes to the Accounts |
for the year ended 30 June 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 (as applied to small entities by section 1A of the standard). |
|
|
Revenue |
|
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
|
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 evenly over its expected useful life, as follows: |
|
|
Fixtures and fittings |
10% straight line |
|
|
Investment property |
|
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss account. |
|
Investments |
|
Investments in shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss account for the period. |
|
|
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. |
|
|
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 |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Fixtures & fittings |
|
Total |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 July 2023 |
10,424,257 |
|
6,166 |
|
10,430,423 |
|
At 30 June 2024 |
10,424,257 |
|
6,166 |
|
10,430,423 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2023 |
- |
|
6,166 |
|
6,166 |
|
At 30 June 2024 |
- |
|
6,166 |
|
6,166 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2024 |
10,424,257 |
|
- |
|
10,424,257 |
|
At 30 June 2023 |
10,424,257 |
|
- |
|
10,424,257 |
|
|
4 |
Investments |
|
Other |
investments |
£ |
|
Valuation |
|
At 1 July 2023 |
2,204,890 |
|
Additions |
299,100 |
|
Revaluation |
189,721 |
|
Disposals |
(254,722) |
|
|
At 30 June 2024 |
2,438,989 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 July 2023 |
2,007,306 |
|
|
|
|
|
|
|
|
|
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
16,543 |
|
60,909 |
|
Deferred letting fees |
|
|
|
|
9,207 |
|
5,671 |
|
Other debtors and prepayments |
5,006 |
|
3,417 |
|
|
|
|
|
|
30,756 |
|
69,997 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Taxation and social security costs |
48,933 |
|
39,736 |
|
Other creditors |
1,191,704 |
|
1,166,216 |
|
|
|
|
|
|
1,240,637 |
|
1,205,952 |
|
|
|
|
|
|
|
|
|
|
7 |
Revaluation reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 July 2023 |
4,015,905 |
|
3,644,565 |
|
Gain on revaluation of land and buildings |
- |
|
500,000 |
|
Transfer from Profit & Loss Reserve |
152,553 |
|
(128,660) |
|
At 30 June 2024 |
4,168,458 |
|
4,015,905 |
|
|
|
|
|
|
|
|
|
|
8 |
Other information |
|
|
A.S. Flats Limited is a private company limited by shares and incorporated in England. Its registered office is Byne Cottage, Manley's Hill, Storrington, West Sussex RH20 4BN. |