Registered number
04151002
A.S. Flats Limited
Filleted Accounts
30 June 2024
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.
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