0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 800,000 800,000 800,000 xbrli:pure xbrli:shares iso4217:GBP 07045885 2023-01-01 2023-12-31 07045885 2023-12-31 07045885 2022-12-31 07045885 2022-01-01 2022-12-31 07045885 2022-12-31 07045885 2021-12-31 07045885 bus:Director1 2023-01-01 2023-12-31 07045885 bus:Director2 2023-01-01 2023-12-31 07045885 core:WithinOneYear 2023-12-31 07045885 core:WithinOneYear 2022-12-31 07045885 core:AfterOneYear 2023-12-31 07045885 core:AfterOneYear 2022-12-31 07045885 core:ShareCapital 2023-12-31 07045885 core:ShareCapital 2022-12-31 07045885 core:RetainedEarningsAccumulatedLosses 2023-12-31 07045885 core:RetainedEarningsAccumulatedLosses 2022-12-31 07045885 core:LandBuildings 2023-12-31 07045885 core:LandBuildings 2022-12-31 07045885 bus:SmallEntities 2023-01-01 2023-12-31 07045885 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07045885 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07045885 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07045885 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 07045885
Assured Property Acquisitions Limited
Filleted Unaudited Financial Statements
31 December 2023
Assured Property Acquisitions Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
800,000
800,000
Current assets
Debtors
5
2,971
Cash at bank and in hand
4,547
25,786
-------
--------
4,547
28,757
Creditors: amounts falling due within one year
6
197,495
235,214
---------
---------
Net current liabilities
192,948
206,457
---------
---------
Total assets less current liabilities
607,052
593,543
Creditors: amounts falling due after more than one year
7
340,268
332,452
Provisions
Taxation including deferred tax
43,708
43,708
---------
---------
Net assets
223,076
217,383
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
8
222,976
217,283
---------
---------
Shareholders funds
223,076
217,383
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 .
Assured Property Acquisitions Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr D W Linley
Mr N D Simpson
Director
Director
Company registration number: 07045885
Assured Property Acquisitions Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, HG3 1GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Directors confirm that, after reviewing expenditure commitments, expected cash flows and borrowing facilities, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next financial year and the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
The company recognises revenue on an accruals basis (net of VAT if applicable), when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the company. Revenue comprises rental income arising from investment property leased out and which is recognised in the profit and loss account on a straight line basis over the term of the lease.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Investment Property
£
Cost
At 1 January 2023 and 31 December 2023
800,000
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
800,000
---------
At 31 December 2022
800,000
---------
Investment property is valued on an opening market existing use basis. In the opinion of the directors there has been changes to the value of the property during the year.
5. Debtors
2023
2022
£
£
Other debtors
2,971
----
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,113
9,977
Corporation tax
1,336
14,016
Social security and other taxes
3,012
862
Other creditors
186,034
210,359
---------
---------
197,495
235,214
---------
---------
Creditors falling due within one year includes the following amounts secured against the assets to which they relate:
2023
2022
£
£
Bank loan
7,113
9,977
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
340,268
332,452
---------
---------
Creditors falling due after one year includes the following amounts secured against the assets to which they relate:
2023
2022
£
£
Bank loans
340,268
332,452
8. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included within the Profit and Loss reserve is an amount of £174,831 relating to the revaluation of investment properties which are un-distributable.
9. Directors' advances, credits and guarantees
The directors loan account remained in credit throughout the current year. There were no guarantees in the year.
10. Related party transactions
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.