Company registration number 01312352 (England and Wales)
ANGLO INTERNATIONAL ASSETS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
ANGLO INTERNATIONAL ASSETS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ANGLO INTERNATIONAL ASSETS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,383
1,845
Investment property
4
1,853,410
2,020,932
1,854,793
2,022,777
Current assets
Debtors
5
16,472
30,421
Cash at bank and in hand
96,843
143,621
113,315
174,042
Creditors: amounts falling due within one year
6
(795,994)
(783,046)
Net current liabilities
(682,679)
(609,004)
Total assets less current liabilities
1,172,114
1,413,773
Creditors: amounts falling due after more than one year
7
(113,046)
(208,810)
Provisions for liabilities
(4,074)
(10,127)
Net assets
1,054,994
1,194,836
Capital and reserves
Called up share capital
4,543
4,543
Revaluation reserve
108,895
204,321
Profit and loss reserves
941,556
985,972
Total equity
1,054,994
1,194,836
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ANGLO INTERNATIONAL ASSETS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Ms L C Chu
Director
Company registration number 01312352 (England and Wales)
ANGLO INTERNATIONAL ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Anglo International Assets Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents gross rents receivable from the tenants of the company's freehold property, excluding Value Added Tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
ANGLO INTERNATIONAL ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Classification of financial liabilities
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 company after deducting all of its liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, 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
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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
ANGLO INTERNATIONAL ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
25,580
5,440
31,020
Depreciation and impairment
At 1 January 2023
23,735
5,440
29,175
Depreciation charged in the year
462
462
At 31 December 2023
24,197
5,440
29,637
Carrying amount
At 31 December 2023
1,383
1,383
At 31 December 2022
1,845
1,845
4
Investment property
2023
£
Fair value
At 1 January 2023
2,020,932
Revaluations
(167,522)
At 31 December 2023
1,853,410
The directors have revalued the investment properties on an open market basis at 31 December 2023.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,113
Other debtors
16,472
15,308
16,472
30,421
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,978
Other creditors
795,994
781,068
795,994
783,046
ANGLO INTERNATIONAL ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
113,046
208,810
The bank loans are secured by a fixed charge over the company's freehold properties.