Company registration number 06988288 (England and Wales)
AED PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AED PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AED PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
850
1,062
Investment property
6
1,120,000
1,120,000
1,120,850
1,121,062
Current assets
Debtors
7
5,600
-
0
Cash at bank and in hand
834,209
1,054,586
839,809
1,054,586
Creditors: amounts falling due within one year
8
(542,148)
(563,996)
Net current assets
297,661
490,590
Total assets less current liabilities
1,418,511
1,611,652
Creditors: amounts falling due after more than one year
9
-
0
(187,997)
Net assets
1,418,511
1,423,655
Capital and reserves
Called up share capital
10
6
6
Share premium account
11
639,995
639,995
Revaluation reserve
12
404,706
404,706
Profit and loss reserves
13
373,804
378,948
Total equity
1,418,511
1,423,655

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.

AED PROPERTIES LIMITED
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 11 September 2024 and are signed on its behalf by:
Dr A E Dean
Director
Company registration number 06988288 (England and Wales)
AED PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

AED Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cabourn House, Station Street, Bingham, Nottinghamshire, England, NG13 8AQ.

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 the net invoiced rent receivable from the company's property portfolio, excluding value added tax.

 

Where the rental period straddles the financial year end, the proportion that relates tot the following year is deferred. Equally if the invoice falls in the following year, any element of the sale that relates tot the current year is accrued.

1.3
Tangible fixed assets

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:

Computers
20% on reducing balance
1.4
Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on these gains or losses, to the extent that they are recoverable, at the rate expected to apply when the property is sold.

 

Movements in these fair values are transferred to the revaluation reserve for a clear separation of realised and unrealised gains and losses.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AED PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
212
266
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
2,816
Adjustments in respect of prior periods
(487)
(37,083)
Total current tax
(487)
(34,267)
Deferred tax
Origination and reversal of timing differences
-
0
(65,000)
Total tax credit
(487)
(99,267)
AED PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
1,328
Depreciation and impairment
At 1 January 2023
266
Depreciation charged in the year
212
At 31 December 2023
478
Carrying amount
At 31 December 2023
850
At 31 December 2022
1,062
6
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,120,000

The investment properties were valued on an open market basis on 31 December 2023 by the directors.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
715,294
715,294
Accumulated depreciation
-
-
Carrying amount
715,294
715,294
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,600
-
0
AED PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
23,971
Trade creditors
2,383
143
Corporation tax
-
0
2,816
Other taxation and social security
3,258
2,325
Other creditors
536,507
534,741
542,148
563,996
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
187,997

The bank loans were repaid on a monthly basis with interest charged of 2.5% over base.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
84,922
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 1p each
100
100
1
1
B Ordinary of 1p each
500
500
5
5
600
600
6
6

Both classes of shares rank pari passu in all respects.

11
Share premium account
2023
2022
£
£
At the beginning and end of the year
639,995
639,995
AED PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
12
Revaluation reserve
2023
2022
£
£
At the beginning of the year
404,706
299,706
Other movements
-
105,000
At the end of the year
404,706
404,706

The revaluation reserve contains cumulative gains and losses on the revaluation of investment property, net of deferred tax.

13
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
378,948
230,959
(Loss)/profit for the year
(5,144)
147,989
At the end of the year
373,804
378,948
14
Related party transactions
Balances with related parties

A director operates a loan account with the company.

Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Director
-
0
-
0
529,880
532,969
15
Parent company

There is no one overall controlling party.

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