Company registration number:
09692250
Acre Invest Limited
Unaudited filleted financial statements
31 July 2023
Acre Invest Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Acre Invest Limited
Directors and other information
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Director |
Mr R Dennis |
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Company number |
09692250 |
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Registered office |
Vaughan Chambers |
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Vaughan Road |
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Harpenden |
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AL5 4EE |
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Accountants |
Hicks and Company |
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Chartered Accountants |
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Vaughan Chambers |
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Vaughan Road |
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Harpenden |
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AL5 4EE |
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Acre Invest Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Acre Invest Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Acre Invest Limited for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Acre Invest Limited, as a body, in accordance with the terms of our engagement letter dated 30 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Acre Invest Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acre Invest Limited and its director as a body for our work or for this report.
It is your duty to ensure that Acre Invest Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Acre Invest Limited. You consider that Acre Invest Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Acre Invest Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
20 September 2024
Acre Invest Limited
Statement of financial position
31 July 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Debtors |
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5 |
3,149,223 |
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2,626,842 |
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Cash at bank and in hand |
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103 |
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12,777 |
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_________ |
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_________ |
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3,149,326 |
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2,639,619 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
3,321,871) |
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(
2,694,483) |
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_________ |
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_________ |
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Net current liabilities |
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(
172,545) |
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(
54,864) |
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_________ |
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_________ |
Total assets less current liabilities |
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(
172,545) |
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(
54,864) |
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Creditors: amounts falling due |
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after more than one year |
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7 |
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- |
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(
85,202) |
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_________ |
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_________ |
Net liabilities |
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(
172,545) |
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(
140,066) |
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_________ |
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_________ |
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Capital and reserves |
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Called up share capital |
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1 |
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1 |
Profit and loss account |
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(
172,546) |
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(
140,067) |
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_________ |
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_________ |
Shareholders deficit |
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(
172,545) |
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(
140,066) |
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_________ |
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_________ |
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For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2024
, and are signed on behalf of the board by:
Mr R Dennis
Director
Company registration number:
09692250
Acre Invest Limited
Notes to the financial statements
Year ended 31 July 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 Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis which assumes the continued support of the company's creditors and connected companies.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Debtors
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2023 |
2022 |
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£ |
£ |
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Amounts due from connected companies |
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1,488,057 |
1,421,038 |
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Other debtors |
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1,661,166 |
1,205,804 |
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_________ |
_________ |
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3,149,223 |
2,626,842 |
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_________ |
_________ |
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6.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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92,407 |
9,872 |
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Trade creditors |
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4,145 |
913 |
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Corporation tax |
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470,990 |
334,563 |
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Social security and other taxes |
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109,329 |
108,110 |
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Amounts due to connected companies |
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2,636,155 |
2,227,345 |
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Other creditors |
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8,845 |
13,680 |
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_________ |
_________ |
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3,321,871 |
2,694,483 |
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_________ |
_________ |
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7.
Creditors: amounts falling due after more than one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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85,202 |
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_________ |
_________ |
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8.
Directors advances, credits and guarantees
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During the year the director entered into the following advances and credits with the company: |
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2023 |
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Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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Mr R Dennis |
909,244 |
570,732 |
(
233,897) |
1,246,079 |
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_________ |
_________ |
_________ |
_________ |
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2022 |
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Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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Mr R Dennis |
515,308 |
603,732 |
(
209,796) |
909,244 |
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_________ |
_________ |
_________ |
_________ |
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9.
Related party transactions
The amounts due to and from connected companies shown in Notes 5 and 6 are companies of which
Mr R Dennis
is a Director and controlling shareholder.
10.
Controlling party
The company was controlled throughout the period by the director by virtue of his 100% shareholding.