AZTEC PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
Company Registration Number: 12950906
AZTEC PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 7
AZTEC PROPERTY LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
DIRECTORS
W J Hawketts
M N Oakes
S A Peaks
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
12950906 England and Wales
AZTEC PROPERTY LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Investments 5 413,757 804,166
CURRENT ASSETS
Debtors 6 1,260 1,611
Cash at bank and in hand 66,400 3,856
67,660 5,467
CREDITORS: Amounts falling due within one year 7 43,666 231,055
NET CURRENT ASSETS / (LIABILITIES) 23,994 (225,588)
TOTAL ASSETS LESS CURRENT LIABILITIES 437,751 578,578
CREDITORS: Amounts falling due after more than one year 8 320,250 565,413
NET ASSETS 117,501 13,165
CAPITAL AND RESERVES
Called up share capital 30 30
Distributable profit and loss account 117,471 13,135
SHAREHOLDERS' FUNDS 117,501 13,165
AZTEC PROPERTY LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
S A Peaks W J Hawketts
Director Director
Date approved by the board: 7 March 2024
AZTEC PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 GENERAL INFORMATION
Aztec Property Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court The Elms
Oxford Office Village Dale Road
Langford Lane South Darley Dale
Kidlington Matlock
Oxford DE4 2EU
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover represents the value of rent and service charges receiveable, stated net of trade discounts.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
AZTEC PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
AZTEC PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 3 3
5 FIXED ASSET INVESTMENTS
Investment property
£
Cost
At 1 January 2023 804,166
Disposals (390,409)
At 31 December 2023 413,757
Net book value
At 1 January 2023 804,166
At 31 December 2023 413,757
6 DEBTORS
2023 2022
£ £
Prepayments and accrued income - 351
Other debtors 1,260 1,260
1,260 1,611
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 5,271
Taxation and social security 37,235 4,640
Accruals and deferred income 6,431 14,833
Other creditors - 206,311
43,666 231,055
AZTEC PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 320,250 565,413
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2023 2022
£ £
Bank loans and overdrafts 320,250 538,921
9 SECURED DEBTS
The company has a bank loan with Together Commercial Limited which is secured on the investment property with a carrying value of £413,757 and has a floating charge over all buildings fixtures, fittings, plant and machinery on that property. The loan is interest only and due to be repaid by December 2037 and interest is currently being charged at 8.24%.
10 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Advances made by directors
2023 2022
£ £
W J Hawketts Amount owed by the company at 31 December 2023 - 40,490
M N Oakes Amount owed by the company at 31 December 2023 - 40,490
S A Peaks Amount owed by the company at 31 December 2023 - 100,330
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