Silverfin false false 31/12/2023 01/01/2023 31/12/2023 P M Azzopardi 11/04/2014 S D Azzopardi 03/01/2020 S J Collins 11/04/2014 H A Collins 03/01/2020 19 September 2024 The principal activity of the Company is that of an Investment property company. 08993298 2023-12-31 08993298 bus:Director1 2023-12-31 08993298 bus:Director2 2023-12-31 08993298 bus:Director3 2023-12-31 08993298 bus:Director4 2023-12-31 08993298 2022-12-31 08993298 core:CurrentFinancialInstruments 2023-12-31 08993298 core:CurrentFinancialInstruments 2022-12-31 08993298 core:Non-currentFinancialInstruments 2023-12-31 08993298 core:Non-currentFinancialInstruments 2022-12-31 08993298 core:ShareCapital 2023-12-31 08993298 core:ShareCapital 2022-12-31 08993298 core:RevaluationReserve 2023-12-31 08993298 core:RevaluationReserve 2022-12-31 08993298 core:RetainedEarningsAccumulatedLosses 2023-12-31 08993298 core:RetainedEarningsAccumulatedLosses 2022-12-31 08993298 2023-01-01 2023-12-31 08993298 bus:FilletedAccounts 2023-01-01 2023-12-31 08993298 bus:SmallEntities 2023-01-01 2023-12-31 08993298 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08993298 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08993298 bus:Director1 2023-01-01 2023-12-31 08993298 bus:Director2 2023-01-01 2023-12-31 08993298 bus:Director3 2023-01-01 2023-12-31 08993298 bus:Director4 2023-01-01 2023-12-31 08993298 2022-01-01 2022-12-31 08993298 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 08993298 (England and Wales)

ACHILLES PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ACHILLES PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ACHILLES PROPERTIES LIMITED

BALANCE SHEET

As at 31 December 2023
ACHILLES PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 4,497,772 3,997,112
4,497,772 3,997,112
Current assets
Debtors 4 44,216 502,748
Cash at bank and in hand 249,761 109,290
293,977 612,038
Creditors: amounts falling due within one year 5 ( 682,945) ( 663,356)
Net current liabilities (388,968) (51,318)
Total assets less current liabilities 4,108,804 3,945,794
Creditors: amounts falling due after more than one year 6 ( 2,982,560) ( 2,822,635)
Provision for liabilities ( 186,068) ( 186,068)
Net assets 940,176 937,091
Capital and reserves
Called-up share capital 2 2
Revaluation reserve 641,207 641,207
Profit and loss account 298,967 295,882
Total shareholder's funds 940,176 937,091

For the financial 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 financial statements of Achilles Properties Limited (registered number: 08993298) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

P M Azzopardi
Director
ACHILLES PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ACHILLES PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Achilles Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 32 Grosvenor Road, Gillingham Business Park, Gillingham, ME8 0SA, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company's activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 3,997,112
Additions 500,660
As at 31 December 2023 4,497,772

The investment property was last revalued on 6th April 2023 by Whitney & Associates, 2040N. Loop 336 West, Suite 120 Conroe, Texas 77304. The basis of the valuation was open market basis. No further revaluation has occurred since.

4. Debtors

2023 2022
£ £
Trade debtors 44,091 20,257
Other debtors 125 482,491
44,216 502,748

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 13,491 9,267
Amounts owed to Group undertakings 638,152 645,119
Taxation and social security 724 0
Other creditors 30,578 8,970
682,945 663,356

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Group undertakings 933,776 906,343
Other creditors 2,048,784 1,916,292
2,982,560 2,822,635

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Interest charged on directors loan accounts 132,490 16,293

Interest has been charged by the directors on their loans to the company.

Other related party transactions

2023 2022
£ £
Loan from Wozair Ltd 411,334 411,334
Loan from Wozair USA Ltd 126,818 133,785
Loan from Wozair Asia 1,033,776 1,006,343

Of the total loan from Wozair Asia, amount due within one year is £100,000 (2022: £100,000).