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Registration number: 13803489

Ace Project Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ace Project Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Ace Project Properties Limited

Company Information

Director

S A Mavrou

Registered office

590 Green Lanes
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

Ace Project Properties Limited

(Registration number: 13803489)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

624,302

624,302

Current assets

 

Debtors

5

11,885

9,587

Cash at bank and in hand

 

14

60

 

11,899

9,647

Creditors: Amounts falling due within one year

6

(52,477)

(49,685)

Net current liabilities

 

(40,578)

(40,038)

Total assets less current liabilities

 

583,724

584,264

Creditors: Amounts falling due after more than one year

6

(439,843)

(439,843)

Net assets

 

143,881

144,421

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

143,750

143,750

Retained earnings

31

571

Shareholders' funds

 

143,881

144,421

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 July 2024
 

.........................................
S A Mavrou
Director

 

Ace Project Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
London
N13 5RY

These financial statements were authorised for issue by the director on 5 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ace Project Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Ace Project Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 January

624,302

At 31 December

624,302

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2023
£

2022
£

Other debtors

11,885

9,587

 

11,885

9,587

 

Ace Project Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,926

134

Accruals and deferred income

1,200

1,200

Other creditors

49,351

48,351

52,477

49,685

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

439,843

439,843

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

439,843

439,843

-

-

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

143,750

143,750

 

Ace Project Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

439,843

439,843

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Creditors include bank loans which are secured by way of a fixed and floating charge over the assets of the company.

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £87.50 (2022 - £Nil) per each Ordinary shares

8,750

-

 

 

11

Related party transactions

Summary of transactions with directors


 At the year end and included in other debtors is the amount of £11,885 (2022: £9,587) owed by the director, this amount was repaid by the 30 September 2024.