REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ACMB INVESTMENTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ACMB INVESTMENTS LTD |
ACMB INVESTMENTS LTD (REGISTERED NUMBER: 05056961) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 8 |
ACMB INVESTMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
ACMB INVESTMENTS LTD (REGISTERED NUMBER: 05056961) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Undistributable reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ACMB INVESTMENTS LTD (REGISTERED NUMBER: 05056961) |
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACMB INVESTMENTS LTD (REGISTERED NUMBER: 05056961) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
ACMB Investments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents income receivable from tenants during the year. |
Tangible fixed assets |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
In accordance with the Financial Reporting Standard ("FRS102"), investment properties are revalued annually and the aggregate surplus or deficit is transferred to a non-distributable reserve, except where a deficit on an individual investment property is expected to be permanent in which case it is charged (or credited, where a deficit is reversed) to the profit and loss account of the period. No depreciation is provided in respect of leasehold investment properties where the unexpired term is more than 20 years. |
The Companies Act 2006 ("The Act") requires all properties to be depreciated. However this requirement conflicts with the generally accepted accounting principle set out in FRS102. The directors consider that, because these properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to follow the principles in FRS102 in order to give a true and fair view. |
If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
ACMB INVESTMENTS LTD (REGISTERED NUMBER: 05056961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date and on the revaluation of investment properties. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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 future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2023 | 572,996 |
Additions | 150,000 |
At 31 December 2023 | 722,996 |
NET BOOK VALUE |
At 31 December 2023 | 722,996 |
At 31 December 2022 | 572,996 |
ACMB INVESTMENTS LTD (REGISTERED NUMBER: 05056961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | 56,800 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2014 | 278,600 |
Valuation in 2016 | 63,853 |
Valuation in 2017 | 8,493 |
Valuation in 2018 | (44,607 | ) |
Valuation in 2019 | 99,893 |
Valuation in 2020 | 16,000 |
Valuation in 2021 | 20,200 |
Valuation in 2022 | 54,267 |
Valuation in 2023 | 56,800 |
Cost | 1,200,346 |
1,753,845 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.12.23 | 31.12.22 |
£ | £ |
Repayable otherwise than by instalments |
Bank loan repayable after |
more than 5 years - not by |
instalments |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Security is against the company's freehold property. |
ACMB INVESTMENTS LTD (REGISTERED NUMBER: 05056961) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Undistributable |
reserve |
£ |
At 1 January 2023 |
Transfer to undistributable reserve | 42,600 |
At 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
Snape Management Solutions Limited |
A company in which all of the shareholders also have equity interests. |
The company has received a loan from Snape Management Solutions Limited for working capital, which is interest free and repayable on demand. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due to the related party | 935,031 | 837,905 |
Broughton Apartments Limited |
A company in which ACMB Investments Limited owns shares |
This company has received dividend income from Broughton Apartments Limited during the year. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due to the related party | 4,244 | 2,351 |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ACMB INVESTMENTS LTD |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ACMB Investments Ltd for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of ACMB Investments Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ACMB Investments Ltd and state those matters that we have agreed to state to the Board of Directors of ACMB Investments Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that ACMB Investments Ltd 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 profit of ACMB Investments Ltd. You consider that ACMB Investments Ltd 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 ACMB Investments Ltd. 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. |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |