Aros Properties Limited 13815364 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of property investment. The company was incorporated on the 23 rd December 2021 and commenced it's activities on the 1st January 2022 Digita Accounts Production Advanced 6.30.9574.0 true true 13815364 2023-01-01 2023-12-31 13815364 2023-12-31 13815364 bus:OrdinaryShareClass1 2023-12-31 13815364 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13815364 core:Non-currentFinancialInstruments 2023-12-31 13815364 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 13815364 1 2023-12-31 13815364 bus:SmallEntities 2023-01-01 2023-12-31 13815364 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13815364 bus:FilletedAccounts 2023-01-01 2023-12-31 13815364 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13815364 bus:RegisteredOffice 2023-01-01 2023-12-31 13815364 bus:Director1 2023-01-01 2023-12-31 13815364 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13815364 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13815364 1 2023-01-01 2023-12-31 13815364 countries:England 2023-01-01 2023-12-31 13815364 2022-12-31 13815364 2021-12-23 2022-12-31 13815364 2022-12-31 13815364 bus:OrdinaryShareClass1 2022-12-31 13815364 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13815364 core:Non-currentFinancialInstruments 2022-12-31 13815364 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 13815364 1 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13815364

Aros Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Aros Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Aros Properties Limited

Company Information

Director

G Pishiri

Registered office

590 Green Lanes
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
Chartered Accountants & Registered Auditors
590 Green Lanes
Palmers Green
London
N13 5RY

 

Aros Properties Limited

(Registration number: 13815364)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,277,761

1,277,761

Current assets

 

Cash at bank and in hand

 

7,428

5,580

Creditors: Amounts falling due within one year

5

(484,186)

(486,246)

Net current liabilities

 

(476,758)

(480,666)

Total assets less current liabilities

 

801,003

797,095

Creditors: Amounts falling due after more than one year

5

(814,000)

(814,000)

Net liabilities

 

(12,997)

(16,905)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(13,097)

(17,005)

Shareholders' deficit

 

(12,997)

(16,905)

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 her 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 23 August 2024
 

.........................................
G Pishiri
Director

 

Aros 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 England.

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

These financial statements were authorised for issue by the director on 23 August 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 validity of which is dependent upon the continuous support of the creditors

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occurred. This is stated after discounts and other sales taxes

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.

 

Aros Properties Limited

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

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.

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

1,277,761

At 31 December

1,277,761

The properties were not revalued as the director is of the opinion that the current market value is the same as the original cost

 

Aros Properties Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

478,106

479,821

Accruals and deferred income

 

2,150

2,215

Other creditors

 

3,930

4,210

 

484,186

486,246

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

814,000

814,000

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

814,000

814,000

Bank borrowings

Bank loan is denominated in Pounds sterling with a nominal interest rate of 4.28%, and the final instalment is due on 12 May 2042. The carrying amount at year end is £814,000 (2022 - £814,000).

The bank loans are secured by a legal charge over the properties