Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13725089 2022-12-01 2023-11-30 13725089 2021-11-05 2022-11-30 13725089 2023-11-30 13725089 2022-11-30 13725089 c:Director1 2022-12-01 2023-11-30 13725089 c:Director2 2022-12-01 2023-11-30 13725089 d:FreeholdInvestmentProperty 2022-12-01 2023-11-30 13725089 d:FreeholdInvestmentProperty 2023-11-30 13725089 d:FreeholdInvestmentProperty 2022-11-30 13725089 d:CurrentFinancialInstruments 2023-11-30 13725089 d:CurrentFinancialInstruments 2022-11-30 13725089 d:Non-currentFinancialInstruments 2023-11-30 13725089 d:Non-currentFinancialInstruments 2022-11-30 13725089 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 13725089 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 13725089 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 13725089 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 13725089 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 13725089 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 13725089 d:ShareCapital 2023-11-30 13725089 d:ShareCapital 2022-11-30 13725089 d:RetainedEarningsAccumulatedLosses 2023-11-30 13725089 d:RetainedEarningsAccumulatedLosses 2022-11-30 13725089 d:OtherDeferredTax 2023-11-30 13725089 c:FRS102 2022-12-01 2023-11-30 13725089 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13725089 c:FullAccounts 2022-12-01 2023-11-30 13725089 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13725089 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 13725089









ABRG PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ABRG PROPERTIES LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ABRG PROPERTIES LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ABRG Properties Limited for the year ended 30 November 2023 which comprise  the Balance Sheet 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 Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of Directors of ABRG Properties Limited, as a body, in accordance with the terms of our engagement letter dated 5 November 2021Our work has been undertaken solely to prepare for your approval the financial statements of ABRG Properties Limited and state those matters that we have agreed to state to the Board of Directors of ABRG Properties Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ABRG Properties Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that ABRG Properties Limited 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 ABRG Properties Limited. You consider that ABRG Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of ABRG Properties Limited. 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.

  



Milton Avis LLP
 
Chartered Accountants
  
120 Baker Street
London
W1U 6TU
9 October 2024
Page 1

 
ABRG PROPERTIES LIMITED
REGISTERED NUMBER: 13725089

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,651,213
1,026,557

  
1,651,213
1,026,557

Current assets
  

Debtors: amounts falling due within one year
 5 
12,268
6,412

Cash at bank and in hand
 6 
146,012
11,092

  
158,280
17,504

Creditors: amounts falling due within one year
 7 
(25,478)
(971,058)

Net current assets/(liabilities)
  
 
 
132,802
 
 
(953,554)

Total assets less current liabilities
  
1,784,015
73,003

Creditors: amounts falling due after more than one year
 8 
(1,516,245)
-

Provisions for liabilities
  

Deferred tax
 10 
(50,985)
(17,146)

  
 
 
(50,985)
 
 
(17,146)

Net assets
  
216,785
55,857


Capital and reserves
  

Called up share capital 
  
50
50

Profit and loss account
  
216,735
55,807

  
216,785
55,857


Page 2

 
ABRG PROPERTIES LIMITED
REGISTERED NUMBER: 13725089
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2024.




................................................
Colin Gerstein
................................................
Akbar De Medici
Director
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
ABRG PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The company is a private company limited by shares and is registered in England and Wales. Its current registered office is 10 The Stables, Broadfield Way, Aldenham, Watfield, Hertfordshire, WD25 8DG. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
ABRG PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ABRG PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
2
2


4.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
1,026,557


Additions at cost
624,656



At 30 November 2023
1,651,213

The 2023 valuations were made by the directors, on an open market value for existing use basis.




Page 6

 
ABRG PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
(344)
1,103

Prepayments and accrued income
12,612
5,309

12,268
6,412



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
146,012
11,092

146,012
11,092



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
33,794
102,823

Corporation tax
2,784
-

Amounts owed to connected company
(24,192)
859,950

Accruals and deferred income
13,092
8,285

25,478
971,058



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
317,278
-

Amounts owed to connected company
1,198,967
-

1,516,245
-


The company borrowed funds from a connected company to acquire the property portfolio. The loans will become repayable at the eariler of the date of sale of properties or in ten years time. Interest is charged at 1% per annum payable on redemption of the loan. 

Page 7

 
ABRG PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Loans


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
317,278
-


317,278
-


317,278
-



10.


Deferred taxation



2023


£






At beginning of year
(17,146)


Charged to profit or loss
(33,839)



At end of year
(50,985)

The provision for deferred taxation is made up as follows:

2023
£


Revaluation on investment property
(50,985)

(50,985)

 
Page 8