Company Registration No. 02031421 (England and Wales)
Acrelane Holdings Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Acrelane Holdings Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Acrelane Holdings Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,635,735
1,635,735
Investments
4
40,000
40,000
1,675,735
1,675,735
Current assets
Cash at bank and in hand
229,020
223,384
Creditors: amounts falling due within one year
6
(1,133,712)
(1,136,100)
Net current liabilities
(904,692)
(912,716)
Net assets
771,043
763,019
Capital and reserves
Called up share capital
7
75,000
75,000
Profit and loss reserves
696,043
688,019
Total equity
771,043
763,019

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Bunty Shah
James Crampsie
Director
Director
Company Registration No. 02031421
Acrelane Holdings Limited
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information

Acrelane Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47-55 Acre Lane, London, SW2 5TN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Turnover
Turnover represents rent receivable in the year, net of VAT.
1.4
Tangible fixed assets

No depreciation is provided on freehold land and buildings as they are maintained as a matter of company policy, by a programme of repair and refurbishment, such that any depreciation would be immaterial in aggregate. The directors undertake an annual impairment review and any impairment is taken to the profit and loss account as incurred.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Acrelane Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Acrelane Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2023: 0).

3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
1,635,735
Depreciation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
1,635,735
At 31 March 2023
1,635,735
Acrelane Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
4
Fixed asset investments
2024
2023
£
£
Investments
40,000
40,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
40,000
Carrying amount
At 31 March 2024
40,000
At 31 March 2023
40,000
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Acrelane Timber Limited
United Kingdom
Ordinary
100.00
0
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,126,713
1,126,713
Other creditors
6,999
9,387
1,133,712
1,136,100
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
75,000 Ordinary shares of £1 each
75,000
75,000
Acrelane Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
8
Related party transactions

During the year the company charged rent of £12,000 (2023: £12,000) to Acrelane Timber Limited, a subsidiary company, and £12,000 (2023: £41,241) to Acrelane Builders Merchants Limited, a company under common control.

 

At 31 March 2024 the company owed £1,126,713 (2023: £1,126,713) to Acrelane Timber Limited. This balance is repayable on demand, unsecured and non-interest bearing.

9
Ultimate controlling party

The directors believe that there is no one ultimate controlling party.

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