Registration number:
Amylan Properties Limited
for the Year Ended 29 February 2024
Amylan Properties Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Amylan Properties Limited
Company Information
Directors |
Mr B Patel Mrs M Patel |
Registered office |
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Accountants |
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Amylan Properties Limited
(Registration number: 11188088)
Balance Sheet as at 29 February 2024
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2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and Loss Account |
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Shareholders' funds |
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For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
Director
Amylan Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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
The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006
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.
The financial statements are presented in Pound Sterling, which is the functional currency of the company.
Revenue recognition
Turnover shown in the profit and loss account represents amounts invoiced during the year.
The company recognises revenue when:
i. The amount of revenue can be reliably measured;
ii. it is probable that future economic benefits will flow to the entity;
iii. 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 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Amylan Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investment property
Investment properties whose fair value cannot be measured reliably on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2024 |
2023 |
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At 1 March |
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The investment property was acquired in June 2018. The directors are of the opinion that the cost of the property including the improvement costs incurred represents the fair value of the property as at 29 February 2024.
There has been no valuation of investment property by an independent valuer.
The historic cost of the investment is £366,295. The depreciation on this historical cost is £Nil.
Debtors |
Current |
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2023 |
Prepayments |
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Other debtors |
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Amylan Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Director current account |
143,198 |
132,385 |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank borrowings
The bank borrowings is secured by way of:
a) Legal charge over the company's freehold investment property.
Amylan Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Related party transactions |
Other transactions with directors |
Mr B Patel and Mrs M Patel
(Directors and Shareholders)
At the balance sheet date the amount due to Mr B Patel and Mrs M Patel was £143,198 (2023: £132,385). This amount is interest free and repayable on demand.