Registered number
11329894
The General Asphalte Property Company Limited
Filleted Accounts
30 April 2024
The General Asphalte Property Company Limited
Registered number: 11329894
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,413,155 2,413,155
Current assets
Debtors 4 345,501 322,860
Cash at bank and in hand 77,739 217,176
423,240 540,036
Creditors: amounts falling due within one year 5 (961,764) (1,190,139)
Net current liabilities (538,524) (650,103)
Total assets less current liabilities 1,874,631 1,763,052
Creditors: amounts falling due after more than one year 6 (1,383,865) (1,380,490)
Net assets 490,766 382,562
Capital and reserves
Called up share capital 100 100
Profit and loss account 490,666 382,462
Shareholder's funds 490,766 382,562
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs V A Rice
Director
Approved by the board on 14 October 2024
The General Asphalte Property Company Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2023 2,413,155
At 30 April 2024 2,413,155
Depreciation
At 30 April 2024 -
Net book value
At 30 April 2024 2,413,155
At 30 April 2023 2,413,155
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,413,155 2,413,155
Cumulative depreciation based on historical cost - -
2,413,155 2,413,155
The investment property was valued on an open market basis on 30 April 2022 by Mrs V A Rice, Director
4 Debtors 2024 2023
£ £
Other debtors 345,501 322,860
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,714 8,125
Amounts owed to group undertakings and undertakings in which the company has a participating interest 814,930 987,430
Taxation and social security costs 69,239 70,018
Other creditors 74,881 124,566
961,764 1,190,139
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,383,865 1,380,490
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,191,425 1,185,372
Instalments falling due for payment after more than five years 171,181 173,895
1,362,606 1,359,267
Secured bank loans 1,386,580 1,388,615
The bank loans are secured upon the properties to which they relate.
8 Related party transactions
The balance of the directors loan at the year end was £71,676 (2023: £72,276). Advances of £201,200 and repayments of £200,600 were made during the year. No amounts were written off. This loan is interest free and repayable on demand.

A loan was made to a close family member of the director of £Nil (2023:£139,108) during the year. This loan is interest bearing and repayable on demand. The balance on this loan at the year end was £157,384 (2023 : £146,064).
9 Controlling party
General Asphalt Company Limited (Co. No. 05823837, registered in England and Wales) is the 100% shareholder of the company.

The registered office is:
Sapphire Heights Courtyard
31 Tenby Street North
Birmingham
West Midlands
B1 3ES
10 Other information
The General Asphalte Property Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Sapphire Heights Courtyard
31 Tenby Street North
Birmingham
West Midlands
B1 3ES
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