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Registered number: 13046396










AIMRO DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AIMRO DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13046396

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
                                                                          Note
£
£

  

Current assets
  

Stocks
 4 
537,146
592,266

Debtors: amounts falling due within one year
 5 
10,609
100

Cash at bank and in hand
 6 
90,811
76,570

  
638,566
668,936

Creditors: amounts falling due within one year
 7 
(653,702)
(678,866)

Net current liabilities
  
 
 
(15,136)
 
 
(9,930)

  

Net liabilities
  
(15,136)
(9,930)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(15,236)
(10,030)

  
(15,136)
(9,930)


The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 comprehensive income 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 by: 



N El-Imad
Director

Date: 12 November 2024

The notes on pages 3 to 6 form part of these financial statements.
Page 1

 
AIMRO DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13046396
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
AIMRO DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Aimro Developments Limited is a private company limited by shares and registered in England and Wales. The Company's registered number is 13046396. Its registered office address is Interpark House, 7 Down Street, London W1J 7AJ.
The Company's principal activity is that of a property development.
The Company's functional and presentational currency is GBP.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which, inter alia, is based on the director's reasonable expectation that the Company has adequate resources to continue to operate as a going concern for at least twelve months from the date of approval.
In making the assessment of the appropriateness of this basis, the director has considered the trading of the Company since the year end and the facilities that are either committed to the Company for a period of at least twelve months from the date of approval of the financial statements or which he considers will probably be available to the Company during such period.
After careful consideration, the director considers that there are reasonable grounds to believe that the Company can be regarded as a going concern and, for this reason continues to adopt the going concern basis in preparing the Company’s financial statements.

 
2.3

Revenue

Rental income from an operating lease is recognised in the statement of comprehensive income on a straight-line basis over the term of the lease.

 
2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 
AIMRO DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stock includes properties held for development which have been valued at the lower of cost (or deemed cost) and estimated selling price less costs to sell.
Interest costs and incidental costs incurred on aquisition of properties such as stamp duty and legal fees have been capitalised.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

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. 

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 4

 
AIMRO DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
AIMRO DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Stocks

2023
2022
£
£

Properties held for development
537,146
592,266



5.


Debtors

2023
2022
£
£


Trade debtors
10,509
-

Amounts owed by group undertakings
100
100

10,609
100



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
90,811
76,570



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
746

Amounts owed to group undertakings
29,922
-

Funds due to investors
619,880
675,000

Accruals
3,900
3,120

653,702
678,866



8.


Controlling party

The Company's immediate parent company is LW Holding 3 Ltd, a company incorporated in England and Wales.
There is no one controlling party.

Page 6