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REGISTERED NUMBER: 05335632 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

ACRE HOMES LIMITED

ACRE HOMES LIMITED (REGISTERED NUMBER: 05335632)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ACRE HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Rahim Virani
Karim Virani





SECRETARY: Paul Davis





REGISTERED OFFICE: Crown House
North Circular Road
Park Royal
London
NW10 7PN





REGISTERED NUMBER: 05335632 (England and Wales)





AUDITORS: UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditor
168 Church Road
Hove
East Sussex
BN3 2DL

ACRE HOMES LIMITED (REGISTERED NUMBER: 05335632)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,087,340 5,087,419

CURRENT ASSETS
Debtors 5 2,657,823 2,627,940
Cash at bank 131,186 264,411
2,789,009 2,892,351
CREDITORS
Amounts falling due within one year 6 3,471,785 3,885,360
NET CURRENT LIABILITIES (682,776 ) (993,009 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,404,564

4,094,410

PROVISIONS FOR LIABILITIES 19,979 19,979
NET ASSETS 4,384,585 4,074,431

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 7 309,848 309,848
Retained earnings 4,074,735 3,764,581
4,384,585 4,074,431

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Rahim Virani - Director


ACRE HOMES LIMITED (REGISTERED NUMBER: 05335632)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Acre Homes Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Significant Judgements
The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property Valuations
Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Turnover
Turnover represents amounts receivable from rents charged to tenants and the invoice value of other services supplied net of VAT and trade discounts.

Turnover is recognised when the rent is due from tenants on an accruals basis.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery25% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

ACRE HOMES LIMITED (REGISTERED NUMBER: 05335632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Freehold machinery
property etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 5,087,102 7,500 5,094,602
DEPRECIATION
At 1 April 2023 - 7,183 7,183
Charge for year - 79 79
At 31 March 2024 - 7,262 7,262
NET BOOK VALUE
At 31 March 2024 5,087,102 238 5,087,340
At 31 March 2023 5,087,102 317 5,087,419

The freehold property was valued on 31 March 2024 on a fair value basis as at that date by the directors.

In respect of fixed assets stated at valuation, the historical cost was £4,762,034.

ACRE HOMES LIMITED (REGISTERED NUMBER: 05335632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 74,128 40,475
Amounts owed by group undertakings 2,576,155 2,576,155
Other debtors 7,540 11,310
2,657,823 2,627,940

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 26,437 24,396
Amounts owed to group undertakings 2,976,247 3,407,057
Taxation and social security 152,732 152,361
Other creditors 316,369 301,546
3,471,785 3,885,360

7. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 309,848

The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity:

Called-up share capital
Called-up share capital represents the nominal value of shares that have been issued.

Revaluation reserve (non-distributable)
The revaluation reserve is used to record increases in the fair value of properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax.

Retained earnings
The retained earnings represent all current and prior period retained profits and losses.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Guest FCA (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young (S.E.) Limited

9. RELATED PARTY DISCLOSURES

There are no related party transactions that require disclosure under FRS102.

10. ULTIMATE CONTROLLING PARTY

The parent company is Cygnet Properties & Leisure PLC, a company registered in England and Wales.

The company is controlled by some members of the Virani family, some of whom are directors of the company, through their shareholdings in Virani Net Limited and Virani Net Scheme.