Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 04168116 Mr Andreas Neocleous Mr Christos Neocleous Mr Neoclis Neocleous Mr Andreas Neocleous true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04168116 2023-02-28 04168116 2024-02-29 04168116 2023-03-01 2024-02-29 04168116 frs-core:CurrentFinancialInstruments 2024-02-29 04168116 frs-core:FurnitureFittings 2024-02-29 04168116 frs-core:FurnitureFittings 2023-03-01 2024-02-29 04168116 frs-core:FurnitureFittings 2023-02-28 04168116 frs-core:InvestmentPropertyIncludedWithinPPE 2024-02-29 04168116 frs-core:InvestmentPropertyIncludedWithinPPE 2023-03-01 2024-02-29 04168116 frs-core:InvestmentPropertyIncludedWithinPPE 2023-02-28 04168116 frs-core:RevaluationReserve 2023-03-01 2024-02-29 04168116 frs-core:RevaluationReserve 2023-02-28 04168116 frs-core:RevaluationReserve 2024-02-29 04168116 frs-core:ShareCapital 2024-02-29 04168116 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 04168116 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04168116 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 04168116 frs-bus:SmallEntities 2023-03-01 2024-02-29 04168116 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 04168116 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04168116 1 2023-03-01 2024-02-29 04168116 frs-bus:Director1 2023-03-01 2024-02-29 04168116 frs-bus:Director2 2023-03-01 2024-02-29 04168116 frs-bus:Director3 2023-03-01 2024-02-29 04168116 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 04168116 frs-core:CurrentFinancialInstruments 1 2024-02-29 04168116 frs-countries:EnglandWales 2023-03-01 2024-02-29 04168116 2022-02-28 04168116 2023-02-28 04168116 2022-03-01 2023-02-28 04168116 frs-core:CurrentFinancialInstruments 2023-02-28 04168116 frs-core:RevaluationReserve 2023-02-28 04168116 frs-core:ShareCapital 2023-02-28 04168116 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 04168116 frs-core:CurrentFinancialInstruments 1 2023-02-28
Registered number: 04168116
Caneo Estates Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Harrisons Accountancy Ltd
Harrison House Sheep Walk
Langford Road
Biggleswade
Bedfordshire
SG18 9RB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04168116
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,140,047 6,640,047
7,140,047 6,640,047
CURRENT ASSETS
Debtors 5 638,726 636,896
Cash at bank and in hand 118,691 114,942
757,417 751,838
Creditors: Amounts Falling Due Within One Year 6 (2,691,009 ) (2,379,094 )
NET CURRENT ASSETS (LIABILITIES) (1,933,592 ) (1,627,256 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,206,455 5,012,791
PROVISIONS FOR LIABILITIES
Deferred Taxation (586,725 ) (461,725 )
NET ASSETS 4,619,730 4,551,066
CAPITAL AND RESERVES
Called up share capital 8 280 280
Revaluation reserve 9 2,930,131 2,430,131
Profit and Loss Account 1,689,319 2,120,655
SHAREHOLDERS' FUNDS 4,619,730 4,551,066
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Christos Neocleous
Director
12/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Caneo Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04168116 . The registered office is Wellington House, 273-275 High Street, London Colney, Hertfordshire, AL2 1HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents net invoiced rental income, exclusing value added tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on reducing balance
2.4. Investment Properties
Investment property, which is property held to earn rentals and / or for capital appreciation, is initially recognised at cost, which includes the pourchase cost and any directly attributable expenditure. 
Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revalution is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed asset.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 3
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4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 March 2023 6,640,047 1,000 6,641,047
Revaluation 500,000 - 500,000
As at 29 February 2024 7,140,047 1,000 7,141,047
Depreciation
As at 1 March 2023 - 1,000 1,000
As at 29 February 2024 - 1,000 1,000
Net Book Value
As at 29 February 2024 7,140,047 - 7,140,047
As at 1 March 2023 6,640,047 - 6,640,047
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,500 5,499
Prepayments and accrued income 3,726 1,897
Amounts owed by group undertakings 629,500 629,500
638,726 636,896
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 2,696
Corporation tax 84,873 59,407
VAT 14,997 14,717
Other creditors 2,516,746 2,236,746
Deposits 37,894 37,500
Accruals and deferred income 24,039 15,569
Directors' loan accounts 12,459 12,459
2,691,009 2,379,094
7. Secured Creditors
Bank loans are secured via a fixed charge on the properties to which they relate.
The following secured debts are included within creditors:
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 280 280
Page 4
Page 5
9. Reserves
Revaluation Reserve
£
As at 1 March 2023 2,430,131
Surplus on revaluation 500,000
As at 29 February 2024 2,930,131
10. Related Party Transactions
Neo Brothers Limited
At the balance sheet date an intercompany loan of £2,516,745 (2023: £2,236,745) was owed by the company to Neo Brothers Limited on which no interest was charged. Mr A Neocleous and Mr N Neocleous have a controlling interest in Neo Brothers Limited.
Rental income of £63,750 was received from Neo Brothers Limited during the year (2023: £37,500).
Neo-Cass Holdings Limited
At the balance sheet date an interecompany loan of £315,000 (2023: £315,000) was owed to the company from Neo-Cass Holdings Ltd on which no interest was charged. Mr N Neocleous has a controlling interest in Neo-Cass Holdings Ltd.
Epsilon Estates Limited
At the balance sheet date an interecompany loan of £314,500 (2023: £314,500) was owed to the company from Epsilon Estates Limited on which no interest was charged. Mr A Neocleous has a controlling interest in Epsilon Estates Limited.
11. Ultimate Controlling Party
The company is under the control of the directors, who control 100% of the issued share capital.
Page 5