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REGISTERED NUMBER: 00813227 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

AKWOOD PROPERTY CO.LIMITED

AKWOOD PROPERTY CO.LIMITED (REGISTERED NUMBER: 00813227)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AKWOOD PROPERTY CO.LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: A J Armstrong
A E Bygraves
S A Merton Jones
A B Porter
M L Bygraves





SECRETARY: Hyde & Lewis Ltd





REGISTERED OFFICE: 1 Cambridge Road
Sandy
SG19 1JE





REGISTERED NUMBER: 00813227 (England and Wales)





AUDITORS: BN Audit Services Limited (Statutory Auditors)
45a Station Road
Willington
Bedfordshire
MK44 3QL

AKWOOD PROPERTY CO.LIMITED (REGISTERED NUMBER: 00813227)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 255,300 260,000

CURRENT ASSETS
Debtors 5 26,464 16,057
Cash at bank 310,481 369,099
336,945 385,156
CREDITORS
Amounts falling due within one year 6 72,398 39,862
NET CURRENT ASSETS 264,547 345,294
TOTAL ASSETS LESS CURRENT
LIABILITIES

519,847

605,294

PROVISIONS FOR LIABILITIES 7 31,779 32,672
NET ASSETS 488,068 572,622

CAPITAL AND RESERVES
Called up share capital 8 171,370 171,370
Fair value reserve 135,481 139,288
Retained earnings 181,217 261,964
SHAREHOLDERS' FUNDS 488,068 572,622

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 15 October 2024 and were signed on its behalf by:




M L Bygraves - Director



A E Bygraves - Director


AKWOOD PROPERTY CO.LIMITED (REGISTERED NUMBER: 00813227)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Akwood Property Co.limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Investment property
Investment property relates to various parcels of land held for long term investment and are included in the balance sheet at their open market values. The surplus or deficit on revaluation in the year are are transferred to the fair value reserve.

Depreciation is not provided in respect of land.

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 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.

Other income
Income from fixed asset investments comprises rents receivable from land which is invoiced in advance and recognised when it falls due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

AKWOOD PROPERTY CO.LIMITED (REGISTERED NUMBER: 00813227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 260,000
Revaluations (4,700 )
At 29 February 2024 255,300
NET BOOK VALUE
At 29 February 2024 255,300
At 28 February 2023 260,000

Included in fair value of investment property is freehold land of £ 255,300 (2023 - £ 260,000 ) which is not depreciated.

At 29th February 2024 the directors have valued the land at £255,300.

The investment property consists of freehold land held for development covering two separate areas, known as 'North' and 'East'. All of the company's property in each area is subject to a (separate) agreement with a consortium of neighbouring landowners. Those agreements include various restrictions, including a restriction on the company's ability to sell on the open market, and they entitle all the consortium landowners to a share of any proceeds from any future sale (once planning permission has been obtained) of consortium land to a developer, such shares being based on the proportion of land each landowner has contributed to the consortium. Each consortium agreement, and the restrictions and sharing obligations, expire after a fixed duration (although this may be extended by agreement).

The company has a 34.6% interest in the North consortium arising from its contribution of 35 acres of the consortium's 102 acres. To date, no North consortium land has been sold for development. Approximately 40 acres of consortium land has been identified in the Local Authority's Local Plan as suitable for housing development, known as 'Allocated Land'. However, whilst the consortium has made a planning application in respect of the Allocated Land, this was refused in August 2023. Given the economic uncertainties, the lack of planning consent and therefore the distant prospect of the land being sold to a developer for housing, the directors have based the fair value of the company's interests in the North consortium land area, as at the year end, on agricultural use and at the rate of £6,800 per acre equating to £693,600 for the consortium land, equivalent to £240,000 for the company's North interest.

The company has a 33.9% interest in the East consortium arising from its contribution of 57.7 acres of the consortium's 169.9 acres. To date, all but 6.64 acres (area confirmed in 2022 survey) of the East consortium land have been sold for development. This area is landlocked, surrounded by recent development and other undeveloped land owned by third parties with whom there is no consortium agreement, and requires planning approval. Some of the third party land is owned by a developer, who also controls the access routes, meaning there is only one likely buyer. Given these issues, the directors have based the fair value of the company's interests in the East consortium land area, as at the year end, on agricultural use and at the rate of £6,800 per acre equating to £45,152 for the consortium land, equivalent to £15, 300 for the company's East interest.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 26,464 16,057

AKWOOD PROPERTY CO.LIMITED (REGISTERED NUMBER: 00813227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 5,439 -
Taxation and social security 18,709 1,022
Other creditors 48,250 38,840
72,398 39,862

7. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 31,779 32,672

Deferred
tax
£   
Balance at 1 March 2023 32,672
Movement on revaluation (893 )
Balance at 29 February 2024 31,779

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
171,370 Ordinary £1 1 171,370 171,370

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

The Report of the Auditors was unqualified.

Clive Noel (Senior Statutory Auditor)
for and on behalf of BN Audit Services Limited (Statutory Auditors)