REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
AKWOOD PROPERTY CO.LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Revaluations | (4,700 | ) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
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 |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 31,779 | 32,672 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Movement on revaluation | (893 | ) |
Balance at 29 February 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
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. |
for and on behalf of |