Registered number
09985540
ATSP Properties Limited
Filleted Accounts
28 February 2024
ATSP Properties Limited
Registered number: 09985540
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,780,000 1,780,000
Current assets
Debtors 4 17,622 16,938
Cash at bank and in hand 68,379 63,363
86,001 80,301
Creditors: amounts falling due within one year 5 (27,745) (516,037)
Net current assets/(liabilities) 58,256 (435,736)
Total assets less current liabilities 1,838,256 1,344,264
Creditors: amounts falling due after more than one year 6 (1,082,965) (613,718)
Provisions for liabilities (130,628) (130,628)
Net assets 624,663 599,918
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 457,269 457,269
Profit and loss account 167,294 142,549
Shareholders' funds 624,663 599,918
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…..................................................
Andreas Onouphriou
Director
Approved by the board on 27 November 2024
ATSP Properties Limited
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is the rental income receivable from the letting of the company's freehold properties and is recognised as it accrues evenly over the the rental period.
Tangible fixed assets
Tangible fixed assets, with the exception of freehold property, are measured using the cost model. These assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, using the straight-line method as follows:
Freehold buildings Not depreciated
The residual values, useful lives and depreciation methods of tangible fixed assets are reviewed annually and revised if necessary. The effect of any revisions is accounted for prospectively. There were no material revisions in the periods covered by these financial statements.
Freehold land and buildings, all of which are located in the UK, are measured using the revaluation model. These assets are stated at fair value on the date of the latest revaluation less subsequent accumulated depreciation and any impairment losses, where applicable. Valuations are made so that the carrying amount of these asset does not differ materially from its fair value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 1,780,000
At 28 February 2024 1,780,000
Depreciation
At 28 February 2024 -
Net book value
At 28 February 2024 1,780,000
At 28 February 2023 1,780,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,192,103 1,192,103
Cumulative depreciation based on historical cost - -
1,192,103 1,192,103
The Company’s only tangible fixed asset is a freehold property.
The freehold property was revalued on 6 July 2018. The fair value was determined by independent professionally qualified valuers.
Under the cost model, the carrying amount of the freehold property would have been £1,192,102 (2023 £1,192,102).
The freehold property is pledged as security for the company's bank loans.
4 Debtors 2024 2023
£ £
Other debtors 17,622 16,938
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,190 14,960
Taxation and social security costs 5,804 4,632
Other creditors 6,751 496,445
27,745 516,037
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 598,775 613,718
Other creditors 484,190 -
1,082,965 613,718
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 538,015 553,878
Secured bank loans 613,965 628,678
The bank loan is secured by a fixed and floating charge over the company's property and by personal guarantees by the directors.
8 Revaluation reserve 2024 2023
£ £
At 1 March 2023 457,269 457,269
At 28 February 2024 457,269 457,269
9 Other information
ATSP Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
6 Park View
London
N21 1QX
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