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 |