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REGISTERED NUMBER: 12827792 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st August 2024

for

Ares Property Ltd

Ares Property Ltd (Registered number: 12827792)






Contents of the Financial Statements
for the Year Ended 31st August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ares Property Ltd

Company Information
for the Year Ended 31st August 2024







DIRECTORS: A G Turner
Mrs S M Turner





REGISTERED OFFICE: Rocklyn Skelly Crag
Foxfield
Broughton in Furness
Cumbria
LA20 6BU





REGISTERED NUMBER: 12827792 (England and Wales)





ACCOUNTANTS: OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Coxwold Way
Billingham
Co. Durham
TS23 4EA

Ares Property Ltd (Registered number: 12827792)

Balance Sheet
31st August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 203 305
Investment property 5 481,000 470,259
481,203 470,564

CREDITORS
Amounts falling due within one year 6 (21,914 ) (18,202 )
NET CURRENT LIABILITIES (21,914 ) (18,202 )
TOTAL ASSETS LESS CURRENT LIABILITIES 459,289 452,362

CREDITORS
Amounts falling due after more than one
year

7

(410,000

)

(410,000

)

PROVISIONS FOR LIABILITIES (12,757 ) (10,716 )
NET ASSETS 36,532 31,646

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 54,384 45,684
Retained earnings (17,952 ) (14,138 )
36,532 31,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ares Property Ltd (Registered number: 12827792)

Balance Sheet - continued
31st August 2024


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 23rd December 2024 and were signed on its behalf by:




A G Turner - Director



Mrs S M Turner - Director


Ares Property Ltd (Registered number: 12827792)

Notes to the Financial Statements
for the Year Ended 31st August 2024

1. STATUTORY INFORMATION

Ares Property Ltd 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 or deferred taxation assets and liabilities are not discounted.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

Ares Property Ltd (Registered number: 12827792)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st September 2023
and 31st August 2024 509
DEPRECIATION
At 1st September 2023 204
Charge for year 102
At 31st August 2024 306
NET BOOK VALUE
At 31st August 2024 203
At 31st August 2023 305

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st September 2023 470,259
Revaluations 10,741
At 31st August 2024 481,000
NET BOOK VALUE
At 31st August 2024 481,000
At 31st August 2023 470,259

Fair value at 31st August 2024 is represented by:
£   
Valuation in 2023 56,400
Valuation in 2024 10,741
Cost 413,859
481,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts 20,474 16,762
Accrued expenses 1,440 1,440
21,914 18,202

Ares Property Ltd (Registered number: 12827792)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Directors' loan accounts 410,000 410,000

8. RESERVES
Revaluation
reserve
£   
At 1st September 2023 45,684
Movement in year 8,700

At 31st August 2024 54,384

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the 31st August 2024, Mr & Mrs AG Turner, the directors, had on an unsecured, interest free basis advanced £430,474 to the company (2023: £426,874). This included £410,000 on a long term basis (2023: £400,000).