IRIS Accounts Production v24.3.2.46 08780778 Board of Directors Board of Directors 29.3.23 28.3.24 28.3.24 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh087807782023-03-28087807782024-03-28087807782023-03-292024-03-28087807782022-03-28087807782022-03-292023-03-28087807782023-03-2808780778ns15:EnglandWales2023-03-292024-03-2808780778ns14:PoundSterling2023-03-292024-03-2808780778ns10:Director12023-03-292024-03-2808780778ns10:Director22023-03-292024-03-2808780778ns10:PrivateLimitedCompanyLtd2023-03-292024-03-2808780778ns10:SmallEntities2023-03-292024-03-2808780778ns10:AuditExempt-NoAccountantsReport2023-03-292024-03-2808780778ns10:SmallCompaniesRegimeForDirectorsReport2023-03-292024-03-2808780778ns10:SmallCompaniesRegimeForAccounts2023-03-292024-03-2808780778ns10:AbridgedAccounts2023-03-292024-03-2808780778ns10:OrdinaryShareClass12023-03-292024-03-2808780778ns10:RegisteredOffice2023-03-292024-03-2808780778ns5:CurrentFinancialInstruments2024-03-2808780778ns5:CurrentFinancialInstruments2023-03-2808780778ns5:Non-currentFinancialInstruments2024-03-2808780778ns5:Non-currentFinancialInstruments2023-03-2808780778ns5:ShareCapital2024-03-2808780778ns5:ShareCapital2023-03-2808780778ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-2808780778ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-2808780778ns5:RetainedEarningsAccumulatedLosses2024-03-2808780778ns5:RetainedEarningsAccumulatedLosses2023-03-2808780778ns5:FurnitureFittings2023-03-292024-03-2808780778ns5:DeferredTaxation2023-03-2808780778ns5:DeferredTaxation2024-03-2808780778ns10:OrdinaryShareClass12024-03-2808780778ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-28
REGISTERED NUMBER: 08780778 (England and Wales)














ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 MARCH 2024

FOR

ACES PROPERTY LIMITED

ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


ACES PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 MARCH 2024







DIRECTORS: Mr Elias Hadji Stavrinou
Mr Constantine Hadji Stavrinou





REGISTERED OFFICE: c/o Michael Filiou Ltd
Salisbury House
81 High Street
Potters Bar
Hertfordshire
EN6 5AS





REGISTERED NUMBER: 08780778 (England and Wales)





ACCOUNTANTS: Michael Filiou Ltd
Chartered Certified Accountants
www.michaelfiliou.com
Salisbury House
81 High Street
Potters Bar
Hertfordshire
EN6 5AS

ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778)

ABRIDGED STATEMENT OF FINANCIAL POSITION
28 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,011 1,413
Investment property 6 3,971,527 3,971,527
3,972,538 3,972,940

CURRENT ASSETS
Debtors 4,891 3,341
Cash at bank 15,872 4,023
20,763 7,364
CREDITORS
Amounts falling due within one year 71,157 29,287
NET CURRENT LIABILITIES (50,394 ) (21,923 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,922,144

3,951,017

CREDITORS
Amounts falling due after more than one year 7 (2,671,245 ) (2,781,961 )

PROVISIONS FOR LIABILITIES 9 (129,814 ) (129,814 )
NET ASSETS 1,121,085 1,039,242

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Fair value reserve 11 551,926 551,926
Retained earnings 568,159 486,316
SHAREHOLDERS' FUNDS 1,121,085 1,039,242

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 March 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.

ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
28 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 28 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 January 2025 and were signed on its behalf by:




Mr Elias Hadji Stavrinou - Director



Mr Constantine Hadji Stavrinou - Director


ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2024


1. STATUTORY INFORMATION

ACES Property 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements.

Turnover
Turnover represents rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 25% on reducing balance

ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MARCH 2024


3. ACCOUNTING POLICIES - continued

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.

Investment property is initially recognised at cost which includes purchase cost and any directly attributable expenditure. At the end of each period, the carrying value is adjusted to the fair value at that date. Fair value is determined by consideration of comparable market data such as rental yields, location, condition and nature of the property. The gains and losses are taken to profit and loss at the end of each period.

Deferred tax is recognised in respect to any gains, and the amount included in profit and loss is net of any deferred trax provision.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MARCH 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 29 March 2023
and 28 March 2024 5,907
DEPRECIATION
At 29 March 2023 4,494
Charge for year 402
At 28 March 2024 4,896
NET BOOK VALUE
At 28 March 2024 1,011
At 28 March 2023 1,413

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 29 March 2023
and 28 March 2024 3,971,527
NET BOOK VALUE
At 28 March 2024 3,971,527
At 28 March 2023 3,971,527

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more than 5 years 2,376,947 2,397,308

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years 2,376,947 2,397,308

ACES PROPERTY LIMITED (REGISTERED NUMBER: 08780778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MARCH 2024


9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 129,814 129,814

Deferred
tax
£   
Balance at 29 March 2023 129,814
Balance at 28 March 2024 129,814

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. RESERVES
Fair
value
reserve
£   
At 29 March 2023
and 28 March 2024 551,926

12. RELATED PARTY DISCLOSURES

Loan from directors
At the reporting date, the directors were owed £371,312 (2023 - £384,653) by the company. This is an unsecured interest-free loan.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors who own 100% of the issued share capital.