REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 31 March 2024 |
for |
ANGEL PROPERTY INVESTMENTS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 31 March 2024 |
for |
ANGEL PROPERTY INVESTMENTS LIMITED |
ANGEL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04540153) |
Contents of the Financial Statements |
for the Period 1 October 2022 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ANGEL PROPERTY INVESTMENTS LIMITED |
Company Information |
for the Period 1 October 2022 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
ANGEL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04540153) |
Balance Sheet |
31 March 2024 |
31.3.24 | 30.9.22 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
ANGEL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04540153) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ANGEL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04540153) |
Notes to the Financial Statements |
for the Period 1 October 2022 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Angel Property Investments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is 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 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 estimate 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 are no significant judgements or estimates involved in the preparation of the financial statements. |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the end of the financial period. |
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised to the profit and loss account. |
ANGEL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04540153) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
Taxation for the period 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. |
ANGEL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04540153) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 period 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 period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
Disposals | ( |
) |
Revaluations | (1,250,000 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2022 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2017 | (145,282 | ) |
Valuation in 2018 | (300,000 | ) |
Valuation in 2020 | 246,947 |
Valuation in 2023 | (1,250,000 | ) |
Cost | 4,298,335 |
2,850,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
31.3.24 | 30.9.22 |
£ | £ |
Cost | 4,298,335 | 10,296,679 |
Investment properties were valued on an open market value basis on 31 March 2024 by the directors . |
ANGEL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04540153) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 30.9.22 |
£ | £ |
Rent Debtor |
Service charge debtor | (3,465 | ) | (1,711 | ) |
Property Agent | 13,334 | 241,624 |
Other Debtors | 429,460 | 429,460 |
Sundry debtors |
Babylon settlement | 630,014 | 528,710 |
Prepayments |
6. | CURRENT ASSET INVESTMENTS |
31.3.24 | 30.9.22 |
£ | £ |
Money market 5222898 | 440,000 | - |
Money market 5228340 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 30.9.22 |
£ | £ |
Metrus - Service charge | - | 29,442 |
Metrus - Rents | - | 21,311 |
Tax |
Social security and other taxes | ( |
) |
VAT | 8,955 | 69,683 |
Directors' current accounts | 199 | 199 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 30.9.22 |
£ | £ |
Bank loans - 2-5 years |
9. | PROVISIONS FOR LIABILITIES |
31.3.24 | 30.9.22 |
£ | £ |
Deferred tax | - | 1,056,292 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Unused amounts reversed during period | ( |
) |
Balance at 31 March 2024 |
ANGEL PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04540153) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 March 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 30.9.22 |
value: | £ | £ |
Ordinary | £1 | 662,502 | 662,502 |
11. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2022 | 9,004,575 |
Deficit for the period | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 31 March 2024 | 3,966,492 |
Included within retained earnings is an amount of £1,448,335 accumulated loss (2022 - £7,168,762 accumulated profit) which is non-distributable as this relates to investment property revaluations, net of deferred taxation. |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 March 2024 and the year ended 30 September 2022: |
31.3.24 | 30.9.22 |
£ | £ |
Balance outstanding at start of period |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Trustees of The Babylon Settlement. |