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REGISTERED NUMBER: 04711258 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 August 2024

for

A & C Industrial Properties Limited

A & C Industrial Properties Limited (Registered number: 04711258)

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










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 9


A & C Industrial Properties Limited

Company Information
for the Year Ended 31 August 2024







Directors: C P Golborne
A B Golborne





Registered office: Bank House
Broad street
Spalding
Lincolnshire
PE11 1TB





Business address: 1 Ashley Industrial Estate
Station Road
Whittlesey
Peterborough
Cambs
PE7 2FX





Registered number: 04711258 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
A & C Industrial Properties Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & C Industrial Properties Limited for the year ended 31 August 2024 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of A & C Industrial Properties Limited, as a body, in accordance with the terms of our engagement letter dated 29 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of A & C Industrial Properties Limited and state those matters that we have agreed to state to the Board of Directors of A & C Industrial Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & C Industrial Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A & C Industrial Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A & C Industrial Properties Limited. You consider that A & C Industrial Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A & C Industrial Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


8 January 2025

A & C Industrial Properties Limited (Registered number: 04711258)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 12,186,348 11,131,317

Current assets
Debtors 6 377,024 181,750
Cash at bank 587,302 18,102
964,326 199,852
Creditors
Amounts falling due within one year 7 1,283,736 859,162
Net current liabilities (319,410 ) (659,310 )
Total assets less current liabilities 11,866,938 10,472,007

Creditors
Amounts falling due after more than one
year

8

(2,401,036

)

(1,299,033

)

Provisions for liabilities (1,822,319 ) (1,823,437 )
Net assets 7,643,583 7,349,537

Capital and reserves
Called up share capital 9 1,000 1,000
Non-distributable reserves 5,314,046 5,314,046
Retained earnings 2,328,537 2,034,491
Shareholders' funds 7,643,583 7,349,537

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

A & C Industrial Properties Limited (Registered number: 04711258)

Statement of Financial Position - continued
31 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 8 January 2025 and were signed on its behalf by:




C P Golborne - Director



A B Golborne - Director


A & C Industrial Properties Limited (Registered number: 04711258)

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


1. Statutory information

A & C Industrial Properties 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.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

A & C Industrial Properties Limited (Registered number: 04711258)

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


3. Accounting policies - continued

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment property - Not depreciated
Machinery and equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

A & C Industrial Properties Limited (Registered number: 04711258)

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


3. Accounting policies - continued

Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employees and directors

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

A & C Industrial Properties Limited (Registered number: 04711258)

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


5. Tangible fixed assets
Machinery
Investment and Motor
property equipment vehicles Totals
£    £    £    £   
Cost
At 1 September 2023 10,650,000 818,703 142,715 11,611,418
Additions 1,063,265 79,261 85,501 1,228,027
Disposals - - (66,913 ) (66,913 )
At 31 August 2024 11,713,265 897,964 161,303 12,772,532
Depreciation
At 1 September 2023 - 436,380 43,721 480,101
Charge for year - 100,759 37,420 138,179
Eliminated on disposal - - (32,096 ) (32,096 )
At 31 August 2024 - 537,139 49,045 586,184
Net book value
At 31 August 2024 11,713,265 360,825 112,258 12,186,348
At 31 August 2023 10,650,000 382,323 98,994 11,131,317

The investment properties held are stated at the value the directors believe to be the open fair value as at 31 August 2024. In valuing the properties the directors have had consultations with BNP Paribas Real Estate professional valuers, and received a formal valuation for the UK investment properties dated June 2023. The properties were previously revalued June 2011, August 2011, August 2016, October 2018, November 2021, August 2022 and August 2023. The directors also made reference to CBRE, commercial property and real estate UK property index.

If investment properties had not been revalued it would have been included at a historic cost of £4,598,684 (2023: £3,564,606).

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 137,398 64,323
Directors' current accounts 154,908 79,266
VAT 37,678 32,302
Prepayments and accrued income 47,040 5,859
377,024 181,750

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 158,531 305,000
Hire purchase contracts 77,160 31,883
Trade creditors 144,987 69,005
Amounts owed to related parties 738,539 288,211
Corporation tax 79,986 81,149
Accruals and deferred income 84,533 83,914
1,283,736 859,162

A & C Industrial Properties Limited (Registered number: 04711258)

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


7. Creditors: amounts falling due within one year - continued

The bank loans and overdraft included above are secured by fixed and floating charges over the company's undertakings and assets.

The finance lease and hire purchase agreements included above and below are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans and overdrafts 2,317,718 1,015,833
Hire purchase contracts 83,318 283,200
2,401,036 1,299,033

Included within creditors: amounts falling due after more than one year is an amount of £1,668,4010 (2023: £127,500) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans and overdraft included above are secured by fixed and floating charges over the company's undertakings and assets.

The finance lease and hire purchase agreements included above and below are secured against the assets to which they relate.

9. Called up share capital

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

10. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
C P Golborne
Balance outstanding at start of year 79,266 -
Amounts advanced 345,399 79,266
Amounts repaid (269,757 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 154,908 79,266

Interest was charged on any overdrawn loan balances at a rate of 2.25% (2023 - 2.0%).