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Company Registration No. 12727702 (England and Wales)
ASSG Properties Ltd Unaudited accounts for the year ended 31 July 2024
ASSG Properties Ltd Unaudited accounts Contents
Page
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ASSG Properties Ltd Company Information for the year ended 31 July 2024
Directors
Deborah Morris Dominic Morris
Company Number
12727702 (England and Wales)
Registered Office
71-75 SHELTON STREET COVENT GARDEN LONDON WC2H 9JQ ENGLAND
Accountants
Hybrid Premium LTD 2-4 Stoneleigh Park Road Stoneleigh Epsom Surrey KT19 0QT
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ASSG Properties Ltd Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
7,575,001 
7,505,001 
Current assets
Cash at bank and in hand
21,643 
56,848 
Creditors: amounts falling due within one year
(27,697)
(708,750)
Net current liabilities
(6,054)
(651,902)
Total assets less current liabilities
7,568,947 
6,853,099 
Creditors: amounts falling due after more than one year
(7,531,621)
(6,780,477)
Provisions for liabilities
Deferred tax
(81,129)
(63,629)
Net (liabilities)/assets
(43,803)
8,993 
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
(43,807)
8,989 
Shareholders' funds
(43,803)
8,993 
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by
Deborah Morris Director Company Registration No. 12727702
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ASSG Properties Ltd Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
ASSG Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 12727702. The registered office is 71-75 SHELTON STREET, COVENT GARDEN, LONDON, WC2H 9JQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
Investment properties have been revalued by an estate agent and have been included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains/losses at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Investment property
2024 
£ 
Fair value at 1 August 2023
7,505,001 
Net gain from fair value adjustments
70,000 
At 31 July 2024
7,575,001 
Investment Properties are revalued at year-end.
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
4,388 
708,731 
Other creditors
- 
19 
Loans from directors
18,019 
- 
Deferred income
5,290 
- 
27,697 
708,750 
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ASSG Properties Ltd Notes to the Accounts for the year ended 31 July 2024
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
3,077,168 
3,077,125 
Other creditors
4,454,453 
3,703,352 
7,531,621 
6,780,477 
At the year-end, the company owed the following amounts: Precise Mortgage £631,772.23 at an interest-only rate of 3.39% p.a. for a 25-year term. £491,521.89 at an interest-only rate of 3.39% p.a. for a 25-year term. Paragon Mortgage £399,050.00 at an interest-only rate of 3.64% p.a. for a 25-year term. TML Mortgage £486,687.20 at an interest-only rate of 3.65% p.a. for a 25-year term. £401,505.87 at an interest-only rate of 3.24% p.a. for a 25-year term. £666,631.11 at an interest-only rate of 3.31% p.a. for a 25-year term. The above mortgages are secured against individual investment properties. Additionally, the company owed Waypoint Global Limited £4,454,453.10. This is an unsecured interest-only loan for a term of 25 years at an interest rate of 2.25% p.a.
7
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
63,629 
- 
Revaluation of investment property
17,500 
63,629 
81,129 
63,629 
2024 
2023 
£ 
£ 
Provision at start of year
63,629 
87,784 
Charged/(credited) to the profit and loss account
17,500 
(24,155)
Provision at end of year
81,129 
63,629 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
35 Ordinary shares of £0.10 each
3.50 
3.50 
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ASSG Properties Ltd Notes to the Accounts for the year ended 31 July 2024
9
Transactions with related parties
At Company year-end the company has anan unsecured interst only loan from Waypoint Global Limited to £4,414,453.10. The loan is for 25 years, at an interest rate of 2.25% pa. Waypoint Global Limited is 100% owed and controlled and by Mr. and Mrs. D Morris.
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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