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
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
ASSG Properties Ltd
Statement of financial position
as at 31 July 2024
Investment property
7,575,001
7,505,001
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
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
ASSG Properties Ltd
Notes to the Accounts
for the year ended 31 July 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
Fair value at 1 August 2023
7,505,001
Net gain from fair value adjustments
70,000
Investment Properties are revalued at year-end.
5
Creditors: amounts falling due within one year
2024
2023
Trade creditors
4,388
708,731
Loans from directors
18,019
-
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
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
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
Allotted, called up and fully paid:
35 Ordinary shares of £0.10 each
3.50
3.50
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).