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Company No: 13052242 (England and Wales)

AND REAL ESTATE LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

AND REAL ESTATE LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

AND REAL ESTATE LTD

COMPANY INFORMATION

For the financial year ended 30 April 2024
AND REAL ESTATE LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Andrew David Hayles
Anna Hayles
REGISTERED OFFICE C/O Praxis
1
Poultry
London
EC2R 8EJ
United Kingdom
COMPANY NUMBER 13052242 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
AND REAL ESTATE LTD

BALANCE SHEET

As at 30 April 2024
AND REAL ESTATE LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 60,088 72,298
Investment property 4 2,500,000 1,875,000
2,560,088 1,947,298
Current assets
Debtors 5 11,746 16,605
Cash at bank and in hand 6 417 25,039
12,163 41,644
Creditors: amounts falling due within one year 7 ( 1,024,867) ( 825,743)
Net current liabilities (1,012,704) (784,099)
Total assets less current liabilities 1,547,384 1,163,199
Creditors: amounts falling due after more than one year 8 ( 1,250,327) ( 1,250,000)
Provision for liabilities 9 ( 110,937) 0
Net assets/(liabilities) 186,120 ( 86,801)
Capital and reserves
Called-up share capital 10 200 200
Profit and loss account 185,920 ( 87,001 )
Total shareholders' funds/(deficit) 186,120 ( 86,801)

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of AND Real Estate LTD (registered number: 13052242) were approved and authorised for issue by the Board of Directors on 24 January 2025. They were signed on its behalf by:

Andrew David Hayles
Director
AND REAL ESTATE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
AND REAL ESTATE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

AND Real Estate LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1, Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £186,120. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for accommodation services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 80,890 80,890
Additions 4,731 4,731
At 30 April 2024 85,621 85,621
Accumulated depreciation
At 01 May 2023 8,592 8,592
Charge for the financial year 16,941 16,941
At 30 April 2024 25,533 25,533
Net book value
At 30 April 2024 60,088 60,088
At 30 April 2023 72,298 72,298

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,875,000
Additions 213,792
Fair value movement 411,208
As at 30 April 2024 2,500,000

Valuation

The directors of AND Real Estate Ltd conducted a valuation of an investment property. The directors used the market approach to value the investment properties based on transactions involving comparable properties. The directors believe their knowledge of the property market and specific insights into the company's property portfolio provide a reliable basis for the valuation.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 2,056,254 1,842,462

5. Debtors

2024 2023
£ £
Trade debtors 10,492 0
Other debtors 1,254 16,605
11,746 16,605

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 417 25,039
Less: Bank overdrafts ( 80) ( 80)
337 24,959

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 80 80
Trade creditors 4,223 22,913
Other creditors 1,020,564 802,750
1,024,867 825,743

There are no amounts included above in respect of which any security has been given by the small entity.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,250,327 1,250,000

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 1,250,327 1,250,000

Included in creditors are bank loans secured by a fixed charge over the Company's investment property.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 110,937 0

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
85 A Ordinary Shares shares of £ 1.00 each 85 85
85 B Ordinary Shares shares of £ 1.00 each 85 85
10 C Ordinary Shares shares of £ 1.00 each 10 10
10 D Ordinary Shares shares of £ 1.00 each 10 10
10 E Ordinary Shares shares of £ 1.00 each 10 10
200 200

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 1,531 3,675
between one and five years 0 1,531
1,531 5,206

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Interest free loan by the Director to the Company 1,018,564 800,252

13. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.