REGISTERED NUMBER: |
ACCA LAND LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
ACCA LAND LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 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 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
ACCA Land Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover also represents rent receivable, excluding value added tax. |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Going concern |
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2012 | 167,494 |
Valuation in 2013 | 126,921 |
Valuation in 2014 | (74,265 | ) |
Valuation in 2015 | 467,543 |
Valuation in 2017 | 339,828 |
Valuation in 2021 | 271,017 |
Valuation in 2022 | 1,864,071 |
Cost | 10,795,445 |
13,958,054 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 10,795,445 | 6,827,631 |
The investment properties were valued on an open market basis on 31 March 2024 by the directors . |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts owed to group undertakings |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 6,196,165 | 4,029,433 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 64,167 | 49,974 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | RELATED PARTY DISCLOSURES |
Larentia Capital Limited |
A company in which Mr J S Sohal is a director and joint shareholder. |
Amount due from the related party at the balance sheet date is £51,567 (2023 - £51,567). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
SRK Group Limited |
A company in which Mr L S Sohal is a director and joint shareholder. |
Amount due to the related party at the balance sheet date is £204,655 (2023 - £104,655). |
There were cost recharges with the company this year totalling £100,000 (2023: £100,000). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
York Group Limited |
A company in which Mr L S Sohal is a director and joint shareholder. |
Amount due from the related party at the balance sheet date is £100,000 (2023 - £100,000). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
AAA Commercial Limited |
A company in which Mr L Sohal is a director and an indirect shareholder |
Amount due from the related party at the balance sheet date is £33,000 (2023 - £33,000). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
WFF (York) Limited |
A company in which Mr L S Sohal is a director and joint shareholder. |
Amount due from the related party at the balance sheet date is £250,000 (2023 - £250,000). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
Hawkins Development Projects Limited |
A company in which L S Sohal is a director and ACCA Group Ltd is a shareholder. |
Amount due from the related party at the balance sheet date is £500,000 (2023 - £500,000). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
L&R Land Limited |
A company in which Mr L S Sohal is a director and joint shareholder. |
Amount due from the related party at the balance sheet date is £200,000 (2023 - Nil). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
ACCA LAND LIMITED (REGISTERED NUMBER: 06502543) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | ULTIMATE CONTROLLING PARTY |
Parent Company |
ACCA Group Limited is regarded by the directors as being the ultimate parent company. |
Ultimate Controlling Party |
J Sohal and L Sohal jointly control the parent company. |
ACCA Group Limited prepares group consolidated financial statements and they can be obtained from the following address: |
71 Knowl Piece |
Wilbury Way |
Hitchin |
SG4 0TY |