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REGISTERED NUMBER: 03795107 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Acre 296 Limited

Acre 296 Limited (Registered number: 03795107)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Acre 296 Limited (Registered number: 03795107)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,982 2,363
Investment property 5 2,124,787 2,124,787
2,126,769 2,127,150

CURRENT ASSETS
Debtors 6 18,950 29,060
Cash at bank 17,411 23,673
36,361 52,733
CREDITORS
Amounts falling due within one year 7 668,525 649,641
NET CURRENT LIABILITIES (632,164 ) (596,908 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,494,605 1,530,242

CREDITORS
Amounts falling due after more than one year 8 (702,771 ) (754,253 )

PROVISIONS FOR LIABILITIES (377 ) (449 )
NET ASSETS 791,457 775,540

CAPITAL AND RESERVES
Called up share capital 1 1
Non-distributable profit & loss reserves 10 370,010 370,010
Retained earnings 421,446 405,529
SHAREHOLDERS' FUNDS 791,457 775,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:




Mr J A Fitzpatrick Esq - Director


Acre 296 Limited (Registered number: 03795107)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Acre 296 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03795107

Registered office: 76 The Avenue
Harpfields
Stoke on Trent
Staffordshire
ST4 6DA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Rental income
Rental income is accounted for on a time basis, by reference to the agreements entered into.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer Equipment - 33% on reducing balance
Fixtures, fittings and equipment - 15% on reducing balance

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Deferred taxation on investment property fair value gains are provided at the rate expected to apply to a notional sale of the property at 30 April 2024.

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.

Acre 296 Limited (Registered number: 03795107)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Dilapidation
Monies receivable from tenants in respect of dilapidation will be matched against expenditure incurred by the company in that respect. Where the director considers that there are specific circumstances whereby the sums receivable are considered to be effectively a compensation for lost rent in respect of a lease for a future term, such monies received and not incurred against particular dilapidation expenditure will be treated as deferred income to be released to the profit and loss account over the term of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Computer and
Equipment equipment Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 3,047 95,442 98,489
DEPRECIATION
At 1 May 2023 2,896 93,230 96,126
Charge for year 49 332 381
At 30 April 2024 2,945 93,562 96,507
NET BOOK VALUE
At 30 April 2024 102 1,880 1,982
At 30 April 2023 151 2,212 2,363

5. INVESTMENT PROPERTY

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit & loss.

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2017 370,934
Cost 1,753,853
2,124,787

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,753,853 1,753,853

Investment property was valued on an open market basis on 30 April 2017 by the company director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 18,950 29,060

Acre 296 Limited (Registered number: 03795107)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 54,203 56,924
Taxation and social security 10,872 24,105
Other creditors 603,450 568,612
668,525 649,641

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 459,001 510,483
Other creditors 243,770 243,770
702,771 754,253

Amounts falling due in more than five years:

Repayable by instalments
Bank loan over 5 years 242,188 282,786

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 513,204 567,407

Security provided is as follows:-

A first legal charge over the freehold property at 59 Stafford Street, Hanley, 61/63 Stafford Street, Hanley, 65/67 Stafford Street, Hanley, and 95/97 Stafford Street, Hanley. The director also provides a guarantee for the principal loan of £620,000.

There is also a first legal charge over 465 Hartshill Road, Stoke on Trent.

10. RESERVES
Non-distributa
profit &
loss
reserves
£   
At 1 May 2023
and 30 April 2024 370,010

11. RELATED PARTY DISCLOSURES

At the balance sheet date £842,468 (2023 - £786,511) was owed to the director via an interest free loan.

Included in the above amount is £243,770 (2023 - £243,770) which is presented in the balance sheet as other creditors due after one year.