Company Registration No. 11217862 (England and Wales)
AOC PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
AOC PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AOC PROPERTY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,008
18,087
Investment properties
4
2,804,846
1,968,605
2,832,854
1,986,692
Current assets
Debtors
5
119,489
121,526
Cash at bank and in hand
495
55,688
119,984
177,214
Creditors: amounts falling due within one year
6
(2,750,843)
(1,965,560)
Net current liabilities
(2,630,859)
(1,788,346)
Total assets less current liabilities
201,995
198,346
Creditors: amounts falling due after more than one year
7
(193,305)
(205,177)
Net assets/(liabilities)
8,690
(6,831)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8,590
(6,931)
Total equity
8,690
(6,831)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

AOC PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 February 2025
A M D Oxlade-Chamberlain
Director
Company Registration No. 11217862
AOC PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

AOC Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income received or receivable from investment properties.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
7 years straight line metod

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to

determine whether there is any indication that those assets have suffered an impairment loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

AOC PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

Classification of financial liabilities

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.

Basic financial liabilities

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

 

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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.9
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

There were no employees during the current or previous year.

AOC PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2023
20,370
Additions
13,896
At 28 February 2024
34,266
Depreciation and impairment
At 1 March 2023
2,283
Depreciation charged in the year
3,975
At 28 February 2024
6,258
Carrying amount
At 28 February 2024
28,008
At 28 February 2023
18,087
4
Investment property
2024
£
Fair value
At 1 March 2023
1,968,605
Additions
836,241
At 28 February 2024
2,804,846

The fair value of the investment properties has been arrived at on the basis of a valuation made at 28 February 2024 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

On historical cost basis the properties have original costs of £2,804,846 (2023: £1,968,605).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
119,489
119,489
Prepayments
-
0
2,037
119,489
121,526
AOC PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,369
15,369
Trade creditors
-
0
(200)
Corporation tax
5,023
350
Deferred income
6,864
7,579
Other creditors
2,719,387
1,937,062
Accruals
4,200
5,400
2,750,843
1,965,560

The bank loan is secured by a charge over the property of the company.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
193,305
205,177

The bank loan is secured by a charge over the property of the company.

8
Related party transactions

Included in other creditors due within one year is an amount of £1,864,945 (2023: £1,082,620) due to Chambo Promotions Ltd, a related company by virtue of being under the control of the same directors. There has been interest charged at 2%.

 

Included in other creditors due within one year is an amount of £170,000 (2023: £170,000) due to Sennen International Ltd by virtue of being under the control of close family members, who are directors. The loan is interest free.

9
Prior period adjustment

The restatement in the prior year is to remove the depreciation on the investment properties.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 28 Feb 2023
£
£
£
Fixed assets
Investment properties
1,872,384
96,221
1,968,605
Capital and reserves
Profit and loss
(103,152)
96,221
(6,931)
10
Directors' transactions

Included within other creditors due within one year is an amount of £682,250 (2023: £682,250) owed to the director of the company. This loan is interest free and repayable on demand.

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