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Registration number: 10790309

Acreage Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Acreage Properties Ltd

(Registration number: 10790309)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,953

3,208

Investment property

5

635,000

766,651

 

637,953

769,859

Current assets

 

Debtors

6

237

241

Cash at bank and in hand

 

33,948

107,361

 

34,185

107,602

Creditors: Amounts falling due within one year

7

(478,132)

(685,037)

Net current liabilities

 

(443,947)

(577,435)

Total assets less current liabilities

 

194,006

192,424

Creditors: Amounts falling due after more than one year

7

(156,619)

(156,616)

Provisions for liabilities

(10,127)

(9,668)

Net assets

 

27,260

26,140

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

48,833

48,833

Profit and loss account

(21,673)

(22,793)

Shareholders' funds

 

27,260

26,140

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2025
 



 

Mrs T Halder Reddy
Director

 

Acreage Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
Woburn House
84 St. Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern
The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

 

Acreage Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

 

Acreage Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 June 2023

9,456

9,456

Additions

1,244

1,244

At 31 May 2024

10,700

10,700

Depreciation

At 1 June 2023

6,248

6,248

Charge for the year

1,499

1,499

At 31 May 2024

7,747

7,747

Net book value

At 31 May 2024

2,953

2,953

At 31 May 2023

3,208

3,208

5

Investment property

2024
£

2023
£

At 1 June

766,651

635,000

Additions

25,130

131,651

Disposals

(156,781)

-

At 31 May

635,000

766,651

The director has reviewed the market value of the properties using current market data for similar properties in the same
areas and consider that there is no significant change at the balance sheet date.

6

Debtors

2024
£

2023
£

Prepayments

237

241

237

241

 

Acreage Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

2,364

-

Other creditors

6,023

5,105

Other loans

467,375

677,616

Accruals

2,370

2,316

478,132

685,037

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

156,619

156,616

156,619

156,616

Creditors include mortgages which are secured by a charge and negative pledge against the investment properties and are repayable, other than by instalments, after more than five years in the sum of £156,619 (2023 - £156,616).

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Class A of £1 each

3

3

3

3

Ordinary Class B of £1 each

3

3

3

3

Ordinary Class C of £1 each

47

47

47

47

Ordinary Class D of £1 each

47

47

47

47

 

100

100

100

100

9

Related party transactions

Director's loan

The director provided the company with a loan on which no interest was charged.