REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
AGAMEMNON ESTATES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
AGAMEMNON ESTATES LTD |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
AGAMEMNON ESTATES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Argent House |
5 Goldington Road |
Bedford |
Bedfordshire |
MK40 3JY |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
BALANCE SHEET - continued |
31 MAY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Agamemnon Estates Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Agamemnon Estates Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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. |
Turnover |
Turnover represents rents receivable. |
Rent receivable is recognised on a straight-line basis over the term of the relevant rental period. Expenses incurred in relation to the rental income are charged separately to profit or loss. |
Tangible fixed assets |
Plant and machinery | - |
Freehold properties are shown at most recent valuation. Properties for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and at each reporting date is transferred, net of deferred tax, from retained earnings to a non-distributable fair value reserve. |
Freehold properties are subject to valuation by the directors or by external valuers, determined on the fair value basis using the market approach: based on market transactions involving identical or similar assets. |
No depreciation is provided for in respect of freehold properties in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Fixed asset investments |
Fixed asset investments are those which are expected to be held for a period of at least one year form the balance sheet date. |
Fixed asset investments held in listed company shares are remeasured to the market value at each balance sheet date. The remeasured gains and loses are recognised in the profit or loss in the period. |
The remeasured gains and loses are shown in the fair value reserve. |
Interest income |
Interest income is recognised in the profit or loss using the accruals basis. |
Dividend and other investment income |
Dividends and other investment income are recognised in the profit or loss when they are received. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. |
All other investments are subsequently measured at cost less impairment. |
Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value. |
Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. |
Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised. |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Impairment |
At each reporting date, tangible fixed assets are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the profit and loss account for the period. |
If the recoverable amount of a tangible fixed asset subsequently increases as a result of a change in economic conditions or in the expected use of the asset, the net book amount shall be written back to the lower of recoverable amount and the amount at which the asset would have been recorded had the original write-down not been made. A reversal of an impairment loss is recognised in the profit and loss account for the period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
Valuation in 2017 | 949,505 | - | 949,505 |
Valuation in 2020 | 283,689 | - | 283,689 |
Valuation in 2023 | 1,060,000 | - | 1,060,000 |
Cost | 2,031,806 | 3,950 | 2,035,756 |
4,325,000 | 3,950 | 4,328,950 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 2,031,806 | 2,031,806 |
Freehold land and buildings were valued on an open market basis on 31 May 2024 by directors . |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Listed |
group | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 602,240 |
Disposals | ( |
) | (764,365 | ) |
Share of profit/(loss) | - | 22,463 | 22,463 |
Revaluations | 139,672 |
At 31 May 2024 | 10 |
NET BOOK VALUE |
At 31 May 2024 | 10 |
At 31 May 2023 | 602,240 |
Cost or valuation at 31 May 2024 is represented by: |
Shares in |
group |
£ |
Cost | 10 |
Listed investments were valued on an open market basis on 31 May 2024 by the directors . |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Amounts owed to group undertakings |
Tax |
Directors' current accounts | 59,650 | 129,513 |
7. | PROVISIONS FOR LIABILITIES |
31.5.24 | 31.5.23 |
£ | £ |
Deferred tax | 573,602 | 597,694 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 May 2024 |
AGAMEMNON ESTATES LTD (REGISTERED NUMBER: 06833605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 June 2023 |
Transfer between reserves | (72,028 | ) |
At 31 May 2024 |
The fair value reserve relates to a non-distributable fair value gain on the properties and listed investments and is shown net of deferred tax of £573,602. |