REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MAY 2023 TO 29 APRIL 2024 |
FOR |
ASSISI PROPERTIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MAY 2023 TO 29 APRIL 2024 |
FOR |
ASSISI PROPERTIES LTD |
ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ASSISI PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193) |
BALANCE SHEET |
29 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital redemption reserve |
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. |
ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193) |
BALANCE SHEET - continued |
29 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024 |
1. | STATUTORY INFORMATION |
Assisi Properties Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is derived from the provision of accomodation and represents rental income received. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is included at fair value. Fair value gains and losses are recognised in the profit and loss account. Deferred taxation is provided on these gains and losses at the rate expected to apply when the property is sold. |
Financial instruments |
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. |
Taxation |
Taxation for the period 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. |
ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
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 period 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. |
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. |
Key judgements and estimates |
Investment property is held at fair value. The director considers fair value of the property by comparing to similar properties in the same geographical area. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
and 29 April 2024 |
DEPRECIATION |
At 1 May 2023 |
and 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 163,284 |
At 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 30 April 2023 |
Fair value at 29 April 2024 is represented by: |
£ |
Valuation in 2022 | 306,716 |
Valuation in 2023 | 504,654 |
Valuation in 2024 | 163,284 |
Cost | 8,875,346 |
9,850,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 8,875,346 | 9,100,346 |
Investment property was valued on an open market basis on 30 April 2024 by the directors . |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Mortgage loans | 1,421,180 | 1,692,396 |
Debt relating to mortgage loans are secured by way of a fixed charge over the freehold property. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 243,664 | 206,250 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during period |
Balance at 29 April 2024 |
11. | CALLED UP SHARE CAPITAL |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date the amount of £280,090 (2023: £255,774) was due to the directors from the company and is disclosed within other creditors. |
13. | SHARE BUYBACK |
On 5 April 2024, Assisi Properties Ltd repurchased and cancelled 70,000 Ordinary B shares of £1 each at par. |
As a result of this transaction: |
-The company’s share capital decreased by £70,000. |
-The total share capital is now £6,951,026 following the buyback. |
-The total number of Ordinary B shares in issue after the buyback is 6,950,926. |
-The total number of Ordinary A shares in issue after the buyback is 100. |
The buyback was executed following the required special resolution passed by the shareholders and statement of solvency provided by the directors, with all necessary filings made with Companies House. |