Company registration number 00877662 (England and Wales)
AARON RADIATOR PROPERTY COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
AARON RADIATOR PROPERTY COMPANY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
AARON RADIATOR PROPERTY COMPANY LTD
BALANCE SHEET
- 1 -
30 June
30 June
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
351
468
Investment properties
7
375,811
375,811
Investments
8
100
100
376,262
376,379
Current assets
Debtors
10
3,549
36,159
Cash at bank and in hand
636,258
657,715
639,807
693,874
Creditors: amounts falling due within one year
11
(1,300)
(4,300)
Net current assets
638,507
689,574
Total assets less current liabilities
1,014,769
1,065,953
Provisions for liabilities
(25,150)
(25,150)
Net assets
989,619
1,040,803
Capital and reserves
Called up share capital
100
100
Revaluation reserve
13
107,221
107,221
Profit and loss reserves
882,298
933,482
Total equity
989,619
1,040,803
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Mrs J K Stringer
Director
Company Registration No. 00877662
AARON RADIATOR PROPERTY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Aaron Radiator Property Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 54 Whitehorse Lane, London, SE25 6RQ.
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance basis
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.
1.3
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
AARON RADIATOR PROPERTY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
AARON RADIATOR PROPERTY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
117
375
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
5
Taxation
6
Tangible fixed assets
Motor vehicles
£
Cost
At 1 July 2023 and 30 June 2024
1,500
Depreciation and impairment
At 1 July 2023
1,032
Depreciation charged in the year
117
At 30 June 2024
1,149
Carrying amount
At 30 June 2024
351
At 30 June 2023
468
AARON RADIATOR PROPERTY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
7
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
375,811
Investment property comprises the property at Whitehorse Lane occupied by the subsidiary Aaron Radiator Company Limited.
The fair value of the investment property has been arrived at on the basis of a valuation carried out March 2018 by Salter Rex Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
In 2019 planning application costs of £30,811 were capitalised .
The Directors continue to review the fair value of the property and so not consider it beneficial to obtain a further professional valuation at this time.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
243,440
243,440
Accumulated depreciation
-
-
Carrying amount
243,440
243,440
8
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Fixed asset investments not carried at market value
Investments in subsidiaries are valued at cost less any provision for diminution in value.
9
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Aaron Radiator Company Ltd
UK
sale and repair of motor vehicle radiators
Ordinary
100.00
0
AARON RADIATOR PROPERTY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Subsidiaries
(Continued)
- 6 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Aaron Radiator Company Ltd
(32,811)
20,121
The investment in the subsidiary is valued at cost less any provision for diminution in value.
At 30 June 2024 the subsidiary owed the company £30,062 against which full provision has been made in these accounts due to continuing losses in the subsidiary (2023: £29,676)
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
29,676
Other debtors
3,549
6,483
3,549
36,159
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,000
Other creditors
1,300
1,300
1,300
4,300
12
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
25,150
25,150
AARON RADIATOR PROPERTY COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
13
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
107,221
107,221
The balance on the revaluation reserve is attributable to the property at Whitehorse Lane used by the subsidiary Aaron Radiator Company Ltd.
For additional information please see Notes 8 and 13.
.
14
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
15
Related party transactions
The company owns a freehold property at Whitehorse Lane which is occupied by its wholly owned subsidiary Aaron Radiator Company Ltd. No commercial rent was paid during the year (2023 : £Nil) .
At the balance sheet date £30,062 (2023 :£29,676) was owed to the company by its subsidiary.(See note 10). This debtor has been fully provided against in the accounts.
16
Directors' transactions
Dividends totalling £18,000 (2023 - £30,857) were paid in the year in respect of shares held by the company's directors.