Company registration number 12008118 (England and Wales)
AERUGO PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
AERUGO PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AERUGO PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
442
687
Investment properties
4
1,819,392
1,819,392
Investments
5
90
90
1,819,924
1,820,169
Current assets
Cash at bank and in hand
3,613
16,719
Creditors: amounts falling due within one year
7
(604,418)
(600,217)
Net current liabilities
(600,805)
(583,498)
Total assets less current liabilities
1,219,119
1,236,671
Creditors: amounts falling due after more than one year
8
(1,123,957)
(1,163,572)
Provisions for liabilities
(10,887)
(10,887)
Net assets
84,275
62,212
Capital and reserves
Called up share capital
9
2
2
Revaluation reserve
32,660
32,660
Profit and loss reserves
51,613
29,550
Total equity
84,275
62,212
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 31 July 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 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 and signed by the director and authorised for issue on 21 April 2025
Mr H J H Slade
Director
Company Registration No. 12008118
AERUGO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Aerugo Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.
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 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Revenue from residential lettings is recognised over the period of rental when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.3
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:
Computers
25% on cost
1.4
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AERUGO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Computers
£
Cost
At 1 August 2023 and 31 July 2024
975
Depreciation and impairment
At 1 August 2023
288
Depreciation charged in the year
245
At 31 July 2024
533
Carrying amount
At 31 July 2024
442
At 31 July 2023
687
AERUGO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
1,819,392
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
90
90
6
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Class of shares held
% Held
Direct
Aerugo Limited
High Corner, 2 Argyll Road, Exeter, Devon, EX4 4RY
Ordinary
90.00
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,356
Corporation tax
10,888
6,722
Other creditors
593,530
591,139
604,418
600,217
Included in other creditors above is an amount of £39,771 (2023 - £37,815) secured against the investment property.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,123,957
1,163,572
AERUGO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Included in other creditors above is an amount of £1,123,957 (2023 - £1,163,572) secured against the investment property.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
934,874
985,252
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
10
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £117,662 (2023 - £118,376). This amount is included in creditors: amounts falling due within one year.
11
Related party transactions
The company has an existing loan from Aerugo Limited. At the year end the amount owed to Aerugo Limited was £434,133 (2023 - £432,608), this amount is included in creditors: amounts falling due within one year.