Company Registration No. 09138328 (England and Wales)
ACRE 1175 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
ACRE 1175 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ACRE 1175 LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
1,700,000
Current assets
Debtors
8
2,210,000
Creditors: amounts falling due within one year
9
(3,611,660)
Net current liabilities
(1,401,660)
Total assets less current liabilities
298,340
Capital and reserves
Called up share capital
10
100
100
Share premium account
299,900
Profit and loss reserves
(100)
(1,660)
Total equity
298,340
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 28 April 2025 and are signed on its behalf by:
D J Norman
Director
Company Registration No. 09138328
ACRE 1175 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Acre 1175 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company will be struck off within 12 months. Therefore, the financial statements have been prepared on a basis othertrue than going concern. Notwithstanding this, there are no material changes in the presentation or carrying values of the assets and liabilities, and no further liabilities need to be provided for as a result of the decision to strike off the company.
1.3
Fixed asset investments
Interests in subsidiaries 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.
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.
Basic financial assets
Basic financial assets, which include debtors, 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.
ACRE 1175 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Auditor's remuneration
Fees paid to the company’s auditor and its associates for services other than the statutory audit of the company are not disclosed in Acre 1175 Limited’s accounts since the consolidated accounts of Acre 1175 Limited’s parent, Acre 1217 Limited, are required to disclose non-audit fees on a consolidated basis.
3
Employees
The average number of persons (including directors) employed by the company during the year was nil (2023: nil).
4
Other gains and losses
2024
2023
£
£
Loan waiver
1,401,658
-
Loan waiver relates to loans waived from group companies following a group re-structure.
ACRE 1175 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
5
Taxation
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,901,660
8,000
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
475,415
1,680
Tax effect of expenses that are not deductible in determining taxable profit
977,500
Tax effect of income not taxable in determining taxable profit
(902,915)
Group dividend
(550,000)
(1,680)
Taxation charge for the year
-
-
6
Dividends
2024
2023
£
£
Interim paid
2,200,000
8,000
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,700,000
ACRE 1175 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 August 2023 & 31 July 2024
1,700,000
Impairment
At 1 August 2023
-
Disposals
1,700,000
At 31 July 2024
1,700,000
Carrying amount
At 31 July 2024
-
At 31 July 2023
1,700,000
The investment in subsidiaries was disposed of in the year following a re-structure of the group.
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,210,000
9
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
3,611,660
The intercompany creditor was waived following a re-structure of the group.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares A of £1 each
50
50
50
50
Ordinary shares B of £1 each
50
50
50
50
100
100
100
100
A Ordinary shares have full voting rights and Ordinary shares B have no voting rights both are entitled to dividend and capital distribution.
ACRE 1175 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
11
Parent company
The ultimate parent company at the balance sheet date was Acre 1217 Limited. This is the largest and smallest group in which the results of the company are consolidated at. The consolidated accounts of this group are available to the public and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of this company.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
We draw attention to Note 1.2 of the financial statements which explains that the directors intend to strike off the company within 12 months of the approval of these financial statements and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Tanya Craft.
The auditor was HW Fisher Audit.