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Registration number: 13708956

2AM Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

2AM Properties Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

2AM Properties Ltd

(Registration number: 13708956)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

149

297

Investment property

5

508,817

508,817

 

508,966

509,114

Current assets

 

Cash at bank and in hand

 

16,066

19,670

Creditors: Amounts falling due within one year

7

(304,066)

(303,908)

Net current liabilities

 

(288,000)

(284,238)

Total assets less current liabilities

 

220,966

224,876

Creditors: Amounts falling due after more than one year

7

(228,375)

(228,375)

Net liabilities

 

(7,409)

(3,499)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(7,509)

(3,599)

Shareholders' deficit

 

(7,409)

(3,499)

 

2AM Properties Ltd

(Registration number: 13708956)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 May 2025
 

.........................................
N Crabb
Director

 

2AM Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3RD Floor Lawford House
Albert Place
London
N3 1QA
United Kingdom

These financial statements were authorised for issue by the director on 9 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is also company's functional currency. Monetary amounts in these financial statements are rounded to the nearest Pound (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

2AM Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

2AM Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

593

593

At 31 October 2024

593

593

Depreciation

At 1 November 2023

296

296

Charge for the year

148

148

At 31 October 2024

444

444

Carrying amount

At 31 October 2024

149

149

At 31 October 2023

297

297

 

2AM Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Investment properties

2024
£

At 1 November

508,817

At 31 October

508,817

The director is of the opinion that the investment property is fairly stated in the financial statements.

6

Debtors

2024
£

2023
£

-

-

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

3,115

3,908

Other creditors

300,951

300,000

304,066

303,908

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

228,375

228,375

 

2AM Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

228,375

228,375

Other borrowings

Included in other borrowings is an interest only mortgage from Landbay for £228,375. Interest is at a fixed rate of 2.65% per annum until March 2027 followed by a rate of 5% above Bank Rate (BBR). The BBR rate will not go below a floor of 0.10% even if the actual BBR rate falls below this. The term of the mortgage is 15 years from March 2022 and the principal mortgage amount is due to be repaid at the end of the term. The mortgage is secured on the investment property.

10

Related party transactions

Included in other creditors is an amount of £300,000 due to a related company. This loan is provided interest free and repayable on demand. There are no formal terms and conditions regarding repayment of the loan.