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REGISTERED NUMBER: 11344070 (England and Wales)















ACN ESTATES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






ACN ESTATES LTD (REGISTERED NUMBER: 11344070)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ACN ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: N Neophytou
A Neophytou





REGISTERED OFFICE: 125 Lordship Lane
London
N17 6XE





REGISTERED NUMBER: 11344070 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

ACN ESTATES LTD (REGISTERED NUMBER: 11344070)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investment property 4 944,732 478,821

CURRENT ASSETS
Debtors 5 119,129 209,778
Cash at bank and in hand 3,899 202,178
123,028 411,956
CREDITORS
Amounts falling due within one year 6 1,006,224 842,052
NET CURRENT LIABILITIES (883,196 ) (430,096 )
TOTAL ASSETS LESS CURRENT LIABILITIES 61,536 48,725

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 61,436 48,625
61,536 48,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





N Neophytou - Director


ACN ESTATES LTD (REGISTERED NUMBER: 11344070)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

ACN Estates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents gross rent receivable.

Investment property
Investment properties are carried at fair value. Revaluation surpluses are recognised in the income
Statement.Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The directors considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been decreased by the amount of depreciation.

Taxation
Taxation for the year 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.

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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

ACN ESTATES LTD (REGISTERED NUMBER: 11344070)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 478,821
Additions 465,911
At 31 May 2024 944,732
NET BOOK VALUE
At 31 May 2024 944,732
At 31 May 2023 478,821

The investment properties have been valued by the directors at cost price as of the year-end date, as they have concluded that there has been no material impact on their value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by associates 67,525 102,525
Other debtors 51,604 107,253
119,129 209,778

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,274 34,022
Trade creditors - 2,401
Taxation and social security 9,823 8,367
Other creditors 973,127 797,262
1,006,224 842,052

7. RELATED PARTY DISCLOSURES

Included in debtors, amounts falling due within one year, is an interest free amount of £21,604 (2023: £32,253) owed by Neo Capital Investments Ltd. The companies are connected by being under common control.

Included in debtors, amounts falling due within one year, is an interest free amount of £30,000 (2023: £60,000) owed by Grove Motor Company Limited. The companies are connected by being under common control.

Included in debtors, amounts falling due within one year, is an interest free amount of £Nil (2023: £15,000) owed by J.T.F Motor Services Limited. The companies are connected by being under common control.

Included in debtors, amounts falling due within one year, is an interest free amount of £67,525 (2023: £102,525) owed by ACN Automotive Ltd. The companies are connected by being under common control.

Included within creditors falling due within one year is an amount of £971,387 (2023: £795,522) owed to the director, A. Neophytou.The loan is interest-free, unsecured, and repayable on demand.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is ACN Group Limited.