| REGISTERED NUMBER: |
| ACN ESTATES LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2024 |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| 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 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Additions |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| 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 |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 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. |