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Registered number: 06336231










A & C PROPERTY DEVELOPMENT LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 August 2024

 
A & C PROPERTY DEVELOPMENT LIMITED
 

Company Information


Directors
C Newbould 
A Lond-Caulk 




Company secretary
C Newbould



Registered number
06336231



Registered office
Pleasance
13 Willowgarth

Rawmarsh

Rotherham

S62 5RR





 
A & C PROPERTY DEVELOPMENT LIMITED
Registered number: 06336231

Balance sheet
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,430
16,469

  
12,430
16,469

Current assets
  

Stocks
  
1,171,366
1,171,366

Debtors
  
648
648

Cash at bank and in hand
  
80,833
205,819

  
1,252,847
1,377,833

Creditors: amounts falling due within one year
 6 
(539,268)
(667,512)

Net current assets
  
 
 
713,579
 
 
710,321

Total assets less current liabilities
  
726,009
726,790

Creditors: amounts falling due after more than one year
  
(1,314,044)
(1,313,905)

Net liabilities
  
(588,035)
(587,115)


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
(588,037)
(587,117)

  
(588,035)
(587,115)


Page 1

 
A & C PROPERTY DEVELOPMENT LIMITED
Registered number: 06336231

Balance sheet (continued)
As at 31 August 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

A Lond-Caulk
C Newbould
Director
Director


Date: 19 May 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
A & C PROPERTY DEVELOPMENT LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2024

1.


General information

A & C Property Development Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

 
2.2

Revenue

Revenue on developed property sales is recognised when the significant risks and rewards of ownership have been transferred to the purchaser which will normally occur at handover/legal completion.  Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Equipment
-
15%
Motor vehicles
-
25%
Office equipment
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
A & C PROPERTY DEVELOPMENT LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.  Work in progress and finished goods include labour and attributable overheads.  At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Equipment
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
5,462
24,010
4,336
33,808


Additions
-
-
699
699


Disposals
(2,903)
-
(2,888)
(5,791)



At 31 August 2024

2,559
24,010
2,147
28,716



Depreciation


At 1 September 2023
4,184
10,504
2,651
17,339


Charge for the year on owned assets
191
3,377
356
3,924


Disposals
(2,596)
-
(2,381)
(4,977)



At 31 August 2024

1,779
13,881
626
16,286



Net book value



At 31 August 2024
780
10,129
1,521
12,430



At 31 August 2023
1,278
13,506
1,685
16,469

Page 4

 
A & C PROPERTY DEVELOPMENT LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2024

5.


Debtors

2024
2023
£
£


Other debtors
648
648

648
648



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
52
51

Other creditors
531,363
646,462

Accruals and deferred income
7,853
20,999

539,268
667,512


Page 5

 
A & C PROPERTY DEVELOPMENT LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
989,044
988,905

Other loans
325,000
325,000

1,314,044
1,313,905


The following liabilities were secured:

2024
2023
£
£



Bank loan
989,044
988,905

989,044
988,905

Details of security provided:

The loan is secured on freehold property owned by the company

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
989,044
988,905

989,044
988,905




8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 -2) Ordinary shares of £1.00 each
2
2


Page 6

 
A & C PROPERTY DEVELOPMENT LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2024

9.


Related party transactions

Included within other creditors due within one year and other loans after one year are the unsecured loans from the directors on which the aggregate balance at the yearend was £ 853,305 (2023 £ 968,527)
£325,000 of the loans from the directors bear interest at the rate of 8%.  Interest of £26,000 (2023 £26,000) was paid during the year.
Other loans made to the company by the directors are interest free and repayable on demand.


Page 7