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COMPANY REGISTRATION NUMBER: 03072333
Aaron Properties Limited
Filleted Unaudited Financial Statements
31 August 2024
Aaron Properties Limited
Financial Statements
Year ended 31 August 2024
Contents
Pages
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
Aaron Properties Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Aaron Properties Limited
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aaron Properties Limited for the year ended 31 August 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
24 January 2025
Aaron Properties Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,550,343
2,017,133
Current assets
Debtors
6
1,056,228
1,051,717
Cash at bank and in hand
12,811
8,595
------------
------------
1,069,039
1,060,312
Creditors: amounts falling due within one year
7
1,397,469
1,379,090
------------
------------
Net current liabilities
328,430
318,778
------------
------------
Total assets less current liabilities
2,221,913
1,698,355
Creditors: amounts falling due after more than one year
8
28,392
Provisions
Taxation including deferred tax
488,490
363,490
------------
------------
Net assets
1,705,031
1,334,865
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,704,931
1,334,765
------------
------------
Shareholders funds
1,705,031
1,334,865
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aaron Properties Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
Mr P. O'Brien
Mr A. Phelps
Director
Director
Company registration number: 03072333
Aaron Properties Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Monarch House, Smyth Road, Bedminster, Bristol, BS3 2BX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover shown in the income statement represents rental income derived from letting the company's investment property.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
5% straight line
Office equipment
-
15% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the statement of comprehensive income. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Depreciation is not charged on the property as required by the Companies Act and FRS 102.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost or valuation
At 1 September 2023
2,000,000
35,974
2,035,974
Additions
35,700
1,145
36,845
Revaluations
500,000
500,000
------------
--------
--------
------------
At 31 August 2024
2,500,000
35,700
37,119
2,572,819
------------
--------
--------
------------
Depreciation
At 1 September 2023
18,841
18,841
Charge for the year
893
2,742
3,635
------------
--------
--------
------------
At 31 August 2024
893
21,583
22,476
------------
--------
--------
------------
Carrying amount
At 31 August 2024
2,500,000
34,807
15,536
2,550,343
------------
--------
--------
------------
At 31 August 2023
2,000,000
17,133
2,017,133
------------
--------
--------
------------
Included within the above is investment property as follows:
£
At 1 September 2023
2,000,000
Fair value adjustments
500,000
------------
At 31 August 2024
2,500,000
------------
The investment property was professionally valued at £2,500,000 by CSquared of 26 Queen Square, Bristol BS1 4ND in April 2024. The directors consider the value of the investment property to remain at this valuation of £2,500,000 on 31 August 2024. The basis of the valuation is fair value taking into account market conditions.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 August 2024
Aggregate cost
370,750
Aggregate depreciation
---------
Carrying value
370,750
---------
At 31 August 2023
Aggregate cost
370,750
Aggregate depreciation
---------
Carrying value
370,750
---------
6. Debtors
2024
2023
£
£
Trade debtors
20,269
14,731
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,021,044
1,036,184
Other debtors
14,915
802
------------
------------
1,056,228
1,051,717
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,637
Social security and other taxes
226
Other creditors
1,397,469
1,375,227
------------
------------
1,397,469
1,379,090
------------
------------
The company has given security for some of the creditors that fall due within one year.
The company has given a fixed charge on the investment property in respect of a loan for £1,326,000, and the hire purchase creditor of £8,112 is secured on the asset purchased.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
28,392
--------
----
The company has given security for all of the creditors that fall due after more than one year.
The hire purchase creditor of £28,392 is secured on the asset purchased.
9. Controlling party
Since 2 June 2023 the company has been a 100% subsidiary undertaking of Crown Developments (Bristol) Ltd.