Registered number
09572849
Andac Developments Ltd
Filleted Accounts
31 May 2024
Andac Developments Ltd
Registered number: 09572849
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,190,000 5,190,000
Current assets
Debtors 4 1,890 3,537
Cash at bank and in hand 6,597 46,005
8,487 49,542
Creditors: amounts falling due within one year 5 (212,467) (228,260)
Net current liabilities (203,980) (178,718)
Total assets less current liabilities 4,986,020 5,011,282
Creditors: amounts falling due after more than one year 6 (2,308,000) (2,308,000)
Provisions for liabilities (665,000) (665,000)
Net assets 2,013,020 2,038,282
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 2,004,500 2,004,500
Profit and loss account 8,420 33,682
Shareholders' funds 2,013,020 2,038,282
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S A Cooper, Esq
Director
Approved by the board on 27 May 2025
Andac Developments Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from rents receivable, and is recognised when due and payable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold and leasehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Leasehold land and buildings Nil
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2023 5,190,000
At 31 May 2024 5,190,000
Depreciation
At 31 May 2024 -
Net book value
At 31 May 2024 5,190,000
At 31 May 2023 5,190,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,530,000 2,530,000
Cumulative depreciation based on historical cost - -
2,530,000 2,530,000
Freehold and leasehold properties were reviewed by the directors at the year end and it was considered that there was no substantial change in the valuations from the previous year.
4 Debtors 2024 2023
£ £
Trade debtors 1,646 3,537
Other debtors 244 -
1,890 3,537
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 123,690 139,993
Tenants' security deposits 8,700 8,700
Trade creditors (3,997) 3,013
Taxation and social security costs 8,678 23,034
Other creditors 75,396 53,520
212,467 228,260
6 Creditors: amounts falling due after one year 2024 2023
£ £
Directors' loans 2,308,000 2,308,000
Included in creditors is £2,380,546 (2023: £2,358,670) owing to the directors, of which £2,308,000 (2023: £2,308,000) are long-term loans. The loans are interest-free and there is no fixed date of repayment. The directors have confirmed that the loans will only be repaid as and when cash flow permits.
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loan 123,690 139,993
The loan is secured on a freehold property owned by the company.
8 Revaluation reserve 2024 2023
£ £
At 1 June 2023 2,004,500 418,000
Gain on revaluation of land and buildings - 2,150,000
Deferred taxation arising on the revaluation of land and buildings - (563,500)
At 31 May 2024 2,004,500 2,004,500
9 Controlling party
The company is controlled by the directors, who own 76% of the share capital of the company.

10 Other information
Andac Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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