Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312025-05-222023-09-01falseThe principal activity of the company is that of property development.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06834573 2023-09-01 2024-08-31 06834573 2022-09-01 2023-08-31 06834573 2024-08-31 06834573 2023-08-31 06834573 c:Director1 2023-09-01 2024-08-31 06834573 d:FurnitureFittings 2023-09-01 2024-08-31 06834573 d:FurnitureFittings 2024-08-31 06834573 d:FurnitureFittings 2023-08-31 06834573 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 06834573 d:FreeholdInvestmentProperty 2024-08-31 06834573 d:FreeholdInvestmentProperty 2023-08-31 06834573 d:CurrentFinancialInstruments 2024-08-31 06834573 d:CurrentFinancialInstruments 2023-08-31 06834573 d:Non-currentFinancialInstruments 2024-08-31 06834573 d:Non-currentFinancialInstruments 2023-08-31 06834573 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 06834573 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 06834573 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 06834573 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 06834573 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 06834573 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 06834573 d:ShareCapital 2024-08-31 06834573 d:ShareCapital 2023-08-31 06834573 d:InvestmentPropertiesRevaluationReserve 2024-08-31 06834573 d:InvestmentPropertiesRevaluationReserve 2023-08-31 06834573 d:RetainedEarningsAccumulatedLosses 2024-08-31 06834573 d:RetainedEarningsAccumulatedLosses 2023-08-31 06834573 c:OrdinaryShareClass1 2023-09-01 2024-08-31 06834573 c:OrdinaryShareClass1 2024-08-31 06834573 c:OrdinaryShareClass1 2023-08-31 06834573 c:FRS102 2023-09-01 2024-08-31 06834573 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 06834573 c:FullAccounts 2023-09-01 2024-08-31 06834573 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 06834573 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06834573









ACEREEF LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
ACEREEF LIMITED
REGISTERED NUMBER: 06834573

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
19,955
25,161

Investment property
 5 
2,500,000
2,500,000

  
2,519,955
2,525,161

Current assets
  

Debtors: amounts falling due within one year
 6 
818,359
774,733

Cash at bank and in hand
 7 
15,827
34,565

  
834,186
809,298

Creditors: amounts falling due within one year
 8 
(890,621)
(702,241)

Net current (liabilities)/assets
  
 
 
(56,435)
 
 
107,057

Total assets less current liabilities
  
2,463,520
2,632,218

Creditors: amounts falling due after more than one year
 9 
(2,500,000)
(2,500,000)

  

Net (liabilities)/assets
  
(36,480)
132,218


Capital and reserves
  

Called up share capital 
 11 
1
1

Investment property reserve
  
986,509
986,509

Profit and loss account
  
(1,022,990)
(854,292)

  
(36,480)
132,218

Page 1

 
ACEREEF LIMITED
REGISTERED NUMBER: 06834573
    
STATEMENT OF FINANCIAL POSITION (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: 




N Gourgey
Director

Date: 22 May 2025

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
ACEREEF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The principal activity of  the company is that of property development.
The company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 48 Rochester Row, London SW1P 1JU.
The presentational and functional currency of the company is GBP and the figures have been rounded to the nearest £1.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company relies on its related parties to support the company for the foreseeable future. The directors believe that this support will not be withdrawn. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

Page 3

 
ACEREEF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.


 
2.7

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:

Fixtures & fittings
-
25%

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments


The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.
 
Page 4

 
ACEREEF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.  


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
ACEREEF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 September 2023
37,311


Additions
1,446



At 31 August 2024

38,757



Depreciation


At 1 September 2023
12,150


Charge for the year on owned assets
6,652



At 31 August 2024

18,802



Net book value



At 31 August 2024
19,955



At 31 August 2023
25,161

Page 6

 
ACEREEF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 September 2023
2,500,000



At 31 August 2024
2,500,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves after deferred tax


At 1 September 2023
986,509
986,509

At 31 August 2024
986,509
986,509



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,259,378
1,259,378

1,259,378
1,259,378

Page 7

 
ACEREEF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Debtors

2024
2023
£
£


Trade debtors
16,500
56,955

Other debtors
801,858
693,852

Called up share capital not paid
1
1

Prepayments and accrued income
-
23,925

818,359
774,733



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
15,827
34,565



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
882,705
696,666

Accruals and deferred income
7,916
5,575

890,621
702,241



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,500,000
2,500,000

2,500,000
2,500,000


The loan is wholly payable within five years and is secured on the property of the company. Interest  is charged at market rates. The directors have provided a guarantee to the bank for the loan.

Page 8

 
ACEREEF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
2,500,000
2,500,000


2,500,000
2,500,000



11.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



12.


Related party transactions

In other debtors there is £785,276 (2023: £692,854) due from companies in which the directors have an interest.
Other creditors include amounts of £882,705 (2023: £696,666) due to companies in which the directors have an interest.
Management charges of £18,000 (2023: £18,000)  have been paid to a company in which directors have an interest.
 

 
Page 9