Company registration number 10997353 (England and Wales)
AUSTINOMA PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
AUSTINOMA PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AUSTINOMA PROPERTIES LIMITED (REGISTERED NUMBER: 10997353)
BALANCE SHEET
AS AT
27 APRIL 2024
27 April 2024
- 1 -
27 April 2024
28 April 2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,100,000
1,050,000
Current assets
Cash at bank and in hand
4,282
3,580
Creditors: amounts falling due within one year
5
(281,862)
(281,940)
Net current liabilities
(277,580)
(278,360)
Total assets less current liabilities
822,420
771,640
Creditors: amounts falling due after more than one year
6
(673,555)
(673,555)
Provisions for liabilities
(19,000)
(9,500)
Net assets
129,865
88,585
Capital and reserves
Called up share capital
7
1
1
Non-distributable profits reserve
8
81,000
40,500
Distributable profit and loss reserves
48,864
48,084
Total equity
129,865
88,585
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 27 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AUSTINOMA PROPERTIES LIMITED (REGISTERED NUMBER: 10997353)
BALANCE SHEET (CONTINUED)
AS AT
27 APRIL 2024
27 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 April 2025
Mr A Achunine
Director
AUSTINOMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
- 3 -
1
Accounting policies
Company information
Austinoma Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Egmont Street, London, SE14 5QW.
1.1
Reporting period
The company accounts are presented for a period shorter than a year, covering the period from the 29th April 2023 to 27th April 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria also must be met before turnover is recognised.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- The amount of turnover can be measure reliably.
- It is probable that the company will receive the consideration under the contract.
- The stage of completion of the contract at the end of the reporting period can be measure reliably; and
- The costs incurred and the costs to complete the contract can be measure reliably.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
AUSTINOMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 29 April 2023
1,050,000
Revaluations
50,000
At 27 April 2024
1,100,000
The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the director of the company. The valuation was made on an open market value basis by a reference to market evidence of transaction prices for similar properties.
AUSTINOMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,984
Taxation and social security
1,441
1,164
Other creditors
280,421
278,792
281,862
281,940
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
673,555
673,555
The mortgages are secured by way of a floating charge that covers all the property or undertaking of the company.
Included within other creditors is a loan which is secured by way of a fixed charge against the property, 23 Egmont Street, London.
Included within other creditors is a loan which is secured by way of a fixed charge against the property, 45 Ridham Avenue, Sittingbourne.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
40,500
-
Non distributable profits in the year
40,500
40,500
At the end of the year
81,000
40,500
9
Reserves
Included within reserves is a non-distributable sum of £81,000 (2023 : £40,500) relating to the movement in fair value of the company's investment property.
AUSTINOMA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
- 6 -
10
Financial commitments, guarantees and contingent liabilities
The company gives the bank a fixed and floating charge over its assets and undertaking owned now and in the future.
11
Related party transactions
Included within other creditors is a loan from an associated company of £16,335 ( 2023 : £13,000).