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Unaudited Financial Statements |
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for the Year Ended 30 April 2019 |
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for |
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Acre 296 Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 April 2019 |
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for |
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Acre 296 Limited |
Acre 296 Limited (Registered number: 03795107) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Acre 296 Limited (Registered number: 03795107) |
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Balance Sheet |
30 April 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non-distributable profit & loss reserves | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Acre 296 Limited (Registered number: 03795107) |
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Balance Sheet - continued |
30 April 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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Acre 296 Limited (Registered number: 03795107) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2019 |
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1. | STATUTORY INFORMATION |
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Acre 296 Limited is a
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registered number and registered office address are as below: |
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Registered number: | 03795107 |
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Registered office: | 76 The Avenue |
Harpfields |
Stoke on Trent |
Staffordshire |
ST4 6DA |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Rental income |
Rental income is accounted for on a time basis, by reference to the agreements entered into. |
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Tangible fixed assets |
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Computer Equipment | - |
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Fixtures, fittings and equipment | - |
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Investment property |
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is |
recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Acre 296 Limited (Registered number: 03795107) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Deferred taxation on investment property fair value gains are provided at the rate expected to apply to a |
notional sale of the property at 30 April 2019. |
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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. |
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Dilapidation |
Monies receivable from tenants in respect of dilapidation will be matched against expenditure incurred by the |
company in that respect. Where the director considers that there are specific circumstances whereby the sums |
receivable are considered to be effectively a compensation for lost rent in respect of a lease for a future term, |
such monies received and not incurred against particular dilapidation expenditure will be treated as deferred |
income to be released to the profit and loss account over the term of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Computer | and |
Equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2018 |
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Additions |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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5. | INVESTMENT PROPERTY |
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Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is |
recognised in the profit & loss. |
Acre 296 Limited (Registered number: 03795107) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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5. | INVESTMENT PROPERTY - continued |
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Fair value at 30 April 2019 is represented by: |
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£ |
Valuation in 2017 | 370,934 |
Cost | 1,753,853 |
2,124,787 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 1,753,853 | 1,637,496 |
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Investment property was valued on an open market basis on 30 April 2017 by the company director . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loan over 5 years | 472,501 | 343,627 |
Acre 296 Limited (Registered number: 03795107) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Security provided is as follows:- |
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A first legal charge over the freehold property at 59 Stafford Street, Hanley, 61/63 Stafford Street, Hanley, |
65/67 Stafford Street, Hanley, and 95/97 Stafford Street, Hanley. The director also provides a guarantee for the |
principle loan of £620,000. This security was put in place in February 2014. |
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10. | RESERVES |
Non-distributable |
profit & |
loss |
reserves |
£ |
At 1 May 2018 |
and 30 April 2019 |
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11. | RELATED PARTY DISCLOSURES |
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At the balance sheet date £782,751 (2018 - £983,675) was owed to a related party via an interest free loan. |
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Included in the above amount is £243,770 (2018 - £243,770) which is presented in the balance sheet as other |
creditors due after one year. |