Company registration number 08128906 (England and Wales)
A.I.M. PROPERTIES (WOODLEY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
A.I.M. PROPERTIES (WOODLEY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
A.I.M. PROPERTIES (WOODLEY) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,756,000
2,156,000
Current assets
Debtors
5
1,400
821
Cash at bank and in hand
43,773
2,045
45,173
2,866
Creditors: amounts falling due within one year
6
(217,842)
(330,189)
Net current liabilities
(172,669)
(327,323)
Total assets less current liabilities
1,583,331
1,828,677
Creditors: amounts falling due after more than one year
7
(1,025,716)
(1,242,718)
Provisions for liabilities
(85,031)
(86,062)
Net assets
472,584
499,897
Capital and reserves
Called up share capital
2
2
Revaluation reserve
9
353,692
457,741
Profit and loss reserves
118,890
42,154
Total equity
472,584
499,897
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period 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.
A.I.M. PROPERTIES (WOODLEY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 June 2023 and are signed on its behalf by:
Ms J L Kite
Director
Company Registration No. 08128906
A.I.M. PROPERTIES (WOODLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
A.I.M. Properties (Woodley) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 91 Reading Road, Woodley, Reading, RG5 3AE.
1.1
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 £.
1.2
Reporting period
The company has shortened its accounting period to a six month period for tax planning purposes. Comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
Turnover represents rents receivable for the year.
1.4
Investment properties
Investment property is shown at its fair value as estimated by the directors. Any movements in fair value are recognised in arriving at the profit before tax.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Deferred taxation has also been accounted for in respect of unrestricted taxable losses incurred during the year.
A.I.M. PROPERTIES (WOODLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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 employed by the company during the period was 0 (2022 - 0).
The directors are not remunerated.
2023
2022
Number
Number
Total
4
Investment property
2023
£
Fair value
At 1 October 2022
2,156,000
Disposals
(400,000)
At 31 March 2023
1,756,000
The fair value of the investment properties has been arrived at on the basis of a valuation carried out on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,400
821
A.I.M. PROPERTIES (WOODLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
14,156
1,344
Other creditors
203,686
328,845
217,842
330,189
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,025,716
1,242,718
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
1,025,716
1,242,718
8
Loans and overdrafts
2023
2022
£
£
Other loans
1,025,716
1,242,718
Payable after one year
1,025,716
1,242,718
The total is comprised of five (2022: six) loans which are secured by first legal charges on the respective investment properties. The loans were also secured by personal guarantees from the directors, Ms J L Kite & R G Barker.
9
Fair value reserve
2023
2022
£
£
At the beginning of the period
457,741
279,473
Revaluation surplus arising in the period
217,051
Deferred tax on revaluation of tangible assets
-
(38,783)
Adjustment to deferred tax rate - tangible assets
(14,788)
-
Transfer to retained earnings
(89,262)
At the end of the period
353,692
457,741
A.I.M. PROPERTIES (WOODLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
10
Related party transactions
The company is related to A.I.M. Consulting Limited, which is controlled by the director, Ms J L Kite. Creditors include a loan from A.I.M. Consulting Limited of £199,996 (2022: £267,533). This loan is repayable on demand and no interest is payable.
Creditors brought forward included a loan from the director, Ms J L Kite, of £58,476. This loan was repayable on demand and has been repaid during the year. No interest was payable.