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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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ASSETZ PROPERTY LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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FOR |
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ASSETZ PROPERTY LIMITED |
ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2020 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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ASSETZ PROPERTY LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31st December 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 City Road East |
Manchester |
M15 4PN |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ASSETZ PROPERTY LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Assetz Property Limited for the year ended 31st December 2020 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Assetz Property Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Assetz Property Limited and state those matters that we have agreed to state to the director of Assetz Property Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Assetz Property Limited and its director for our work or for this report. |
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It is your duty to ensure that Assetz Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Assetz Property Limited. You consider that Assetz Property Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Assetz Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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1 City Road East |
Manchester |
M15 4PN |
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ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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BALANCE SHEET |
31st December 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her 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. |
ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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BALANCE SHEET - continued |
31st December 2020 |
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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 and authorised for issue on
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ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2020 |
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1. | STATUTORY INFORMATION |
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Assetz Property Limited is a private company limited by share capital, incorporated in England and Wales, registration number 04495445. The address of the registered office is Assetz House, Manchester Green, 335 Styal Road, Manchester, M22 5LW. The principal place of business is Assetz House, Newby Road, Hazel Grove, Stockport, SK7 5DA |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Assetz Property Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is presented net of value-added-tax, rebates and discounts. |
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Rental income from operating leases (net of any incentives given to the lessee), is recognised on a straight line basis over the term of the lease |
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Intangible assets |
Intangible assets are initally measured at cost. After initial recognition, intangible assets are measured at cost less any accumlated amortisation and any accumulated impairment losses. |
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Intangible assets are being amortised over 5 years. |
ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
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Fixtures & fittings | - | 25% on reducing balance |
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At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
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Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any impairment. |
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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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ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that is no longer probable that insufficient taxable profits will be available to allow all or part of the asset to be recovered. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. |
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Current or deferred tax for the year is recognised in the profit and loss, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.balance sheet |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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Government grants |
Government grants are recognised on the accrual model and are measured at fair value of the asset receivable. Grants are classified as relating either to other income or to assets. Grants related to other income are recognised in profit or loss over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. |
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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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ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1st January 2020 |
and 31st December 2020 |
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AMORTISATION |
At 1st January 2020 |
and 31st December 2020 |
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NET BOOK VALUE |
At 31st December 2020 |
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At 31st December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
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fittings |
£ |
COST |
At 1st January 2020 |
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Additions |
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Disposals | ( |
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At 31st December 2020 |
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DEPRECIATION |
At 1st January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st December 2020 |
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NET BOOK VALUE |
At 31st December 2020 |
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At 31st December 2019 |
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ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2020 |
and 31st December 2020 |
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NET BOOK VALUE |
At 31st December 2020 |
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At 31st December 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 16,956 | 10,383 |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | LEASING AGREEMENTS |
Operating lease commitments not included in the balance sheet amount to £13,115 (2019: £22,639). |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary A Shares | £1.00 | 100 | 100 |
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Ordinary B Shares | £1.00 | 100 | 100 |
200 | 200 |
ASSETZ PROPERTY LIMITED (REGISTERED NUMBER: 04495445) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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11. | CONTINGENT LIABILITIES |
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The company is party to an unlimited intercompany guarantee on all bank borrowings within the Assetz group of companies. |