Company No:
Contents
DIRECTORS | Andrew David Hayles |
Anna Hayles |
REGISTERED OFFICE | C/O Praxis |
1 | |
Poultry | |
London | |
EC2R 8EJ | |
England | |
United Kingdom |
COMPANY NUMBER | 13052242 (England and Wales) |
ACCOUNTANT | Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
Note | 30.04.2022 | |
£ | ||
Fixed assets | ||
Tangible assets | 5 |
|
Investment property | 6 |
|
770,917 | ||
Current assets | ||
Debtors | 7 |
|
Cash at bank and in hand | 8 |
|
41,507 | ||
Creditors | ||
Amounts falling due within one year | 9 | (
|
Net current liabilities | (555,017) | |
Total assets less current liabilities | 215,900 | |
Creditors | ||
Amounts falling due after more than one year | 10 | (
|
Net liabilities | (
|
|
Capital and reserves | ||
Called-up share capital | 11 |
|
Profit and loss account | (
|
|
Total shareholders' deficit | (
|
Directors' responsibilities:
The financial statements of AND Real Estate LTD (registered number:
Andrew David Hayles
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
AND Real Estate LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1, Poultry, London, EC2R 8EJ, England, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £39,100. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Plant and machinery etc. |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Period from 30.11.2020 to 30.04.2022 |
|
Number | |
Monthly average number of persons employed by the Company during the period, including directors |
|
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 30 November 2020 |
|
|
|
Additions |
|
|
|
At 30 April 2022 |
|
|
|
Accumulated depreciation | |||
At 30 November 2020 |
|
|
|
Charge for the financial period |
|
|
|
Depreciation charged |
|
|
|
At 30 April 2022 |
|
|
|
Net book value | |||
At 30 April 2022 |
|
|
Investment property | |
£ | |
Valuation | |
As at 30 November 2020 |
|
Additions | 762,281 |
As at 30 April 2022 |
|
Valuation
Investment properties are restated annually to their open market value by a director of the company, based on his experience of the property market and comparable evidence. The director does not feel the current market valuation is materially different from that shown in these financial statements.
30.04.2022 | |
£ | |
Other debtors |
|
30.04.2022 | |
£ | |
Cash at bank and in hand |
|
Less: Bank overdrafts | (
|
25,834 |
30.04.2022 | |
£ | |
Bank overdrafts |
|
Trade creditors |
|
Other creditors |
|
|
30.04.2022 | |
£ | |
Bank loans (secured) |
|
30.04.2022 | |
£ | |
Allotted, called-up and fully-paid | |
|
|
|
|
|
|
|
|
|
|
200 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
30.04.2022 | |
£ | |
- within one year |
|
- between one and five years |
|
|
Transactions with the entity's directors
30.04.2022 | |
£ | |
Interest free amounts owed to Director | 543,688 |