REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
ACTION PROPERTIES LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
ACTION PROPERTIES LIMITED |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2022 |
Page |
Statement of financial position | 1 |
Notes to the financial statements | 2 | to | 8 |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
STATEMENT OF FINANCIAL POSITION |
30 November 2022 |
30.11.22 | 30.11.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Capital redemption reserve |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2022 |
1. | STATUTORY INFORMATION |
ACTION PROPERTIES LIMITED is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Preparation of consolidated financial statements |
The financial statements contain information about ACTION PROPERTIES LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are consolidated into the financial statements of its parent, Action Properties (North West) Limited, Engels House, Victoria Mills Weaste Trading Estate, Liverpool Street, Salford, Greater Manchester, M5 5HD. |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(a) Critical accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and |
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of |
the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets. |
(ii) Valuation of investment property |
Investment property was stated in the balance sheet at fair value based on the valuation performed by the directors. |
Going concern |
The company is part of the Action Properties (North West) Limited group. After reviewing the group forecasts and projections, the directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements. |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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. |
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. |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 December 2021 |
Additions |
Transfer to ownership | (13,040 | ) | - | 13,040 | - |
At 30 November 2022 |
Depreciation |
At 1 December 2021 |
Charge for year |
Transfer to ownership | (7,824 | ) | - | 7,824 | - |
At 30 November 2022 |
Net book value |
At 30 November 2022 |
At 30 November 2021 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
Cost |
At 1 December 2021 |
and 30 November 2022 |
Net book value |
At 30 November 2022 |
At 30 November 2021 |
6. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 December 2021 |
Additions |
At 30 November 2022 |
Net book value |
At 30 November 2022 |
At 30 November 2021 |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2022 |
6. | INVESTMENT PROPERTY - continued |
Investment property has been recognised at fair value by the directors, they are of the opinion that there has been no material change since 30 November 2022. |
In respect of tangible assets held at valuation, the aggregate cost, depreciation and carrying amount that would have been recognised if the assets had been carried under the historical cost model are: Aggregate cost £1,680,077 (2021: £1,680,077), Aggregate depreciation £nil (2021: £nil) and carrying value £1,680,077 (2021: £1,680,077). |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.22 | 30.11.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.22 | 30.11.21 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
A debenture charge exists dated 18 December 2017, in favour of National Westminster Bank PLC, incorporating a fixed charge over all land and buildings held by the company. |
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.22 | 30.11.21 |
£ | £ |
Bank loans |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
ACTION PROPERTIES LIMITED (REGISTERED NUMBER: 02563067) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2022 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2022 and 30 November 2021: |
30.11.22 | 30.11.21 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The advances are unsecured, interest free and repayable on demand. |
12. | RELATED PARTY DISCLOSURES |
Details of the transactions between fellow group companies have not been disclosed in line with paragraph 33.1A of FRS 102. |
13. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no material events up to the date of approval of the financial statements by the Board. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Action Properties (North West) Limited, a company incorporated in England and Wales, which owned all of the issued share capital of the company throughout the current and prior year. |
15. | GOING CONCERN |
The company is part of the Action Properties (North West) Limited group. After reviewing the group forecasts and projections, the directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements. |