Assetgrove Partnership Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 09101081 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

ASSETGROVE PARTNERSHIP LTD

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Investment property

4

581,903

CURRENT ASSETS

Debtors

5

392

11,900

Cash at bank

11,876

3,985

12,268

15,885

CREDITORS

Amounts falling due within one year

6

79,814

83,318

NET CURRENT LIABILITIES

(67,546

)

(67,433

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

514,357

514,470

CREDITORS

Amounts falling due after more than one year

7

(362,250

)

(362,250

)

PROVISIONS FOR LIABILITIES

(23,560

)

(23,560

)

NET ASSETS

128,547

128,660

CAPITAL AND RESERVES

Called up share capital

1

Fair value reserve

9

100,440

Retained earnings

28,106

28,219

128,547

128,660

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 21 January 2021 and were
signed on its behalf by:

Mrs G E Philippou - Director

1.	STATUTORY INFORMATION

Assetgrove Partnership Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

09101081

Registered office:

1 Kings Avenue

London

N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, the director is 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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements

Revenue

Revenue represents the value of rental income chargeable in respect of the company's investment property.

Revenue is recognised evenly over the period of the rental agreement.

Investment property

Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the

purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term

deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid

investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of

changes in value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference

and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in

profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

and 30 June 2020

581,903

NET BOOK VALUE

At 30 June 2020

581,903

At 30 June 2019

581,903

Fair value at 30 June 2020 is represented by:

£

Valuation in 2017

117,000

Valuation in 2018

7,000

Cost

457,903

581,903

If investment properties had not been revalued it would have been included at the following historical cost:

2020

2019

£

Cost

457,903

Investment properties were valued on open market basis on 30 June 2020 by the director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Trade debtors

-

11,900

Other debtors

392

-

392

11,900

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Trade creditors

-

4,658

Amounts owed to group undertakings

76,887

Taxation and social security

297

763

Other creditors

2,630

1,010

79,814

83,318

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

Bank loans

362,250

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

362,250

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

Bank loans

362,250

Bank loans are secured by way of fixed and floating charge on the property and other assets of the company and

contains a negative pledge.

9.

RESERVES

Fair

value

reserve

£

At 1 July 2019

and 30 June 2020

100,440

10.	RELATED PARTY DISCLOSURES

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.

Included in the other creditors less than one year is an amount of £2,270 (2019: £770) due to the director at the year

end. The loan was interest free and repayable on demand.

Assetgrove Partnership Ltd - Accounts to registrar (filleted) - small 18.2

Assetgrove Partnership Ltd - Accounts to registrar (filleted) - small 18.2