AEN Properties Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 14041848 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 12 APRIL 2022 TO 30 APRIL 2023

FOR

AEN PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms A E Norman

REGISTERED OFFICE:

19-21 Middle Row

Stevenage

United Kingdom

Hertfordshire

SG1 3AW

REGISTERED NUMBER:

14041848 (England and Wales)

ACCOUNTANTS:

Barker Wilkinson Limited

19-21 Middle Row

Stevenage

Hertfordshire

SG1 3AW

FIXED ASSETS

Tangible assets

4

369

Investment property

5

597,000

597,369

CURRENT ASSETS

Debtors

6

1,353

Cash at bank

69,050

70,403

CREDITORS

Amounts falling due within one year

7

54,447

NET CURRENT ASSETS

15,956

TOTAL ASSETS LESS CURRENT LIABILITIES

613,325

PROVISIONS FOR LIABILITIES

54,792

NET ASSETS

558,533

CAPITAL AND RESERVES

Called up share capital

479,565

Fair value reserve

8

74,520

Retained earnings

8

4,448

558,533

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 director and authorised for issue on 22 October 2023 and were signed by:

Ms A E Norman - Director

1.	STATUTORY INFORMATION

AEN Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The director has assessed the carrying values of all assets and liabilities and any estimates contained therein as at the balance sheet date so as to reflect the then known economic conditions Additionally, the director has assessed various factors and risks affecting the company and its ability in these difficult social and economic times to continue to trade as a going concern.

Further, the director aims to continue to support the company by way of director funding and has not indicated that such support will be withdrawn in the foreseeable future. On the basis of all of the foregoing, the financial statements for the period ended 30th April 2023 have been prepared using the going concern basis of accounting.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

The company's properties are held for investment purposes. Investment properties are shown at their most recent fair values. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred taxation is provided on such gains at the tax rate expected to apply when properties are sold.

Under FRS 102 valuations as above are made under the fair value provisions of the Companies Act 2006 (CA 2006) and consequently the non-depreciation of investment properties is not a departure from the provisions of CA 2006.

The director determines fair value by reference to online sales websites.

Rents receivable from investment properties are credited to the income statement on a receivable basis.

Investment properties are first recognised in the financial statements once an irrevocable purchase contract has been entered into. A sale of an investment property is recorded once an irrevocable sales contract has been entered into, provided that the sale has been completed by the date the financial statements are approved by the Board.

Investment properties are treated as fixed asset investments until the date of sale.

Taxation

Taxation for the period 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

551

At 30 April 2023

551

DEPRECIATION

Charge for period

182

At 30 April 2023

182

NET BOOK VALUE

At 30 April 2023

369

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

505,000

Revaluations

92,000

At 30 April 2023

597,000

NET BOOK VALUE

At 30 April 2023

597,000

The valuations of each property have been determined by reference to an online service, Zoopla. At the balance date the aggregate of the company's investment property values was in the order of £597,000. Such an aggregate valuation is reflected above and the surplus arising during the period under review has been taken to the income statement but a corresponding transfer,net of a related deferred tax provision, has been made between the profit and loss and fair value reserves (see note 9).

The carrying amount that would have been included within the accounts had the investments been carried at historical cost is £308,625 but following a demerger from Flow Properties Limited, which company previously owned the properties, the initial "cost" to this company includes prior revaluation surpluses totally £196,375 and hence is £505,000.

Fair value at 30 April 2023 is represented by:

£

Valuation in 2023

92,000

Cost

505,000

597,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Prepayments

1,353

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Tax

957

Directors' current accounts

53,490

54,447

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

Profit for the period

78,968

78,968

Transfer of year's fair value

adjustment net of deferred tax

thereon

(74,520

)

74,520

-

At 30 April 2023

4,448

74,520

78,968