Awardprop Limited - Accounts to registrar (filleted) - small 23.2.5
Awardprop Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
| FOR |
| AWARDPROP LIMITED |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| AWARDPROP LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 105 Eade Road |
| OCC Building A |
| 2nd Floor Unit 11D |
| London |
| N4 1TJ |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| As restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 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 | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| BALANCE SHEET - continued |
| 31 MARCH 2023 |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | STATUTORY INFORMATION |
| Awardprop Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below: |
| The company's investment properties are valued by the directors. The valuation of the company's properties is inherently subjective, depending on many factors, including the individual nature of the property, its location and expected future net rental value, market yield and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| 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 or loss. |
| Taxation |
| 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. |
| 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. |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 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. |
| Fixed assets |
| Fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
| Depreciation |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life |
| Office equipment | - 25% reducing balance |
| Fixtures and fittings | - 25% reducing balance |
| Computer equipment | - 25% reducing balance |
| Investments |
| Investments in quoted companies are measured at fair value with changes in fair value being recognised in profit or loss. |
| Gift aid payments to parent charities |
| The company pays its taxable profits for the reporting period to its parent charities under the gift aid scheme. These gift aid payments are recognised as distributions to owners in equity within retained earnings. Gift aid payments are recognised in the reporting period that the payments are made. The final gift aid payment is planned to be made within 9 months of the end of the reporting date. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2022 - NIL). |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Investment | Office | and | Computer |
| property | equipment | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 April 2022 |
| Revaluations |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| The investments are listed on a recognised stock exchange and valued with reference to published prices. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| As restated |
| £ | £ |
| Other debtors |
| Other debtors include amounts of £825,604 (2022: £769,177) due from companies which have directors in common with the company. |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| As restated |
| £ | £ |
| Bank loans |
| Other creditors |
| Other creditors include amounts of £90,945 (2022: £90,945) owed to a company which has directors in common with the company. |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| As restated |
| £ | £ |
| Bank loans |
| The bank loan is secured by legal charges over the assets of the company and is repayable in 2026. |
| 10. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| As restated |
| £ | £ |
| Deferred tax | 3,740,000 | 3,740,000 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 |
| Balance at 31 March 2023 |
| The provision for deferred tax is in relation to timing differences in respect of the revaluation of investment properties. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 12. | RELATED PARTY DISCLOSURES |
| Other than the amounts disclosed elsewhere in the financial statements, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102. |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 13. | PRIOR YEAR ADJUSTMENT |
| A prior year adjustment arises to correct errors reported in prior years. The adjustments to the financial statements to reflect the changes are set out below. |
| Investment properties: |
| The financial statements of the company to 31 March 2023 show the properties held by the company as fixed assets rather than trading stock. During the course of the year, the directors were advised that in previous years the properties had been erroneously held as trading stock rather than as fixed assets. The directors have sought to correct this position. |
| The directors have confirmed that the properties have been held as investment assets for at least thirty years and the company has been run on this basis throughout this period. |
| It should be noted that the company has not sold a property or marketed a property for sale in the last thirty years. Furthermore, the directors confirm that the company strategy has been to hold the properties with a view to receiving rental income and long-term capital growth. |
| This financial statements have therefore been prepared on the basis that the properties owned by the company are held as investment assets rather than as stock in trade and this has been the case for at least the last thirty years. The financial statements of the company have been amended to appropriate the properties from stock in trade to fixed assets. |
| Deferred tax on unrealised gains and losses: |
| Previously no deferred tax arose on the company's properties as there was no timing differences between the accounting and tax treatment of any movements in carrying value. Under FRS102, deferred tax is recognised on the difference between cost for tax purposes and the fair value of the company's investment properties, with movements recorded in the profit and loss account. |
| AWARDPROP LIMITED (REGISTERED NUMBER: 01594348) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Reconciliation of Equity |
| As at 1 April 2021 | As at 31 March 2022 |
| As previously stated |
Effect of prior year adjustment |
As restated |
As previously stated |
Effect of prior year adjustment |
As restated |
| £ | £ | £ | £ | £ | £ |
| Fixed assets | 7,262 | 16,505,000 | 16,512,262 | 5,430 | 16,505,000 | 16,510,430 |
| Current assets | 1,902,348 | (716,443 | ) | 1,185,905 | 1,895,084 | (716,443 | ) | 1,178,641 |
| Creditors: amounts falling due within one year |
(125,925 |
) |
- |
(125,925 |
) |
(128,802 |
) |
- |
(128,802 |
) |
| Net current assets |
1,776,423 |
(716,443 |
) |
1,059,980 |
1,766,282 |
(716,443 |
) |
1,049,839 |
| Total assets less current liabilities |
1,783,685 |
15,788,557 |
17,572,242 |
1,771,712 |
15,788,557 |
17,560,269 |
| Creditors: amounts falling due after more than one year |
(636,311 |
) |
- |
(636,311 |
) |
(606,162 |
) |
- |
(606,162 |
) |
| Provisions - deferred tax |
- |
(3,740,000 |
) |
(3,740,000 |
) |
- |
(3,740,000 |
) |
(3,740,000 |
) |
| Net assets | 1,147,374 | 12,048,557 | 13,195,931 | 1,165,550 | 12,048,557 | 13,214,107 |
| Capital and reserves |
1,147,374 |
12,048,557 |
13,195,931 |
1,165,550 |
12,048,557 |
13,214,107 |