REGISTERED NUMBER: 06996963 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st August 2018

for

Acres Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTOR:

S Holmes

REGISTERED OFFICE:

C/O Hewson & Howson

8 Shepcote Office Village

Shepcote lane

Sheffield

South Yorkshire

S9 1TG

REGISTERED NUMBER:

06996963 (England and Wales)

ACCOUNTANTS:

Hewson & Howson

8 Shepcote Office Village

Shepcote Lane

Sheffield

South Yorkshire

S9 1TG

FIXED ASSETS

Investment property

3

360,000

360,000

CURRENT ASSETS

Debtors

4

39,409

37,800

Cash at bank

5,526

4,469

44,935

42,269

CREDITORS

Amounts falling due within one year

5

176,419

152,876

NET CURRENT LIABILITIES

(131,484

)

(110,607

)

TOTAL ASSETS LESS CURRENT LIABILITIES

228,516

249,393

CREDITORS

Amounts falling due after more than one year

6

213,372

212,970

NET ASSETS

15,144

36,423

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

15,142

36,421

SHAREHOLDERS' FUNDS

15,144

36,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 24th April 2019 and were signed by:

S Holmes - Director

1.	STATUTORY INFORMATION

Acres 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

The Investment Property is shown at its most recent valuation. Any aggregate surplus is taken to a revaluation

reserve, and any aggregate deficit is taken to the Profit and Loss account.

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 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 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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st September 2017

and 31st August 2018

360,000

NET BOOK VALUE

At 31st August 2018

360,000

At 31st August 2017

360,000

Fair value at 31st August 2018 is represented by:

£

Valuation in 2012

450,000

Valuation in 2014

(50,000

)

Valuation in 2017

(40,000

)

360,000

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

31.8.18

31.8.17

£

£

Cost

471,150

471,150

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

37,800

37,800

Other debtors

1,609

-

39,409

37,800

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade creditors

21,383

6,000

Taxation and social security

36

36

Other creditors

155,000

146,840

176,419

152,876

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Other creditors

213,372

212,970

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.18

31.8.17

£

£

Loan by CTS Limited

213,372

212,970

Directors' loans

150,000

145,000

363,372

357,970

The loans owing to Community Training Services Limited (CTS Limited) and to the company directors are

secured by separate debentures over the assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

2

Ordinary

£1

2

2

9.	RELATED PARTY DISCLOSURES

Other creditors includes £150,000 (2017 - £145,000) owing to the directors.

The company operates a loan account with Community Training Services Limited, a company which is under

common control. At the balance sheet date the company owed Community Training Services Limited £213,372

(2017 - £212,970). This amount is included within other creditors.

Community Training Services Limited also owed the company £37,800 (2017: £37,800). This is included within

trade debtors.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st August 2018 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Hewson & Howson

8 Shepcote Office Village

Shepcote Lane

Sheffield

South Yorkshire

S9 1TG

24th April 2019