ACCOUNTS - Final Accounts preparation

CREDITORS: Amounts falling due within one year

ACHILLES ASSET MANAGEMENT LTD - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-12-312021-12-312021-01-01false11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08330066 2021-01-01 2021-12-31 08330066 2020-01-01 2020-12-31 08330066 2021-12-31 08330066 2020-12-31 08330066 c:Director1 2021-01-01 2021-12-31 08330066 d:FreeholdInvestmentProperty 2021-12-31 08330066 d:FreeholdInvestmentProperty 2020-12-31 08330066 d:CurrentFinancialInstruments 2021-12-31 08330066 d:CurrentFinancialInstruments 2020-12-31 08330066 d:Non-currentFinancialInstruments 2021-12-31 08330066 d:Non-currentFinancialInstruments 2020-12-31 08330066 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08330066 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 08330066 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 08330066 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 08330066 d:ShareCapital 2021-12-31 08330066 d:ShareCapital 2020-12-31 08330066 d:RetainedEarningsAccumulatedLosses 2021-12-31 08330066 d:RetainedEarningsAccumulatedLosses 2020-12-31 08330066 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 08330066 d:TaxLossesCarry-forwardsDeferredTax 2020-12-31 08330066 c:OrdinaryShareClass1 2021-01-01 2021-12-31 08330066 c:OrdinaryShareClass1 2021-12-31 08330066 c:OrdinaryShareClass1 2020-12-31 08330066 c:FRS102 2021-01-01 2021-12-31 08330066 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 08330066 c:FullAccounts 2021-01-01 2021-12-31 08330066 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08330066

ACHILLES ASSET MANAGEMENT LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

ACHILLES ASSET MANAGEMENT LTD

REGISTERED NUMBER: 08330066

BALANCE SHEET

AS AT 31 DECEMBER 2021


	2021	2020
Note	£	£

Fixed assets
Investment property	4		450,000		450,000
			450,000		450,000
Current assets
Debtors: amounts falling due within one year	5	1,084		2,718
Cash at bank and in hand	6	1,462		941
		2,546		3,659
Creditors: amounts falling due within one year	7	(190,106)		(177,906)
Net current liabilities			(187,560)		(174,247)
Total assets less current liabilities			262,440		275,753
Creditors: amounts falling due after more than one year	8		(300,000)		(300,000)

Net liabilities			(37,560)		(24,247)

Capital and reserves
Called up share capital	10	1	1
Profit and loss account		(37,561)	(24,248)
		(37,560)	(24,247)

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ACHILLES ASSET MANAGEMENT LTD

REGISTERED NUMBER: 08330066

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Sofroniou

Director

Date: 22 April 2022

The notes on pages 3 to 8 form part of these financial statements.

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ACHILLES ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	GENERAL INFORMATION

Achilles Asset Management Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The registration number is 08330066 and the address of the registered office is 24 Old Bond Street, London, United Kingdom, W1S 4AP. This company is not part of a group.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The property was rented out for a portion of the year. However they did not make enough profit to cover the loan interest in the year. The company is dependent on the support of its director and the director has confirmed that this support will continue for the next 12 months therefore considers it appropriate to prepare the financial statements on a going concern basis.
The director has assessed the current and future effects of Covid-19 on the Company. It has been decided that as the Company has continued to trade during the pandemic and will continue to trade at a similar level, on this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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ACHILLES ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

CURRENT TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.7

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and the director. It derives from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

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ACHILLES ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.12

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

4.	INVESTMENT PROPERTY

		Freehold investment property
		£
	Valuation
	At 1 January 2021	450,000
	At 31 December 2021	450,000

The 2021 valuations were made by the director, on an open market value for existing use basis.


	At 31 December 2021

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2021	2020
	£	£

	Historic cost	462,500	462,500
		462,500	462,500

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ACHILLES ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

DEBTORS

					2021	2020
					£	£


Trade debtors	1,000	-
Prepayments and accrued income	84	-
Deferred taxation	-	2,718
	1,084	2,718

6.	CASH AND CASH EQUIVALENTS
		2021	2020
		£	£

Cash at bank and in hand	1,462	941
	1,462	941

Other creditors	182,165	165,231
Accruals and deferred income	7,941	12,675
	190,106	177,906

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ACHILLES ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

8.	CREDITORS: Amounts falling due after more than one year
		2021	2020
		£	£

Bank loans	300,000	300,000
	300,000	300,000

The company has given security over the assets of the company.

The following liabilities were secured:
	2021	2020
	£	£


Bank loans	300,000	300,000
	300,000	300,000

Details of security provided:

The company has given security over the assets of the company.

9.	DEFERRED TAXATION

		2021
		£

	At beginning of year	2,718
	Charged to profit or loss	(2,718)
	At end of year	-

The deferred tax asset is made up as follows:
	2021	2020
	£	£

	Losses carried forward	-	2,718
		-	2,718

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ACHILLES ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

10.	SHARE CAPITAL
		2021	2020
		£	£

Allotted, called up and fully paid

1 (2020 - 1) Ordinary share of £1.00	1	1

11.	RELATED PARTY TRANSACTIONS
	During the year the company maintained a loan account with the director. At the year end the amount owed to the director was £182,165 (2020 - £165,231). No interest is charged on the loan and it is repayable on demand.

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