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REGISTERED NUMBER: 05325822 (England and Wales)







Unaudited Financial Statements for the Year Ended 31 January 2023

for

Azul Developments Ltd

Azul Developments Ltd (Registered number: 05325822)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Azul Developments Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTOR: P J Walters





SECRETARY: P J Walters





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY





REGISTERED NUMBER: 05325822 (England and Wales)





ACCOUNTANTS: Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY

Azul Developments Ltd (Registered number: 05325822)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 444 1,279
Investment property 5 3,400,000 3,400,000
3,400,444 3,401,279

CURRENT ASSETS
Debtors 6 7,349 3,470
Cash at bank 50,533 81,601
57,882 85,071
CREDITORS
Amounts falling due within one year 7 1,628,357 1,784,809
NET CURRENT LIABILITIES (1,570,475 ) (1,699,738 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,829,969 1,701,541

PROVISIONS FOR LIABILITIES 8 314,109 247,386
NET ASSETS 1,515,860 1,454,155

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 1,515,760 1,454,055
SHAREHOLDERS' FUNDS 1,515,860 1,454,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 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 29 September 2023 and were signed by:





P J Walters - Director


Azul Developments Ltd (Registered number: 05325822)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Azul Developments Ltd 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.

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 - 33.33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Azul Developments Ltd (Registered number: 05325822)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 February 2022
and 31 January 2023 3,320
DEPRECIATION
At 1 February 2022 2,041
Charge for year 835
At 31 January 2023 2,876
NET BOOK VALUE
At 31 January 2023 444
At 31 January 2022 1,279

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022
and 31 January 2023 3,400,000
NET BOOK VALUE
At 31 January 2023 3,400,000
At 31 January 2022 3,400,000

Fair value at 31 January 2023 is represented by:
£   
Valuation in 2008 (80,000 )
Valuation in 2020 1,380,754
Cost 2,099,246
3,400,000

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

31.1.23 31.1.22
£    £   
Cost 2,099,246 2,099,246

Investment property was valued on an open market basis on 31 January 2023 by directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 2,200 -
Other debtors - 1,202
VAT 2,569 621
Prepayments 2,580 1,647
7,349 3,470

Azul Developments Ltd (Registered number: 05325822)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade creditors 4,790 800
Tax 30,321 28,994
Other creditors 1,340,200 1,485,200
Directors' current accounts 251,891 268,765
Accrued expenses 1,155 1,050
1,628,357 1,784,809

8. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
£    £   
Deferred tax 314,109 247,386

Deferred
tax
£   
Balance at 1 February 2022 247,386
Provided during year 66,723
Balance at 31 January 2023 314,109

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 February 2022 1,454,055
Profit for the year 61,705
At 31 January 2023 1,515,760

Reserves includes £986,751.98 relating to revaluation of investment properties. This amount is non-distributable.