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REGISTERED NUMBER: 05726794 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SECOND AVENUE PORTFOLIO LIMITED

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794)






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


SECOND AVENUE PORTFOLIO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr N W Hudders
Mrs S E Hudders





SECRETARY: Gibson Whitter Secretaries Limited





REGISTERED OFFICE: Larch House
Parklands Business Park
Denmead
Hampshire
PO7 6XP





REGISTERED NUMBER: 05726794 (England and Wales)





ACCOUNTANTS: Gibson Whitter
Chartered Accountants
and Chartered Tax Advisers
Larch House
Parklands Business Park
Denmead
Hampshire
PO7 6XP

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32 212
Investments 5 13,000 13,000
Investment property 6 924,000 880,000
937,032 893,212

CURRENT ASSETS
Debtors 7 13,566 18,098
Cash at bank 76,749 64,415
90,315 82,513
CREDITORS
Amounts falling due within one year 8 78,749 134,726
NET CURRENT ASSETS/(LIABILITIES) 11,566 (52,213 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

948,598

840,999

PROVISIONS FOR LIABILITIES 9 81,068 72,742
NET ASSETS 867,530 768,257

CAPITAL AND RESERVES
Called up share capital 1 1
Non distributable funds 10 392,983 357,343
Retained earnings 10 474,546 410,913
SHAREHOLDERS' FUNDS 867,530 768,257

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794)

BALANCE SHEET - continued
31 MARCH 2023


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 and authorised for issue by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





Mr N W Hudders - Director


SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Second Avenue Portfolio 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 represents rental income in respect of properties owned or managed by the company. Rental income is recognised when the company obtains the right to consideration under the contractual agreement with the tenant.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on cost

Investment property
Investment property is carried at fair value determined annually by the directors using information available to them unless an external valuation has been provided during the financial period. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Investments
Investments in unlisted companies are carried at cost less any provision for impairment.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 4,452
Disposals (3,879 )
At 31 March 2023 573
DEPRECIATION
At 1 April 2022 4,240
Charge for year 181
Eliminated on disposal (3,880 )
At 31 March 2023 541
NET BOOK VALUE
At 31 March 2023 32
At 31 March 2022 212

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 13,000
NET BOOK VALUE
At 31 March 2023 13,000
At 31 March 2022 13,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 880,000
Revaluations 44,000
At 31 March 2023 924,000
NET BOOK VALUE
At 31 March 2023 924,000
At 31 March 2022 880,000

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2014 12,094
Valuation in 2015 18,433
Valuation in 2016 19,100
Valuation in 2017 7,400
Valuation in 2020 379,000
Valuation in 2023 44,000
Cost 443,973
924,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 443,973 443,973

Investment properties were valued on an open market basis basis on 31 March 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 10,417 15,035
Other debtors 3,149 3,063
13,566 18,098

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 9,393 94
Taxation and social security 18,102 15,758
Other creditors 51,254 118,874
78,749 134,726

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 81,068 72,742

Deferred
tax
£   
Balance at 1 April 2022 72,742
Charge to Income Statement during year 8,326
Balance at 31 March 2023 81,068

SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. RESERVES
Non
Retained distributable
earnings funds Totals
£    £    £   

At 1 April 2022 410,913 357,343 768,256
Profit for the year 99,273 - 99,273
Transfer (35,640 ) 35,640 -
At 31 March 2023 474,546 392,983 867,529

11. RELATED PARTY DISCLOSURES

The aggregate amount owed to the directors at the balance sheet date is £11,452 (31.3.22: £83,448).

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the trustees of Second Avenue Portfolio FURBS Trust.