Avens Estates Ltd
Registered number: 05145085
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,414,649 1,414,649
Current assets
Debtors 4 342,348 332,945
Cash at bank and in hand 83,160 105,675
425,508 438,620
Creditors: amounts falling due within one year 5 (5,734) (12,858)
Net current assets 419,774 425,762
Total assets less current liabilities 1,834,423 1,840,411
Creditors: amounts falling due after more than one year 6 (984,678) (984,678)
Provisions for liabilities (133,000) (133,000)
Net assets 716,745 722,733
Capital and reserves
Called up share capital 100 100
Profit and loss account 716,645 722,633
Shareholders' funds 716,745 722,733
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Patel
Director
Approved by the board on 12 February 2024
Avens Estates Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of rents receivable. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Investment Properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The methods and significant assumptions used to acertain the fair value at the balance sheet date and fair value movement included in the profit for the year are as follows:
Properties are valued using open market valuation on freehold basis, conducted by the directors with assistance from local estate agents.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2022 1,414,649
At 30 June 2023 1,414,649
Depreciation
At 30 June 2023 -
Net book value
At 30 June 2023 1,414,649
At 30 June 2022 1,414,649
The investment property was revalued during the reporting period, by directors with the assistance of local estate agents and online tools based on market values being achieved on similar properties in the surrounding areas.
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 341,532 332,129
Other debtors 816 816
342,348 332,945
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax - 3,324
Other taxes and social security costs - 1,470
Other creditors 5,734 8,064
5,734 12,858
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 984,678 984,678
7 Controlling party
The company is a wholly owned subsidiary of Estate Construction Ltd, a company registered in England and Wales
8 Other information
Avens Estates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Salmon Street
London
NW9 8PP
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