Registered number
02935539
Cotton Avenue Limited
Filleted Accounts
30 June 2023
Cotton Avenue Limited
Registered number: 02935539
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,145,807 3,507,652
Investments 4 29,098 39,027
3,174,905 3,546,679
Current assets
Debtors 5 154,090 27,824
Cash at bank and in hand 122,015 132,508
276,105 160,332
Creditors: amounts falling due within one year 7 (67,357) (78,595)
Net current assets 208,748 81,737
Total assets less current liabilities 3,383,653 3,628,416
Creditors: amounts falling due after more than one year 8 (2,529,480) (2,791,426)
Net assets 854,173 836,990
Capital and reserves
Called up share capital 26,000 26,000
Share premium 20,000 20,000
Revaluation reserve 10 650,626 827,243
Profit and loss account 157,547 (36,253)
Shareholders' funds 854,173 836,990
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.
M Foster
Director
Approved by the board on 28 February 2024
Cotton Avenue Limited
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 the consideration received or receivable, net of discounts and value added taxes. 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Freehold buildings are maintained so as to extend their useful lives. Depreciation is therefore not provided as it is not material.
Plant and machinery 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2022 3,507,652 2,790 3,510,442
Additions 97,000 - 97,000
Disposals (458,845) - (458,845)
At 30 June 2023 3,145,807 2,790 3,148,597
Depreciation
At 1 July 2022 - 2,790 2,790
At 30 June 2023 - 2,790 2,790
Net book value
At 30 June 2023 3,145,807 - 3,145,807
At 30 June 2022 3,507,652 - 3,507,652
4 Investments
Other
investments
£
Cost
At 1 July 2022 39,027
Revaluation (7,096)
Disposals (2,833)
At 30 June 2023 29,098
5 Debtors 2023 2022
£ £
S455 debtor 36,779 22,641
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,759 5,183
Directors account 111,552 -
154,090 27,824
6 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments (7,100) 2,963
7 Creditors: amounts falling due within one year 2023 2022
£ £
Directors account - 54,414
Amounts owed to group undertakings and undertakings in which the company has a participating interest 14,138 -
Taxation and social security costs 41,819 9,581
Other creditors 11,400 14,600
67,357 78,595
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,529,480 2,791,426
9 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 2,791,426 2,791,426
10 Revaluation reserve 2023 2022
£ £
At 1 July 2022 827,243 827,243
Deferred taxation arising on the revaluation of land and buildings (176,617) -
At 30 June 2023 650,626 827,243
11 Other information
Cotton Avenue Limited is a private company limited by shares and incorporated in England. Its registered office is:
145-157 St John Street
London
EC1V 4PW
12 Fixed Asset Property Schedule
Cost Additions/Disposals C Forward
20 Ardnave Crescent (49%) 171,500 - 171,500
28 Guildford Park 445,000 - 445,000
72 Guildford Park 179,779 - 179,779
52 Haydon Place 490,000 - 490,000
84 Haydon Place 183,614 - 183,614
82 Haydon Place 458,845 (458,845) -
3 Nettles Terrace 122,500 - 122,500
Ground Rent Plantagenent Street 28,380 - 28,380
Flat 3 16 North Road 286,869 - 286,869
53 Cromwell Close 275,165 - 275,165
Bruton House 221,000 - 221,000
81 Richville Ground Floor 150,000 - 150,000
81 Richville First Floor 150,000 - 150,000
136 Mayfield 230,000 - 230,000
59C Howard Road 115,000 115,000
Ground Rent 27 Queens Road - 97,000 97,000
3,507,652 (361,845) 3,145,807
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