Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseProperty development22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09257220 2022-11-01 2023-10-31 09257220 2021-11-01 2022-10-31 09257220 2023-10-31 09257220 2022-10-31 09257220 c:Director1 2022-11-01 2023-10-31 09257220 d:CurrentFinancialInstruments 2023-10-31 09257220 d:CurrentFinancialInstruments 2022-10-31 09257220 d:Non-currentFinancialInstruments 2023-10-31 09257220 d:Non-currentFinancialInstruments 2022-10-31 09257220 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09257220 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 09257220 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 09257220 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 09257220 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 09257220 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 09257220 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 09257220 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 09257220 d:ShareCapital 2023-10-31 09257220 d:ShareCapital 2022-10-31 09257220 d:RetainedEarningsAccumulatedLosses 2023-10-31 09257220 d:RetainedEarningsAccumulatedLosses 2022-10-31 09257220 c:FRS102 2022-11-01 2023-10-31 09257220 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 09257220 c:FullAccounts 2022-11-01 2023-10-31 09257220 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Registered number: 09257220






OLD AVENUE NO.1 LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










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OLD AVENUE NO.1 LIMITED
REGISTERED NUMBER:09257220

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
30,622,794
22,942,181

Debtors: amounts falling due within one year
 5 
19,113
101,403

Cash at bank and in hand
 6 
43,266
204,100

  
30,685,173
23,247,684

Creditors: amounts falling due within one year
 7 
(27,129,854)
(5,114,146)

Net current assets
  
 
 
3,555,319
 
 
18,133,538

Total assets less current liabilities
  
3,555,319
18,133,538

Creditors: amounts falling due after more than one year
 8 
(520,177)
(15,100,324)

  

Net assets
  
3,035,142
3,033,214


Capital and reserves
  

Called up share capital 
  
3,096,269
3,096,269

Profit and loss account
  
(61,127)
(63,055)

  
3,035,142
3,033,214


Page 1

 
OLD AVENUE NO.1 LIMITED
REGISTERED NUMBER:09257220
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider 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 directors acknowledge their 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: 




R S Anderson
Director

Date: 11 March 2024

Page 2

 
OLD AVENUE NO.1 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Old Avenue No.1 Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of property development.

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 following principal accounting policies have been applied:

 
2.2

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

 
2.3

Stocks

Land and property held for development and sale are stated at the lower of cost and estimated selling price less any further costs to be incurred to completion and disposal. Cost is defined as actual purchase price plus development expenditure and related borrowing costs.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.4

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.

 
2.5

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.

 
2.6

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.

Page 3

 
OLD AVENUE NO.1 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 -2).

Page 4

 
OLD AVENUE NO.1 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
30,622,794
22,942,181

30,622,794
22,942,181


The carrying amount of inventories includes capitalised interest of £5,276,430 (2022: £3,627,972).


5.


Debtors

2023
2022
£
£


Other debtors
19,113
101,403

19,113
101,403



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
43,266
204,100

43,266
204,100



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
21,611,284
-

Trade creditors
665,507
244,320

Other creditors
4,850,663
4,854,326

Accruals and deferred income
2,400
15,500

27,129,854
5,114,146


There is a fixed and floating charge over the freehold property which is held for development and sale by the company.

Page 5

 
OLD AVENUE NO.1 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
520,177
15,100,324

520,177
15,100,324


There is a fixed and floating charge over the freehold property which is held for development and sale by the company.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
21,611,284
-

Amounts falling due 1-2 years

Other loans
-
14,580,147

Amounts falling due 2-5 years

Other loans
520,177
520,177


22,131,461
15,100,324


 
Page 6