Company Registration No. 08617169 (England and Wales)
YORK AVENUE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
YORK AVENUE INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
YORK AVENUE INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
710,000
775,000
Current assets
Trade and other receivables
5
145
147
Cash and cash equivalents
2,130
4,900
2,275
5,047
Current liabilities
6
(165,570)
(84,222)
Net current liabilities
(163,295)
(79,175)
Total assets less current liabilities
546,705
695,825
Non-current liabilities
7
(249,926)
(353,206)
Provisions for liabilities
(42,213)
(55,168)
Net assets
254,566
287,451
Equity
Called up share capital
18
18
Non-distributable profits reserve
8
184,343
235,043
Distributable retained earnings
70,205
52,390
Total equity
254,566
287,451
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 3 April 2024
Mr A L Sherwood
Director
Company Registration No. 08617169
YORK AVENUE INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
York Avenue Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Little Globe, 153 Edward Street, Brighton, East Sussex, BN2 0JG.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
2.2
Revenue
Turnover represents rental income receivable.
2.3
Property, plant and equipment
Fixed assets are depreciated at the following rates:
Investment property - none
2.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
2.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
YORK AVENUE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2
Accounting policies
(Continued)
- 3 -
2.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
YORK AVENUE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
2
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Investment property
2023
£
Fair value
At 1 August 2022
775,000
Revaluations
(65,000)
At 31 July 2023
710,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
145
147
YORK AVENUE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
6
Current liabilities
2023
2022
£
£
Bank loans
2,959
5,881
Taxation and social security
2,833
Other payables
159,778
78,341
165,570
84,222
7
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
249,926
353,206
The bank loan is secured by fixed and floating charges over the assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
239,219
331,985
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
235,043
262,999
Non distributable profits in the year
(50,700)
(27,956)
At the end of the year
184,343
235,043