Company Registration No. 11583245 (England and Wales)
Avance Property Limited
Unaudited accounts
for the year ended 31 August 2023
Avance Property Limited
Unaudited accounts
Contents
Avance Property Limited
Company Information
for the year ended 31 August 2023
Company Number
11583245 (England and Wales)
Registered Office
First Floor
85 Great Portland Street
London
W1W 7LT
England
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Avance Property Limited
Accountants' report
Accountants' report to the director of Avance Property Limited on the preparation of the unaudited statutory accounts for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Avance Property Limited for the year ended
31 August 2023 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Avance Property Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Avance Property Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avance Property Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Avance Property Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Avance Property Limited. You consider that Avance Property Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Avance Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
25 January 2024
Avance Property Limited
Statement of financial position
as at 31 August 2023
Tangible assets
2,665
4,284
Investment property
362,335
323,216
Cash at bank and in hand
3,086
3,720
Creditors: amounts falling due within one year
(100,803)
(114,799)
Net current liabilities
(97,717)
(111,079)
Total assets less current liabilities
267,283
216,421
Creditors: amounts falling due after more than one year
(205,386)
(210,329)
Called up share capital
100
100
Revaluation reserve
66,299
27,180
Profit and loss account
(4,502)
(21,188)
Shareholders' funds
61,897
6,092
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 April 2024 and were signed on its behalf by
Scott Whitbread
Director
Company Registration No. 11583245
Avance Property Limited
Notes to the Accounts
for the year ended 31 August 2023
Avance Property Limited is a private company, limited by shares, registered in England and Wales, registration number 11583245. The registered office is First Floor, 85 Great Portland Street, London, W1W 7LT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
Between 20% and 33% on cost
Avance Property Limited
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 September 2022
323,216
Net gain from fair value adjustments
39,119
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
106
-
Loans from directors
99,601
113,703
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
205,386
210,329
Aggregate of amounts that fall due for payment after five years
-
210,329
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).