Company Registration No. 13384361 (England and Wales)
AVF RE LONDON 1 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AVF RE LONDON 1 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AVF RE LONDON 1 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
25,000,000
25,720,567
Investments
4
1
1
25,000,001
25,720,568
Current assets
Debtors
5
679,170
279,653
Cash at bank and in hand
366,156
3,094
1,045,326
282,747
Creditors: amounts falling due within one year
6
(259,162)
(76,457)
Net current assets
786,164
206,290
Total assets less current liabilities
25,786,165
25,926,858
Creditors: amounts falling due after more than one year
7
(26,080,417)
(25,720,854)
Net (liabilities)/assets
(294,252)
206,004
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(294,253)
206,003
Total equity
(294,252)
206,004

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have 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.

AVF RE LONDON 1 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
S Riepenhof
Director
Company Registration No. 13384361
AVF RE LONDON 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

AVF RE London 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11/15 William Road, London, United Kingdom, NW1 3ER.

1.1
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 investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company has taken a loan from the parent company to purchase the investment property. However, the current market value of the property is less than the loan amount. trueAt the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The validity of this assumption is on the basis of that the company will continue to be supported by the parent company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The accounts relate to year ended 31 December 2022. The comparative figures relate to the period from 10 May 2021 (date of incorporation) to 31 December 2021.

1.4
Turnover

Turnover represents rental income arising from Investment properties. Rental income is recognised on an accruals basis and net of VAT.

1.5
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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

AVF RE LONDON 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.8
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 balance sheet 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 debtors 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 creditors and loans from fellow group companies 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.

 

Trade creditors are obligations to pay for 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

2
Employees

There were no employees during the current year or previous period.

AVF RE LONDON 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Investment property
2022
£
Fair value
At 1 January 2022
25,720,568
Additions
16,490
Revaluations
(737,058)
At 31 December 2022
25,000,000

The fair value of the investment property has been arrived on the basis of valuation carried out on 31 July 2023.

 

On a historical costs basis the property has an original cost of £25,737,058 (2022: £25,720,568)

4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2022 & 31 December 2022
1
Carrying amount
At 31 December 2022
1
At 31 December 2021
1
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
524,159
175,361
Other debtors
147,204
91,858
Prepayments
7,807
12,434
679,170
279,653
AVF RE LONDON 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
-
0
1,050
Corporation tax
104,765
48,382
Other taxation and social security
32,577
-
0
Other creditors
32,782
12,965
Accruals and deferred income
89,038
14,060
259,162
76,457
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings
25,960,417
25,600,854
Other creditors
120,000
120,000
26,080,417
25,720,854

The long-term intercompany loans are secured by fixed charges over the investment properties.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
25,960,417
25,600,854
8
Related party transactions

Other creditors includes an amount of £18,555 (2021: £5,955) due to Tranquilitati Real Estate GMBH, a company under the control of one of the directors.

2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityP BrownS Riepenhoffalse0133843612022-01-012022-12-31133843612022-12-31133843612021-12-3113384361core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113384361core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3113384361core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3113384361core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3113384361core:CurrentFinancialInstruments2022-12-3113384361core:CurrentFinancialInstruments2021-12-3113384361core:Non-currentFinancialInstruments2022-12-3113384361core:Non-currentFinancialInstruments2021-12-3113384361core:ShareCapital2022-12-3113384361core:ShareCapital2021-12-3113384361core:RetainedEarningsAccumulatedLosses2022-12-3113384361core:RetainedEarningsAccumulatedLosses2021-12-3113384361bus:Director22022-01-012022-12-31133843612021-12-3113384361core:Non-currentFinancialInstruments12022-12-3113384361core:Non-currentFinancialInstruments12021-12-3113384361bus:PrivateLimitedCompanyLtd2022-01-012022-12-3113384361bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3113384361bus:FRS1022022-01-012022-12-3113384361bus:AuditExemptWithAccountantsReport2022-01-012022-12-3113384361bus:Director12022-01-012022-12-3113384361bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP