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Registration number: 10854520

Angelway Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Angelway Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Angelway Limited

Company Information

Directors

Ms P Chai

Mrs A Francis

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Angelway Limited

(Registration number: 10854520)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

490,442

 

459,952

Investment property

5

 

15,525,000

 

15,525,000

   

16,015,442

 

15,984,952

Current assets

   

 

Debtors

6

29,093

 

23,963

 

Cash at bank and in hand

 

7,103

 

23,764

 

 

36,196

 

47,727

 

Creditors: Amounts falling due within one year

7

(1,260,848)

 

(1,187,428)

 

Net current liabilities

   

(1,224,652)

 

(1,139,701)

Total assets less current liabilities

   

14,790,790

 

14,845,251

Creditors: Amounts falling due after more than one year

7

 

(46,314)

 

(41,316)

Net assets

   

14,744,476

 

14,803,935

Capital and reserves

   

 

Called up share capital

100

 

100

 

Other reserves

15,525,000

 

15,525,000

 

Retained earnings

(780,624)

 

(721,165)

 

Shareholders' funds

   

14,744,476

 

14,803,935

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

 

Angelway Limited

(Registration number: 10854520)
Balance Sheet as at 31 March 2023

.........................................
Mrs A Francis
Director

 

Angelway Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Angelway Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property Improvements

10% Straight line method

Furniture, Fittings and Equipment

20% Straight line method

Motor Vehicles

20% Reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Angelway Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Angelway Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

457,709

97,934

19,840

575,483

Additions

72,435

20,873

11,809

105,117

At 31 March 2023

530,144

118,807

31,649

680,600

Depreciation

At 1 April 2022

60,492

45,265

9,774

115,531

Charge for the year

49,704

20,548

4,375

74,627

At 31 March 2023

110,196

65,813

14,149

190,158

Carrying amount

At 31 March 2023

419,948

52,994

17,500

490,442

At 31 March 2022

397,217

52,669

10,066

459,952

5

Investment properties

2023
£

At 1 April

15,525,000

At 31 March

15,525,000

There has been no valuation of investment property by an independent valuer. The directors consider the value of investment properties at the year end to be unchanged from its cost at acquisition.

6

Debtors

2023
£

2022
£

Trade debtors

26,594

463

Prepayments

2,121

3,705

Other debtors

378

19,795

 

29,093

23,963

 

Angelway Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,795

2,200

Trade creditors

 

97,711

39,076

Taxation and social security

 

3,844

8,337

Accruals and deferred income

 

50,816

51,362

Other creditors

 

1,102,682

1,086,453

 

1,260,848

1,187,428

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

46,314

41,316

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

27,583

34,166

Hire purchase contracts

18,731

7,150

46,314

41,316

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

5,795

2,200

The hire purchase liabilities are secured on the assets concerned.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,969 (2022 - £60,655).

 

Angelway Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Directors' guarantees

During the year the company entered into the following guarantee on behalf of the directors:

The company had provided security for borrowings by way of a charge over company land and buildings. The maximum liability that may be incurred by the company is £8,200,000 (2022 - £8,200,000).

11

Transition to FRS 102 section 1A

This is the first year that the company has presented its financial statements under FRS 102 section 1A. Following transition to FRS 102 section 1A, no comparative figures were identified to be restated. As a result, it was not deemed necessary to present tables reconciling the transition within these financial statements. The date of the transition to FRS 102 section 1A was 1st April 2021.