REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
AVTONE PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
AVTONE PROPERTIES LIMITED |
AVTONE PROPERTIES LIMITED (REGISTERED NUMBER: 08332346) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
AVTONE PROPERTIES LIMITED |
COMPANY INFORMATION |
for the year ended 31 July 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
AVTONE PROPERTIES LIMITED (REGISTERED NUMBER: 08332346) |
ABRIDGED BALANCE SHEET |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
AVTONE PROPERTIES LIMITED (REGISTERED NUMBER: 08332346) |
ABRIDGED BALANCE SHEET - continued |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
AVTONE PROPERTIES LIMITED (REGISTERED NUMBER: 08332346) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Avtone Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis as it has the continued support of its directors and shareholders. |
Turnover |
Turnover comprises rental and service charge income, excluding Value Added Tax, which is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
AVTONE PROPERTIES LIMITED (REGISTERED NUMBER: 08332346) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
AVTONE PROPERTIES LIMITED (REGISTERED NUMBER: 08332346) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 | 22,553 |
DEPRECIATION |
At 1 August 2022 | 13,021 |
Charge for year | 2,383 |
At 31 July 2023 | 15,404 |
NET BOOK VALUE |
At 31 July 2023 | 7,149 |
At 31 July 2022 | 9,532 |
AVTONE PROPERTIES LIMITED (REGISTERED NUMBER: 08332346) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 | 100 |
NET BOOK VALUE |
At 31 July 2023 | 100 |
At 31 July 2022 | 100 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Additions |
Revaluations | (26,574 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
In the opinion of the directors, Investment property is stated at fair value as at 31 July 2023. Investment property includes properties which are currently under construction. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans |
9. | SECURED DEBTS |
The bank loan and debt relating to hire purchase contracts are secured by way of a fixed and floating charge over the assets to which they relates. |
AVTONE PROPERTIES LIMITED (REGISTERED NUMBER: 08332346) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed £5,314 (2022: £6,783) to Aviram Properties Limited and was owed £75,500 (2022: £75,500) by Avitech Investments Limited, both companies connected by virtue of common control and close family members. |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |