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COMPANY REGISTRATION NUMBER: 04978836
AIRE VALLEY PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2023
AIRE VALLEY PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
5,832,883
5,833,344
CURRENT ASSETS
Debtors
6
3,349,975
3,211,593
Cash at bank and in hand
74,092
148,520
------------
------------
3,424,067
3,360,113
CREDITORS: amounts falling due within one year
7
( 1,472,171)
( 1,352,738)
------------
------------
NET CURRENT ASSETS
1,951,896
2,007,375
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,784,779
7,840,719
CREDITORS: amounts falling due after more than one year
8
( 2,859,092)
( 3,003,949)
PROVISIONS
Taxation including deferred tax
( 356,836)
( 356,868)
------------
------------
NET ASSETS
4,568,851
4,479,902
------------
------------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
4,568,849
4,479,900
------------
------------
SHAREHOLDERS FUNDS
4,568,851
4,479,902
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AIRE VALLEY PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
C Moran
Director
Company registration number: 04978836
AIRE VALLEY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, West Yorkshire, LS1 4DJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of rents received,exclusive of Value Added Tax.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its open market value at each reporting date and any changes in value are recognised in the statement of income and retained earnings.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
41,812
39,218
Adjustments in respect of prior periods
516
( 589)
--------
--------
Total current tax
42,328
38,629
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 32)
( 117)
--------
--------
Tax on profit
42,296
38,512
--------
--------
5. TANGIBLE ASSETS
Investment Properties
Motor vehicles
Total
£
£
£
Valuation
At 1 December 2022 and 30 November 2023
5,831,500
5,830
5,837,330
------------
-------
------------
Depreciation
At 1 December 2022
3,986
3,986
Charge for the year
461
461
------------
-------
------------
At 30 November 2023
4,447
4,447
------------
-------
------------
Carrying amount
At 30 November 2023
5,831,500
1,383
5,832,883
------------
-------
------------
At 30 November 2022
5,831,500
1,844
5,833,344
------------
-------
------------
The investment properties have been valued on an open market basis by the director as at 30 November 2023.
6. DEBTORS
2023
2022
£
£
Other debtors
3,349,975
3,211,593
------------
------------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
240,908
131,715
Corporation tax
41,897
36,508
Social security and other taxes
837
2,338
Other creditors
123,030
146,184
Amounts due to related companies
978,189
978,189
Other creditors
87,310
57,804
------------
------------
1,472,171
1,352,738
------------
------------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,859,092
3,003,949
------------
------------