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COMPANY REGISTRATION NUMBER: 00816584
AVANTI PROPERTY DEVELOPMENTS LTD.
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
25 March 2023
AVANTI PROPERTY DEVELOPMENTS LTD.
STATEMENT OF FINANCIAL POSITION
25 March 2023
25 Mar 23
27 Mar 22
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,049,703
961,211
CURRENT ASSETS
Stocks
297,847
297,847
Debtors
6
2,300
Cash at bank and in hand
400,021
394,163
---------
---------
700,168
692,010
CREDITORS: amounts falling due within one year
7
( 631,185)
( 529,496)
---------
---------
NET CURRENT ASSETS
68,983
162,514
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,118,686
1,123,725
CREDITORS: amounts falling due after more than one year
8
( 1,058,506)
( 1,064,350)
------------
------------
NET ASSETS
60,180
59,375
------------
------------
CAPITAL AND RESERVES
Called up share capital
1,505
1,505
Profit and loss account
58,675
57,870
--------
--------
SHAREHOLDERS FUNDS
60,180
59,375
--------
--------
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 period ending 25 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 financial statements for the period 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 .
AVANTI PROPERTY DEVELOPMENTS LTD.
STATEMENT OF FINANCIAL POSITION (continued)
25 March 2023
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
L Gentile
Director
Company registration number: 00816584
AVANTI PROPERTY DEVELOPMENTS LTD.
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 28 MARCH 2022 TO 25 MARCH 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 2 Wimborne Drive, Keighley, BD21 2TR.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property
-
4% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line
Investment property
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises the development costs excluding interest. Development costs include infrastructure costs and costs of flats built.
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/(LOSS)
Major components of tax (income)/expense
Period from
Period from
28 Mar 22 to
29 Mar 21 to
25 Mar 23
27 Mar 22
£
£
Current tax:
Adjustments in respect of prior periods
( 38)
6,892
Deferred tax:
Origination and reversal of timing differences
( 1,285)
----
-------
Tax on profit/(loss)
( 38)
5,607
----
-------
5. TANGIBLE ASSETS
Freehold property
Investment property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 28 March 2022
106,404
903,663
15,875
560
1,026,502
Additions
91,668
91,668
---------
---------
--------
----
------------
At 25 March 2023
106,404
995,331
15,875
560
1,118,170
---------
---------
--------
----
------------
Depreciation
At 28 March 2022
53,200
11,531
560
65,291
Charge for the period
3,176
3,176
---------
---------
--------
----
------------
At 25 March 2023
53,200
14,707
560
68,467
---------
---------
--------
----
------------
Carrying amount
At 25 March 2023
53,204
995,331
1,168
1,049,703
---------
---------
--------
----
------------
At 27 March 2022
53,204
903,663
4,344
961,211
---------
---------
--------
----
------------
.
6. DEBTORS
25 Mar 23
27 Mar 22
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,300
-------
----
7. CREDITORS: amounts falling due within one year
25 Mar 23
27 Mar 22
£
£
Bank loans and overdrafts
156,901
69,491
Trade creditors
16,550
Corporation tax
163
Social security and other taxes
27,641
27,641
Amounts due to related companies
39,300
35,450
Other creditors
390,630
396,914
---------
---------
631,185
529,496
---------
---------
8. CREDITORS: amounts falling due after more than one year
25 Mar 23
27 Mar 22
£
£
Bank loans and overdrafts
1,058,506
1,064,350
------------
------------