Company registration number 11164832 (England and Wales)
54 BISHOPS AVENUE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
54 BISHOPS AVENUE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
54 BISHOPS AVENUE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
38,193,034
25,626,834
Debtors
3
3,075,825
2,230,535
Cash at bank and in hand
312,159
625,449
41,581,018
28,482,818
Creditors: amounts falling due within one year
4
(7,948,845)
(35,649,254)
Net current assets/(liabilities)
33,632,173
(7,166,436)
Creditors: amounts falling due after more than one year
5
(42,466,634)
-
0
Net liabilities
(8,834,461)
(7,166,436)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(8,834,463)
(7,166,438)
Total equity
(8,834,461)
(7,166,436)

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 2023 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.

The financial statements were approved by the board of directors and authorised for issue on 2 April 2024 and are signed on its behalf by:
A M M Al Tajir
Director
Company registration number 11164832 (England and Wales)
54 BISHOPS AVENUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

54 Bishops Avenue Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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 presented 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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is supported by a development loan from a third party shown at note 5 and loans from its shareholders, shown at note 4. Having secured this development loan to fully fund a large scale property development project and given the shareholders have no intention to withdraw their financial support, the directors believe the company has financial funding available to meet its liabilities for the coming 12 months.

 

The directors expect the property development project to yield profits when finalised and that the amount recognised in stock for the costs involved in the property development project hold a significantly greater market value.

 

Based on the above and the directors belief the company will meet its liabilities for the coming 12 months, the financial statements have been prepared on the going concern basis.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises property held for development and, where applicable, fees and overheads associated with the purchase and development of the property.

 

Interest and finance costs in respect of borrowings are classified as either general borrowings and expensed to the profit or loss account or specific borrowings and included in the cost of property held for development. Borrowings are classified as specific borrowings at the point that sufficient finance is obtained to complete the associated development project in full. All other borrowings before this point are classified as general borrowings.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

54 BISHOPS AVENUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.5
Taxation

The tax expense represents the sum of deferred tax.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
538,586
695,380
Deferred tax asset
2,537,239
1,535,155
3,075,825
2,230,535
54 BISHOPS AVENUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
24,000,000
Trade creditors
494,693
2,216,834
Other creditors
7,454,152
9,432,420
7,948,845
35,649,254

Bank loans above are secured by fixed and floating charges over the property included in stocks.

 

Other creditors includes a loan of £nil (2022 - £2,710,422) which has a fixed and floating charge over the property included in stocks and is personally guaranteed by the directors.

 

 

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
42,466,634
-
0

Bank loans above are secured by way of a fixed and floating charge over the property included in stocks.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
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