Advanship Investments Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 00710528 (England and Wales)
Advanship Investments Limited
Company Information
Directors
R.I. Barden
D. Gleek
D. Bloom
Company number
00710528
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Advanship Investments Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Advanship Investments Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,180,000
1,180,000
Current assets
Debtors
5
1,401
3,398
Cash at bank and in hand
204,161
170,512
205,562
173,910
Creditors: amounts falling due within one year
6
(26,783)
(25,717)
Net current assets
178,779
148,193
Total assets less current liabilities
1,358,779
1,328,193
Provisions for liabilities
(142,046)
(142,046)
Net assets
1,216,733
1,186,147
Capital and reserves
Called up share capital
8
100
100
Capital redemption reserve
1,000
1,000
Profit and loss reserves
1,215,633
1,185,047
Total equity
1,216,733
1,186,147
Advanship Investments Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
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 27 August 2024 and are signed on its behalf by:
R.I. Barden
Director
Company Registration No. 00710528
Advanship Investments Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Advanship Investments Limited is a private company limited by shares which is domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents received net of value added tax.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Advanship Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
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. 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 assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 4).
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
9,546
9,223
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,180,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 December 2013 by Strettons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe this valuation to still be correct as at 31 December 2022. The original cost of the property was £27,242.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,010
Prepayments and accrued income
391
3,398
1,401
3,398
Advanship Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
9,546
9,223
Other creditors
17,237
16,494
26,783
25,717
7
Provisions for liabilities
2023
2022
£
£
Deferred tax provision
142,046
142,046
142,046
142,046
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of 50p each
100
100
9
Related party transactions
2023
2022
£
£
Dividends paid to directors
3,333
3,000
During the year dividends were paid to 1 (2022: 1) director.
10
Controlling party
There is no ultimate controlling party.