Company registration number 13668200 (England and Wales)
ARDVERNIS PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ARDVERNIS PROPERTIES LTD
COMPANY INFORMATION
Director
S Herbison
Company number
13668200
Registered office
10-11 Clerkenwell Green
London
England
EC1R 0DP
Accountants
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
ARDVERNIS PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ARDVERNIS PROPERTIES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
92,632
109,298
Tangible assets
4
9,900
-
0
Investment property
5
1,781,990
2,053,074
1,884,522
2,162,372
Current assets
Debtors
6
176,431
-
0
Cash at bank and in hand
1,187
1,065
177,618
1,065
Creditors: amounts falling due within one year
7
(479,672)
(2,544,591)
Net current liabilities
(302,054)
(2,543,526)
Net assets/(liabilities)
1,582,468
(381,154)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,582,368
(381,254)
Total equity
1,582,468
(381,154)

The director of the company has 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 and signed by the director and authorised for issue on 4 September 2024
S Herbison
Director
Company registration number 13668200 (England and Wales)
ARDVERNIS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Ardvernis Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.

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 prepared 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

 

Turnover relates to rental charges.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ARDVERNIS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from connected parties measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ARDVERNIS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
125,964
Amortisation and impairment
At 1 January 2023
16,666
Amortisation charged for the year
16,666
At 31 December 2023
33,332
Carrying amount
At 31 December 2023
92,632
At 31 December 2022
109,298
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
-
0
Additions
10,800
At 31 December 2023
10,800
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the year
900
At 31 December 2023
900
Carrying amount
At 31 December 2023
9,900
At 31 December 2022
-
0
ARDVERNIS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Investment property
2023
£
Fair value
At 1 January 2023
2,053,074
Additions
30,080
Disposals
(301,164)
At 31 December 2023
1,781,990

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by independent third party experts. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
176,431
-
0
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
458,497
458,000
Trade creditors
12,918
8,837
Taxation and social security
1,057
1,036
Other creditors
7,200
2,076,718
479,672
2,544,591

A legal charge was registered at Companies House on 16th December 2022 by Investec Bank PLC over the property held at 22 Sunbourne Road, Liverpool, L17 7BL and 25 Lonsdale Road, Formby including existing and future fixtures, fittings, alterations and additions.

8
Related party transactions

On the 31 December 2023 a loan amounting to £2,056,637 was written off Ardvernis Properties Ltd and a company which is also 96.9% owned by Director Sarah Herbison.

ARDVERNIS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Directors' transactions

Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan
2.25
(69,417)
294,916
3,954
(53,022)
176,431
(69,417)
294,916
3,954
(53,022)
176,431
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