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Registration number: 05093734

Axminster Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Axminster Developments Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Axminster Developments Limited

(Registration number: 05093734)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

250,000

250,000

Current assets

 

Debtors

6

407

263

Cash at bank and in hand

 

1,324

1,201

 

1,731

1,464

Creditors: Amounts falling due within one year

7

(32,965)

(32,504)

Net current liabilities

 

(31,234)

(31,040)

Total assets less current liabilities

 

218,766

218,960

Creditors: Amounts falling due after more than one year

7

(58,196)

(64,218)

Net assets

 

160,570

154,742

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

160,569

154,741

Shareholders' funds

 

160,570

154,742

 

Axminster Developments Limited

(Registration number: 05093734)
Statement of Financial Position as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 


Mr A J Otreba
Director

 

Axminster Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Silverlea
Kilmington
Axminster
Devon
EX13 7SJ

Principal activity

The principal activity of the company is that of property development.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Axminster Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment property

no depreciation charge

 

Axminster Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Axminster Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Freehold property
£

Total
£

Cost or valuation

At 1 May 2023

250,000

250,000

At 30 April 2024

250,000

250,000

Depreciation

Carrying amount

At 30 April 2024

250,000

250,000

At 30 April 2023

250,000

250,000

Included within the net book value of land and buildings above is £250,000 (2023 - £250,000) in respect of freehold land and buildings.
 

5

Investment properties

The market valuation of the investment properties has been undertaken by the directors based on market conditions.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have recognised is the assets had been carried under the historical cost model are as follows:

Freehold property

Aggregate cost £200,000
Aggregate depreciation £Nil
Carrying amount £200,000

6

Debtors

2024
£

2023
£

Prepayments

407

263

407

263

 

Axminster Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,440

8,440

Taxation and social security

 

58

-

Accruals and deferred income

 

1,563

1,503

Other creditors

 

22,904

22,561

 

32,965

32,504

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

58,196

64,218

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.
This reserve contains accumulated undistributable reserves totalling £50,000.

 

Axminster Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

58,196

64,218

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,440

8,440

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Directors

(22,561)

(2,588)

2,245

(22,904)

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Directors

(12,215)

(14,414)

4,067

(22,561)