Aveley Properties (West Thurrock) Limited
Unaudited Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 00166763 (England and Wales)
Aveley Properties (West Thurrock) Limited
Company Information
Directors
Mr C. Toye
Mr K. J. Weatherill
Secretary
Mr K. J. Weatherill
Company number
00166763
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Aveley Properties (West Thurrock) Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
Aveley Properties (West Thurrock) Limited
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,513,000
5,834,983
Current assets
Debtors
5
156,204
142,333
Cash at bank and in hand
392,670
1,681,269
548,874
1,823,602
Creditors: amounts falling due within one year
6
(591,294)
(806,855)
Net current (liabilities)/assets
(42,420)
1,016,747
Total assets less current liabilities
7,470,580
6,851,730
Provisions for liabilities
(1,683,776)
(1,264,272)
Net assets
5,786,804
5,587,458
Capital and reserves
Called up share capital
8
250,000
250,000
Revaluation reserve
5,326,515
4,068,002
Profit and loss reserves
210,289
1,269,456
Total equity
5,786,804
5,587,458
Aveley Properties (West Thurrock) Limited
Balance Sheet (Continued)
As at 31 January 2024
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 January 2024 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 26 September 2024 and are signed on its behalf by:
Mr K. J. Weatherill
Director
Company Registration No. 00166763
Aveley Properties (West Thurrock) Limited
Statement of Changes in Equity
For the year ended 31 January 2024
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2020
250,000
4,412,621
84,733
4,747,354
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
840,104
840,104
Other movements
-
(344,619)
344,619
-
Balance at 31 January 2023
250,000
4,068,002
1,269,456
5,587,458
Year ended 31 January 2022
Profit and total comprehensive income for the year
-
-
1,199,346
1,199,346
Dividends
-
-
(1,000,000)
(1,000,000)
Other movements
-
1,258,513
(1,258,513)
-
Balance at 31 January 2024
250,000
5,326,515
210,289
5,786,804
Aveley Properties (West Thurrock) Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 4
1
Accounting policies
Company information
Aveley Properties (West Thurrock) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for thetrue foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue 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 rent, and is shown net of VAT and other sales related taxes.
1.4
Investment properties
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Aveley Properties (West Thurrock) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 5
1.6
Cash at bank and in hand
Cash at bank and in hand 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.
1.7
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
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
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 period. 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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023: 0).
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
205,583
Aveley Properties (West Thurrock) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
3
Taxation
(Continued)
Page 6
Deferred tax
Origination and reversal of timing differences
419,504
295,410
Total tax charge
419,504
500,993
4
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 February 2023
5,834,983
Revaluation
1,678,017
At 31 January 2024
7,513,000
Depreciation and impairment
At 1 February 2023 and 31 January 2024
Carrying amount
At 31 January 2024
7,513,000
At 31 January 2023
5,834,983
The historical cost of the above assets is £502,709 (2023: £502,709). The properties were revalued during the year to open market value based on existing use value by Independent Chartered Surveyors. The directors consider this value to be materially correct at the balance sheet date.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,502
7,996
Other debtors
130,001
112,636
Prepayments and accrued income
21,701
21,701
156,204
142,333
Aveley Properties (West Thurrock) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
510
Amounts owed to group undertakings
582,500
593,638
Corporation tax
205,583
Other creditors
2,773
2,479
Accruals and deferred income
5,511
5,155
591,294
806,855
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,683,776
1,264,272
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
250,000 ordinary shares of £1 each
250,000
250,000
9
Related party transactions
Included in creditors is an amount owed to the parent company, Aveley Property Holdings Limited, of £582,500 (2023: £593,638).
Included in creditors is also an amount owed to fellow group company, Aveley Washmill Limited, of £1,171 (2023: £1,171).
During the year under review, the company incurred management fees of £10,000 (2023: £10,000) from Lakeside Property Development Co Limited and at the year end other creditors includes an amount of £1,602 (2023: £1,308) payable to that company. This company is considered by the directors to be related by virtue of common control.
10
Parent company
The company is a wholly owned subsidiary of Aveley Property Holdings Limited, a company incorporated in England and Wales. Aveley Property Holdings Limited does not prepare group accounts on the basis that the group qualifies as small.
Aveley Property Holdings Limited is not under the control of any one individual or entity.