Aveley Property Holdings Limited
Unaudited Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 03280984 (England and Wales)
Aveley Property Holdings Limited
Company Information
Directors
Mr C. Toye
Mr K. J. Weatherill
Secretary
Mr K. J. Weatherill
Company number
03280984
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 Property Holdings Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Aveley Property Holdings Limited
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
280,436
280,436
Current assets
Debtors
5
1,029,415
1,043,626
Cash at bank and in hand
2,650,692
2,548,020
3,680,107
3,591,646
Creditors: amounts falling due within one year
6
(11,329)
(5,229)
Net current assets
3,668,778
3,586,417
Total assets less current liabilities
3,949,214
3,866,853
Capital and reserves
Called up share capital
7
1,003
1,003
Profit and loss reserves
3,948,211
3,865,850
Total equity
3,949,214
3,866,853
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
Aveley Property Holdings Limited
Balance Sheet (Continued)
As at 31 January 2024
Page 2
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. 03280984
Aveley Property Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 3
1
Accounting policies
Company information
Aveley Property Holdings 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. 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
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 land sales and rentals, and is shown net of VAT and other sales related taxes.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash at bank and in hand
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.
1.6
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
Aveley Property Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 4
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023: 0)
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
280,436
280,436
4
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Aveley Properties (West Thurrock) Limited
England & Wales
Property investment company
Ordinary
100
Aveley Washmill Limited
England & Wales
Building projects development
Ordinary
100
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Aveley Properties (West Thurrock) Limited
1,199,346
5,786,804
Aveley Washmill Limited
1,185
(380,230)
Aveley Property Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 5
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,006,024
1,015,940
Other debtors
22,727
27,020
Prepayments and accrued income
664
666
1,029,415
1,043,626
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,164
Corporation tax
7,415
2,729
Accruals and deferred income
2,750
2,500
11,329
5,229
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
2 Ordinary shares class A of 50p each
1
1
2 Ordinary shares class B and C of £1 each
2
2
1,003
1,003
Ordinary shares have full voting, dividend and capital distribution rights.
Ordinary shares of class A, class B and class C carry no voting rights. These shares rank pari passu with regard to entitlement to dividend except that the directors may at any time resolve to declare a dividend on one or more classes of shares and not on other classes of shares.
On the winding up of the company the A, B and C shares shall not be entitled to any surplus assets of the company save to the extent that any one of the class A, B or C shares has received an inequality of dividends against the others. In this case the class of share is entitled to receive assets to that amount.
Aveley Property Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 6
8
Related party transactions
At the year end, debtors falling due within one year includes an amount of £582,500 (2023: £593,638) which is payable by the subsidiary company, Aveley Properties (West Thurrock) Limited.
At the year end, debtors falling due within one year includes an amount of £423,525 (2023: £422,303) which is payable by the fellow group company, Aveley Washmill Limited.
At the year end, other debtors includes an amount of £1,730 (2023: £1,730) receivable from Lakeside Property Development Company Limited, a company related by virtue of common control.