2
17 October 2024
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
00238487
2023-05-01
2024-04-30
00238487
2024-04-30
00238487
2023-04-30
00238487
2022-05-01
2023-04-30
00238487
2023-04-30
00238487
2022-04-30
00238487
core:LandBuildings
core:LongLeaseholdAssets
2023-05-01
2024-04-30
00238487
bus:Director1
2023-05-01
2024-04-30
00238487
core:LandBuildings
2023-04-30
00238487
core:PlantMachinery
2023-04-30
00238487
core:LandBuildings
2024-04-30
00238487
core:PlantMachinery
2024-04-30
00238487
core:WithinOneYear
2024-04-30
00238487
core:WithinOneYear
2023-04-30
00238487
core:AfterOneYear
2024-04-30
00238487
core:AfterOneYear
2023-04-30
00238487
core:ShareCapital
2024-04-30
00238487
core:ShareCapital
2023-04-30
00238487
core:CapitalRedemptionReserve
2024-04-30
00238487
core:CapitalRedemptionReserve
2023-04-30
00238487
core:RetainedEarningsAccumulatedLosses
2024-04-30
00238487
core:RetainedEarningsAccumulatedLosses
2023-04-30
00238487
core:LandBuildings
2023-05-01
2024-04-30
00238487
core:PlantMachinery
2023-05-01
2024-04-30
00238487
core:CostValuation
core:Non-currentFinancialInstruments
2023-04-30
00238487
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-04-30
00238487
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2024-04-30
00238487
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2024-04-30
00238487
core:CostValuation
core:Non-currentFinancialInstruments
2024-04-30
00238487
core:Non-currentFinancialInstruments
2024-04-30
00238487
core:Non-currentFinancialInstruments
2023-04-30
00238487
core:LandBuildings
2023-04-30
00238487
core:PlantMachinery
2023-04-30
00238487
bus:SmallEntities
2023-05-01
2024-04-30
00238487
bus:Audited
2023-05-01
2024-04-30
00238487
bus:SmallCompaniesRegimeForAccounts
2023-05-01
2024-04-30
00238487
bus:PrivateLimitedCompanyLtd
2023-05-01
2024-04-30
00238487
bus:FullAccounts
2023-05-01
2024-04-30
COMPANY REGISTRATION NUMBER:
00238487
FILLETED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
|
7,766,412 |
7,775,366 |
Investments |
6 |
|
4,610,592 |
4,219,873 |
|
|
--------------- |
--------------- |
|
|
12,377,004 |
11,995,239 |
|
|
|
|
|
Current assets
Debtors |
7 |
27,116 |
|
25,359 |
Cash at bank and in hand |
1,384,800 |
|
1,549,529 |
|
------------- |
|
------------- |
|
1,411,916 |
|
1,574,888 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
170,935 |
|
493,280 |
|
------------- |
|
------------- |
Net current assets |
|
1,240,981 |
1,081,608 |
|
|
--------------- |
--------------- |
Total assets less current liabilities |
|
13,617,985 |
13,076,847 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
1,100 |
1,100 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
1,560,898 |
1,560,914 |
|
|
--------------- |
--------------- |
Net assets |
|
12,055,987 |
11,514,833 |
|
|
--------------- |
--------------- |
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
30 April 2024
Capital and reserves
Called up share capital |
|
13,000 |
13,000 |
Capital redemption reserve |
10 |
|
4,500 |
4,500 |
Profit and loss account |
10 |
|
12,038,487 |
11,497,333 |
|
|
--------------- |
--------------- |
Shareholders funds |
|
12,055,987 |
11,514,833 |
|
|
--------------- |
--------------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
17 October 2024
, and are signed on behalf of the board by:
Company registration number:
00238487
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 APRIL 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors continue to adopt the going concern basis in preparing the financial statements as in their opinion the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have considered a period of at least 12 months from the date of approval of these financial statements, reviewing and considering relevant information including budgets and future cash flows. The directors consider that the uncertainty caused in the property and investments sectors as a result of Coronavirus and the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and the world economic impact of the war in Ukraine.
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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Investment property valuations
Revenue recognition
Turnover represents rent receivable from tenants of freehold properties. The whole of the turnover is attributable to property management.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Property improvements |
- |
2% straight line |
|
Plant & machinery |
- |
15% or 20% reducing balance
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 May 2023 and 30 April 2024 |
7,834,050 |
29,835 |
7,863,885 |
|
------------- |
--------- |
------------- |
Depreciation |
|
|
|
At 1 May 2023 |
60,263 |
28,256 |
88,519 |
Charge for the year |
8,681 |
273 |
8,954 |
|
------------- |
--------- |
------------- |
At 30 April 2024 |
68,944 |
28,529 |
97,473 |
|
------------- |
--------- |
------------- |
Carrying amount |
|
|
|
At 30 April 2024 |
7,765,106 |
1,306 |
7,766,412 |
|
------------- |
--------- |
------------- |
At 30 April 2023 |
7,773,787 |
1,579 |
7,775,366 |
|
------------- |
--------- |
------------- |
|
|
|
|
On 30 April 2017 the investment property was revalued by the director on an open market basis, to comply with FRS 102 Section 16. This value was carried back to the FRS 102 transition date 1 May 2015, and comparatives were re-stated. As at 21 December 2017 a professional valuation of the portfolio was reported on by Graves, Son & Pilcher, and the investments properties were re-stated in the year to this value As at 8 December 2022 Graves, Son & Pilcher carried out an updated professional revaluation of the portfolio, and the investment properties were subsequently re-stated in the balance sheet, via a fair value adjustment to the profit and loss account. This valuation is still considered both appropriate and relevant for the year ended 30 April 2024.
Tangible assets held at valuation
6.
Investments
|
Shares in group undertakings |
Shares in participating interests |
Other investments other than loans |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 May 2023 |
2 |
106,411 |
4,113,460 |
4,219,873 |
Additions |
– |
– |
2,545,051 |
2,545,051 |
Disposals |
– |
(
3,000) |
(
2,499,998) |
(
2,502,998) |
Revaluations |
– |
6,650 |
342,016 |
348,666 |
|
---- |
---------- |
------------- |
------------- |
At 30 April 2024 |
2 |
110,061 |
4,500,529 |
4,610,592 |
|
---- |
---------- |
------------- |
------------- |
Impairment |
|
|
|
|
At 1 May 2023 and 30 April 2024 |
– |
– |
– |
– |
|
---- |
---------- |
------------- |
------------- |
|
|
|
|
|
Carrying amount |
|
|
|
|
At 30 April 2024 |
2 |
110,061 |
4,500,529 |
4,610,592 |
|
---- |
---------- |
------------- |
------------- |
At 30 April 2023 |
2 |
106,411 |
4,113,460 |
4,219,873 |
|
---- |
---------- |
------------- |
------------- |
|
|
|
|
|
The company owns 100% of the issued share capital of the companies listed below,
A W Avery Limited - Profit/ loss for the year
-
-
A W Avery Limited - Aggregate capital & reserves
167
167
Under the provision of section 248 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
27,116 |
25,359 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
– |
2,439 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
167 |
167 |
Corporation tax |
93,771 |
399,913 |
Social security and other taxes |
4,070 |
5,080 |
Other creditors |
72,927 |
85,681 |
|
---------- |
---------- |
|
170,935 |
493,280 |
|
---------- |
---------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
1,100 |
1,100 |
|
------- |
------- |
|
|
|
10.
Reserves
Profit and loss account : This reserve records retained earnings and accumulated losses (distributable), together with investment property revaluations and associated deferred tax (non-distributable). At 30 April 2024 the profit and loss account balance of £12,038,487 (2023 £11,497,333) represents distributable reserves of £7,871,574(2023: £6,287,920) and non distributable reserves of £4,166,913(2023 £4,166,913).
11.
Summary audit opinion
The auditor's report dated
17 October 2024
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
At the date of this report, the global outlook as a result of the recoverty from COVID-19 restrictions, and the war in Ukraine, cost of livinig crisis, and rising interest rates to curtail inflation, is significantly uncertain and the range of potential outcomes is wide-ranging and unknown. We have reviewed the directors' statement in Note 3 to the financial statements with regards to the adoption of the going concern accounting policy, and have considered as part of our risk assessment the nature of the company, it's business model and related risks including where relevant the impact of the above pressures.
The senior statutory auditor was
DAVID A GUEST
, for and on behalf of
UHY Hacker Young (S.E.) Limited
.
12.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed.