2023-02-012024-01-312024-01-31falseSC371316AVENUE NORTH 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AVENUE NORTH LIMITED

Registered Number
SC371316
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2024

AVENUE NORTH LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

MACINTYRE, Peter Julian
WELSH, Iain

Registered Address

Unit 71 44-46 Morningside Road
Edinburgh
EH10 4BF

Registered Number

SC371316 (Scotland)
AVENUE NORTH LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets368,302106,763
68,302106,763
Current assets
Stocks4632,602638,854
Debtors5,626,67479,253
Cash at bank and on hand117,583293,985
776,8591,012,092
Creditors amounts falling due within one year7(19,861)(188,239)
Net current assets (liabilities)756,998823,853
Total assets less current liabilities825,300930,616
Creditors amounts falling due after one year8(12,000)(27,715)
Provisions for liabilities10(17,076)(26,667)
Net assets796,224876,234
Capital and reserves
Called up share capital100100
Profit and loss account796,124876,134
Shareholders' funds796,224876,234
The financial statements were approved and authorised for issue by the Board of Directors on 15 October 2024, and are signed on its behalf by:
MACINTYRE, Peter Julian
Director
WELSH, Iain
Director

Registered Company No. SC371316
AVENUE NORTH LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, including the provisions of Section 1A 'Small Entities' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing agreement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Tangible fixed assets and depreciation
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:

Reducing balance (%)Straight line (years)
Plant and machinery-25
Vehicles25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognise in profit or loss.
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 it financial instruments. Financial Instruments are recognised in the company's statement of financial position 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.
2.Average number of employees

20242023
Average number of employees during the year28
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 February 236,569138,630145,199
Disposals-(24,124)(24,124)
At 31 January 246,569114,506121,075
Depreciation and impairment
At 01 February 234,27834,15838,436
Charge for year65722,22322,880
On disposals-(8,543)(8,543)
At 31 January 244,93547,83852,773
Net book value
At 31 January 241,63466,66868,302
At 31 January 232,291104,472106,763
4.Stocks

2024

2023

££
Work in progress632,602638,854
Total632,602638,854
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-52,138
Other debtors24,60524,605
Prepayments and accrued income2,0692,510
Total26,67479,253
6.Debtors: amounts due after one year
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,18861,983
Bank borrowings and overdrafts8,0008,000
Amounts owed to related parties62438,502
Taxation and social security8,73036,338
Finance lease and HP contracts-8,044
Other creditors218218
Accrued liabilities and deferred income1,10135,154
Total19,861188,239
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts12,00020,000
Other creditors-7,715
Total12,00027,715
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-7,715
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)17,07626,667
Total17,07626,667