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COMPANY REGISTRATION NUMBER: 06085623
Avocado Developments Limited
Filleted Unaudited Financial Statements
31 July 2024
Avocado Developments Limited
Financial Statements
Year ended 31 July 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Avocado Developments Limited
Balance Sheet
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
4,676,468
4,726,468
Current assets
Work in progress
5
19,187
2,718,344
Debtors
6
29,161
65,503
Cash at bank and in hand
235,569
924,079
---------
------------
283,917
3,707,926
Creditors: amounts falling due within one year
7
361,808
1,195,788
---------
------------
Net current (liabilities)/assets
( 77,891)
2,512,138
------------
------------
Total assets less current liabilities
4,598,577
7,238,606
Creditors: amounts falling due after more than one year
8
1,050,000
------------
------------
Net assets
4,598,577
6,188,606
------------
------------
Capital and reserves
Called up share capital
3,938
3,938
Share premium account
9
1,970,332
1,970,332
Profit and loss account
9
2,624,307
4,214,336
------------
------------
Shareholders funds
4,598,577
6,188,606
------------
------------
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.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Avocado Developments Limited
Balance Sheet (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr H H Shah
Director
Company registration number: 06085623
Avocado Developments Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, Greater London, HA8 5LD.
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.
Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying capital asset form part of the cost of that asset and, therefore are capitalised. Other borrowing costs are recognised as an expense through profit and loss.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. On the sale of properties turnover is recognised once the contracts have been exchanged.
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.
Dividends and other distributions received from investments are recognised as income without regard to whether the distributions are from accumulated profits arising before or after the date of acquisition.
Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss. No depreciation or amortisation is provided in respect of investment properties.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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. Investments
Shares in group undertakings
Loans to group undertakings
Investment properties
Total
£
£
£
£
Cost or valuation
At 1 August 2023
100
1,577,868
3,148,500
4,726,468
Disposals
( 50,000)
(50,000)
----
------------
------------
------------
At 31 July 2024
100
1,527,868
3,148,500
4,676,468
----
------------
------------
------------
Impairment
At 1 August 2023 and 31 July 2024
----
------------
------------
------------
Carrying amount
At 31 July 2024
100
1,527,868
3,148,500
4,676,468
----
------------
------------
------------
At 31 July 2023
100
1,577,868
3,148,500
4,726,468
----
------------
------------
------------
The company's investment properties have been valued at the reporting date by the Directors on an open market basis. The Directors are of the opinion the valuation reflects the current market value of the company's investment properties.
In respect of investment properties, stated at fair value, the comparable historical cost values would be £2,771,926 (2023: £2,771,926).
The company has a wholly owned subsidiary, Avocado Developments Wealdstone Limited, a company incorporated in England & Wales.
5. Work in progress
2024
2023
£
£
Work in progress
19,187
2,718,344
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
164
Other debtors
29,161
65,339
--------
--------
29,161
65,503
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
131,618
147,029
Other creditors
230,190
1,048,759
---------
------------
361,808
1,195,788
---------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,050,000
----
------------
9. Reserves
2024 2023
£ £
Distributable profits 2,247,733 3,837,762
Unrealised fair value gains on investment properties 376,574 376,574
------------ ------------
2,624,307 4,214,336
------------ ------------