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Registration number: 08527543

Avoir Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Avoir Property Limited

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Avoir Property Limited

Company Information

Director

Mr R Bushnell

Registered office

67 Boutport Street
Barnstaple
Devon
EX31 1HG

Accountants

Ward and Co Chartered Accountants
West Penhill Farm
Fremington
Barnstaple
Devon
EX31 2NG

 

Avoir Property Limited

Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Profit for the year

436,262

509,683

Total comprehensive income for the year

436,262

509,683

 

Avoir Property Limited

(Registration number: 08527543)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,613

34,799

Investment property

5

492,247

492,247

Investments

6

-

109,845

Other financial assets

7

6,163,089

6,801,381

 

6,683,949

7,438,272

Current assets

 

Stocks

8

155,803

-

Debtors

9

2,001,199

1,386,380

Cash at bank and in hand

 

601,948

36,409

 

2,758,950

1,422,789

Creditors: Amounts falling due within one year

10

(28,133)

(53,762)

Net current assets

 

2,730,817

1,369,027

Total assets less current liabilities

 

9,414,766

8,807,299

Provisions for liabilities

(265,980)

(38,775)

Net assets

 

9,148,786

8,768,524

Capital and reserves

 

Called up share capital

11

1

1

Share premium reserve

1,499

1,499

Retained earnings

9,147,286

8,767,024

Shareholders' funds

 

9,148,786

8,768,524

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Avoir Property Limited

(Registration number: 08527543)
Balance Sheet as at 31 July 2024

Approved and authorised by the director on 19 November 2024
 

.........................................
Mr R Bushnell
Director

 

Avoir Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
67 Boutport Street
Barnstaple
Devon
EX31 1HG

These financial statements were authorised for issue by the director on 19 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Avoir Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold

No Depreciation

Plant & Machinery

15% Reducing balance

Motor Vehicles

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Avoir Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Avoir Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

34,772

14,140

48,912

At 31 July 2024

34,772

14,140

48,912

Depreciation

At 1 August 2023

9,473

4,640

14,113

Charge for the year

3,805

2,381

6,186

At 31 July 2024

13,278

7,021

20,299

Carrying amount

At 31 July 2024

21,494

7,119

28,613

At 31 July 2023

25,299

9,500

34,799

5

Investment properties

2024
£

At 1 August

492,247

At 31 July

492,247

There has been no valuation of investment property by an independent valuer.

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

50,076

Investments in associates

-

59,769

-

109,845

 

Avoir Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Subsidiaries

£

Cost or valuation

At 1 August 2023

50,076

Disposals

(50,076)

At 31 July 2024

-

Provision

Carrying amount

At 31 July 2024

-

At 31 July 2023

50,076

Joint ventures

Cost

Provision

Carrying amount

At 31 July 2024

Associates

£

Cost

At 1 August 2023

59,769

Disposals

(59,769)

At 31 July 2024

-

Provision

Carrying amount

At 31 July 2024

-

At 31 July 2023

59,769

 

Avoir Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2023

6,801,381

6,801,381

Fair value adjustments

559,970

559,970

Disposals

(1,198,262)

(1,198,262)

At 31 July 2024

6,163,089

6,163,089

Impairment

Carrying amount

At 31 July 2024

6,163,089

6,163,089

8

Stocks

2024
£

2023
£

Other inventories

155,803

-

9

Debtors

Note

2024
£

2023
£

Trade debtors

 

72,045

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,008,000

585,000

Prepayments

 

2,448

1,350

Other debtors

 

918,706

800,030

 

2,001,199

1,386,380

10

Creditors

Creditors: amounts falling due within one year

 

Avoir Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024
£

2023
£

Due within one year

Trade creditors

3,353

515

Taxation and social security

23,780

53,073

Accruals and deferred income

1,000

-

Other creditors

-

174

28,133

53,762

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1