Company Registration No. 07885144 (England and Wales)
NORTH AVENUE DEVELOPMENT CO LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Affinia
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
NORTH AVENUE DEVELOPMENT CO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NORTH AVENUE DEVELOPMENT CO LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
20,000
20,000
Investments
5
333,644
333,644
353,644
353,644
Current assets
Debtors
6
91,158
92,475
Cash at bank and in hand
96
117
91,254
92,592
Creditors: amounts falling due within one year
7
(395,471)
(384,438)
Net current liabilities
(304,217)
(291,846)
Total assets less current liabilities
49,427
61,798
Creditors: amounts falling due after more than one year
8
(20,070)
(29,167)
Net assets
29,357
32,631
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
29,257
32,531
Total equity
29,357
32,631
NORTH AVENUE DEVELOPMENT CO LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 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 25 February 2025 and are signed on its behalf by:
Mr M T Bradburn
Mr I P Hutchinson
Director
Director
Company Registration No. 07885144
NORTH AVENUE DEVELOPMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

North Avenue Development Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, UK, CM1 1GU.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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

Atruet 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 the foreseeable future. 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 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.

 

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

NORTH AVENUE DEVELOPMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash and cash equivalents

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.

1.7
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 its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

NORTH AVENUE DEVELOPMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
20,000

Investment property comprises of freehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
333,644
333,644
NORTH AVENUE DEVELOPMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
88,018
89,526
Other debtors
3,140
2,949
91,158
92,475
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
480
2,089
Amounts owed to group undertakings
356,814
344,185
Taxation and social security
593
493
Other creditors
27,584
27,671
395,471
384,438

 

 

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,070
29,167
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Related party transactions
Balances with related parties
NORTH AVENUE DEVELOPMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Related party transactions
(Continued)
- 7 -
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
79,360
80,870
52,106
52,669
Entities with control, joint control or significant influence over the company
-
0
-
0
251,967
245,524
Other related parties
8,681
8,656
58,182
51,476
11
Parent company

The parent company of North Avenue Development Co Ltd is Fairfield Holdings Limited whose registered office is Swift House Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, CM1 1GU, United Kingdom.

2023-12-312023-01-01false25 February 2025CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr M T BradburnMr I P Hutchinsonfalse078851442023-01-012023-12-31078851442023-12-31078851442022-12-3107885144core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107885144core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107885144core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3107885144core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3107885144core:CurrentFinancialInstruments2023-12-3107885144core:CurrentFinancialInstruments2022-12-3107885144core:ShareCapital2023-12-3107885144core:ShareCapital2022-12-3107885144core:RetainedEarningsAccumulatedLosses2023-12-3107885144core:RetainedEarningsAccumulatedLosses2022-12-3107885144bus:Director12023-01-012023-12-3107885144bus:Director22023-01-012023-12-31078851442022-01-012022-12-31078851442022-12-3107885144core:WithinOneYear2023-12-3107885144core:WithinOneYear2022-12-3107885144core:Non-currentFinancialInstruments2023-12-3107885144core:Non-currentFinancialInstruments2022-12-3107885144core:EntitiesControlledByKeyManagementPersonnel2023-01-012023-12-3107885144core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-01-012023-12-3107885144core:OtherRelatedParties2023-01-012023-12-3107885144core:EntitiesControlledByKeyManagementPersonnel2023-12-3107885144core:EntitiesControlledByKeyManagementPersonnel2022-12-3107885144core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-12-3107885144core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-12-3107885144core:OtherRelatedParties2023-12-3107885144core:OtherRelatedParties2022-12-3107885144bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107885144bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107885144bus:FRS1022023-01-012023-12-3107885144bus:AuditExemptWithAccountantsReport2023-01-012023-12-3107885144bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP