REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
AVENUE DIRECT LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
AVENUE DIRECT LIMITED |
AVENUE DIRECT LIMITED (REGISTERED NUMBER: 07660951) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
AVENUE DIRECT LIMITED |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Global House |
1 Ashley Avenue |
Epsom |
Surrey |
KT18 5AD |
AVENUE DIRECT LIMITED (REGISTERED NUMBER: 07660951) |
Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AVENUE DIRECT LIMITED (REGISTERED NUMBER: 07660951) |
Statement of Financial Position - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
AVENUE DIRECT LIMITED (REGISTERED NUMBER: 07660951) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Avenue Direct Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Work in progress consists of property & land under or awaiting construction or refurbishment and is valued at the lower of cost and net realisable value. |
This comprises purchase of property and land, direct and sub contractor labour and capitalised interest on associated borrowings up until completion of the properties.Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
The Directors have reviewed forecasts and budgets for the coming year which have been drawn up with appropriate regard for the current economic environment and particular circumstances in which the Company operates. These were prepared with reference to historical and current industry knowledge. |
The Company does not operate an overdraft facility but borrows from lenders towards land purchase and utilises Director's loans to fund the remaining balance of site purchases and development costs. This ensures that there is sufficient funding available for the financing and completion of the developments. |
Based on these assessments and having regard to resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements. The Directors consider that the company will have sufficient resources and will to continue to support the company in its operational existence for the foreseeable future. |
AVENUE DIRECT LIMITED (REGISTERED NUMBER: 07660951) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other debtors |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other loans |
Trade creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans more 5 yrs non-inst | 555,861 | 555,861 |
Directors' loan accounts | 432,849 | 431,449 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
AVENUE DIRECT LIMITED (REGISTERED NUMBER: 07660951) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Bank Loan | 555,861 | 555,861 |
The bank loan is secured by way of a legal charge over the freehold property and land at Queens Gardens Tunbridge Wells together with a floating charge over the assets of the company. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1.00 | 2 | 2 |