REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
Areawise Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
Areawise Limited |
Areawise Limited (Registered number: 01311448) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Areawise Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
Areawise Limited (Registered number: 01311448) |
Statement of Financial Position |
30 September 2023 |
30/9/23 | 30/9/22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
Areawise Limited (Registered number: 01311448) |
Statement of Financial Position - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Areawise Limited (Registered number: 01311448) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Areawise Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is in a net current liabilities position at 30 September 2023. The accounts have been prepared under the going concern basis as the company is reliant on the continued support of its bankers and related companies. The directors believe that this support will continue for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in equity shares which are publicly traded or where fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit and loss. |
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measure at cost less impairment. |
Where companies have been acquired using merger relief, the cost of the investment has been stated at the nominal value of the shares issued not the fair value. |
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 values use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in profit and loss. |
Stocks |
Stocks represent properties acquired for development and properties currently being developed. All costs associated with the development work are included and a provision is made if the carrying value of the stocks are deemed to be greater than fair value. Such provision is expensed through profit and loss. |
Areawise Limited (Registered number: 01311448) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 October 2022 |
and 30 September 2023 |
Depreciation |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
Areawise Limited (Registered number: 01311448) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Cost |
At 1 October 2022 |
and 30 September 2023 | 6,234,620 |
Provisions |
At 1 October 2022 |
and 30 September 2023 | - | 3,990,000 | 3,990,000 |
Net book value |
At 30 September 2023 | 2,244,620 |
At 30 September 2022 | 2,244,620 |
7. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 October 2022 |
Additions |
Revaluations | (461,537 | ) |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
Investment property was added at cost of £663,288. There has since been revaluations of £786,712, of which (£461,537) is in 2023. The property is therefore held at £1,450,000. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 87,534 | 89,483 |
Taxation and social security |
Other creditors |
Areawise Limited (Registered number: 01311448) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Bank loans |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/9/23 | 30/9/22 |
£ | £ |
Bank loans |
Included in the balance sheet are financial commitments of £1,208,000 (2022 - £1,208,000). This is secured on assets held by the company and is part of a loan shared between Crowdhill Limited, Froggatt Investments Limited and Manawey Developments Limited. |
12. | RESERVES |
Included within the profit and loss account reserves is £793,980 (2022 - £936,187) of non-distributable reserves. |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022: |
30/9/23 | 30/9/22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Included in Other Debtors, is a loan to the director of £931,127 (2022: £568,164). Interest has been applied to this loan at the rate of 2%. |
14. | RELATED PARTY DISCLOSURES |
Included within amounts owed to associates is £87,534 (2022 - £89,483) due to Savitar IX Holdings Ltd (a company owned by Christopher Froggatt who is the son of Lionel Froggatt). No interest has been applied to this loan which is repayable on demand. |
Included within amounts owed by associates is £1,271,569 (2022 - £1,351,369) to Tempesta Racing Ltd (a company owned by Christopher Froggatt and Lionel Froggatt). No interest has been applied to this loan which is repayable on demand. |
Included within amounts owed by associates is £1,074,450 (2022 - £1,284,928) due from Inducon (Westminster) Limited, a company registered in England and Wales, owned by Mr L Froggatt. No interest has been charged on this balance and it is repayable on demand. |
Areawise Limited (Registered number: 01311448) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |