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Registration number: 07326602

Ava Lettings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Ava Lettings Ltd

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Ava Lettings Ltd

Company Information

Director

Mr Peter Timothy Foyle

Registered office

93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

Accountants

Matthews Hanton Limited
Chartered Certified Accountants93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Ava Lettings Ltd

Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Profit for the year

1,165,628

57,336

Deficit on property, plant and equipment revaluation

(1,452,604)

-

Total comprehensive income for the year

(286,976)

57,336

 

Ava Lettings Ltd

(Registration number: 07326602)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,108,895

1,659,257

Current assets

 

Cash at bank and in hand

 

3,744

8,539

Creditors: Amounts falling due within one year

6

(1,221,344)

(1,262,116)

Net current liabilities

 

(1,217,600)

(1,253,577)

Total assets less current liabilities

 

1,891,295

405,680

Provisions for liabilities

(319,987)

-

Net assets

 

1,571,308

405,680

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

1,452,604

-

Retained earnings

118,604

405,580

Shareholders' funds

 

1,571,308

405,680

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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 April 2025
 

.........................................
Mr Peter Timothy Foyle
Director

 

Ava Lettings Ltd

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 August 2023

100

-

405,580

405,680

Profit for the year

-

-

1,165,628

1,165,628

Transfers

-

1,452,604

(1,452,604)

-

At 31 July 2024

100

1,452,604

118,604

1,571,308

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

348,344

348,444

Profit for the year

-

57,336

57,336

At 31 July 2023

100

405,680

405,780

 

Ava Lettings Ltd

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 and Wales.

The address of its registered office is:
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW
England

The principal place of business is:
66 Flansham Lane
Bognor Regis
West Sussex
PO22 6AH
England

These financial statements were authorised for issue by the director on 8 April 2025.

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.

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.

 

Ava Lettings Ltd

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

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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:

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Ava Lettings Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

1,647,396

3,322

29,600

3,404

1,683,722

Revaluations

1,452,604

-

-

-

1,452,604

At 31 July 2024

3,100,000

3,322

29,600

3,404

3,136,326

Depreciation

At 1 August 2023

-

2,244

21,288

933

24,465

Charge for the year

-

270

2,078

618

2,966

At 31 July 2024

-

2,514

23,366

1,551

27,431

Carrying amount

At 31 July 2024

3,100,000

808

6,234

1,853

3,108,895

At 31 July 2023

1,647,396

1,078

8,312

2,471

1,659,257

Included within the net book value of land and buildings above is £3,100,000 (2023 - £1,647,396) in respect of freehold land and buildings.
 

 

Ava Lettings Ltd

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

Revaluation

The fair value of the company's Freehold investment property was revalued on 31 July 2024. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,647,396 (2023 - £1,647,396).

5

Debtors

Current

2024
£

2023
£

 

-

-

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

905

-

Taxation and social security

8,032

13,636

Accruals and deferred income

9,000

9,000

Other creditors

1,203,407

1,239,480

1,221,344

1,262,116

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Share Capital of £1 each

100

100

100

100

       

8

Related party transactions

During the year the director charged the company interest on their loan account at the rate of 3.5% over the Bank of England Base Rate of 5%.
The amounted to £87,500 (2023 £85,750) for the year.

 

Ava Lettings Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

11,924