2023-12-012024-11-302024-11-30false14487885POSSIBLE AVENUE 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POSSIBLE AVENUE LTD

Registered Number
14487885
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2024

POSSIBLE AVENUE LTD
Company Information
for the year from 1 December 2023 to 30 November 2024

Director

JONES, Matthew Douglas

Registered Address

1 Gemini Court
42a Throwley Way
Sutton
SM1 4AF

Registered Number

14487885 (England and Wales)
POSSIBLE AVENUE LTD
Statement of Financial Position
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3769527
769527
Current assets
Stocks4802,9761,183,460
Debtors533,604278
Cash at bank and on hand1,3911,539
837,9711,185,277
Creditors amounts falling due within one year6(553,425)(513,646)
Net current assets (liabilities)284,546671,631
Total assets less current liabilities285,315672,158
Creditors amounts falling due after one year7(429,000)(747,247)
Net assets(143,685)(75,089)
Capital and reserves
Called up share capital11
Profit and loss account(143,686)(75,090)
Shareholders' funds(143,685)(75,089)
The financial statements were approved and authorised for issue by the Director on 12 May 2025, and are signed on its behalf by:
JONES, Matthew Douglas
Director
Registered Company No. 14487885
POSSIBLE AVENUE LTD
Notes to the Financial Statements
for the year ended 30 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
The director is aware of their responsibilities whilst trading insolvent and will not seek to withdraw his Directors loan until the company is in a position to do so.
Turnover policy
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 December 23702702
Additions499499
At 30 November 241,2011,201
Depreciation and impairment
At 01 December 23175175
Charge for year257257
At 30 November 24432432
Net book value
At 30 November 24769769
At 30 November 23527527
4.Stocks
Properties at purchase costs plus renovating costs.

2024

2023

££
Other stocks802,9761,183,460
Total802,9761,183,460
5.Debtors: amounts due within one year

2024

2023

££
Other debtors33,136-
Prepayments and accrued income468278
Total33,604278
6.Creditors: amounts due within one year

2024

2023

££
Taxation and social security-235
Other creditors551,081511,217
Accrued liabilities and deferred income2,3442,194
Total553,425513,646
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts429,000747,247
Total429,000747,247
8.Further information regarding the company's financial position
There is a charge over Freehold Property from Commercial Acceptance Ltd