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Registered number: 14467875
Avac Property Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
TAG Accountants Group Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14467875
31 August 2024 31 August 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,512 9,035
Investment Properties 5 278,285 278,285
285,797 287,320
CURRENT ASSETS
Cash at bank and in hand 1,953 4,324
1,953 4,324
Creditors: Amounts Falling Due Within One Year 6 (196,956 ) (194,649 )
NET CURRENT ASSETS (LIABILITIES) (195,003 ) (190,325 )
TOTAL ASSETS LESS CURRENT LIABILITIES 90,794 96,995
Creditors: Amounts Falling Due After More Than One Year 7 (118,843 ) (118,820 )
NET LIABILITIES (28,049 ) (21,825 )
CAPITAL AND RESERVES
Called up share capital 8 100 1
Profit and Loss Account (28,149 ) (21,826 )
SHAREHOLDERS' FUNDS (28,049) (21,825)
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Amarjit Bahia
Director
27th May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Avac Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14467875 . The registered office is 8 Pendeford Place, Pendeford Business Park, Wolverhampton, West Midlands, United Kingdom, WV9 5HD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on RBM
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 September 2023 10,330
Additions 869
As at 31 August 2024 11,199
Depreciation
As at 1 September 2023 1,295
Provided during the period 2,392
As at 31 August 2024 3,687
Net Book Value
As at 31 August 2024 7,512
As at 1 September 2023 9,035
5. Investment Property
31 August 2024
£
Fair Value
As at 1 September 2023 and 31 August 2024 278,285
6. Creditors: Amounts Falling Due Within One Year
31 August 2024 31 August 2023
£ £
Trade creditors - 456
Accruals and deferred income 2,039 1,021
Director's loan account 924 456
Amount due to associated undertakings 193,993 192,716
196,956 194,649
7. Creditors: Amounts Falling Due After More Than One Year
31 August 2024 31 August 2023
£ £
Bank loans 118,843 118,820
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8. Share Capital
31 August 2024 31 August 2023
£ £
Allotted, Called up and fully paid 100 1
Page 5