Registration number:
Corvan (Properties) Limited
for the Year Ended 31 December 2024
Corvan (Properties) Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Corvan (Properties) Limited
Company Information
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Director |
Mr Mukesh Kumar Verma |
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Registered office |
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Auditors |
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Corvan (Properties) Limited
(Registration number: 01404104) (England and Wales)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(18,069) |
(10,695) |
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Shareholders' deficit |
(17,969) |
(10,595) |
The financial statements were approved and authorised for issue by the
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Corvan (Properties) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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.
The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.
Going concern
The company is reliant on the continued financial support of its ultimate parent undertaking to enable it to continue its operations and to meet its liabilities as they fall due. The ultimate parent undertaking has confirmed that it will provide such financial support as may be required for a period of at least 12 months from the date of approval of these financial statements.
On the basis of this support, and having considered the company’s forecasts and cash flow requirements, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Corvan (Properties) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Audit report
2025-134-UK
Revenue recognition
Turnover comprises ground rents receivable from tenants and is recognised on a straight-line basis over the period to which it relates, in accordance with the terms of the relevant lease agreements.
Turnover is recognised when it is probable that the economic benefits associated with the ground rent income will flow to the company and the amount can be measured reliably.
Turnover is stated net of value added tax and any other taxes directly related to turnover.
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 debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Corvan (Properties) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Significant Judgements and estimates
The preparation of financial statements in conformity with FRS102 requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, turnover, costs, expenses and other comprehensive income that are reported and disclosed in the financial statements and accompanying notes. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no judgments applied in the period under audit.
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Staff numbers |
The average monthly number of persons employed by the company (including the director) during the year, was
Corvan (Properties) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Corporation tax recoverable |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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- |
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Amounts due to related parties |
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- |
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Accruals |
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During the year, the company received £10,000 of working capital funding from its parent company, Avenfield B.V., which is incorporated in the Netherlands. The loan is unsecured, interest-free and repayable on demand.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Related party transactions |
The company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the group.
Corvan (Properties) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Parent and ultimate controlling party |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is