AVG Properties Limited - Limited company accounts 18.2

REGISTERED NUMBER: 04477658 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2018

FOR

AVG PROPERTIES LIMITED

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

D T Ashcroft

REGISTERED OFFICE:

Interbene Manor

Upton Road

Bidston

Wirral

Merseyside

CH43 7QQ

REGISTERED NUMBER:

04477658 (England and Wales)

ACCOUNTANTS:

Guild Appleton Limited

Chartered Certified Accountants

Number 19

Old Hall Street

Liverpool

Merseyside

L3 9JQ

The director presents his report with the financial statements of the company for the year ended 31st August 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development.

DIRECTOR

D T Ashcroft held office during the whole of the period from 1st September 2017 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

D T Ashcroft - Director

10th April 2019

TURNOVER

-

-

Administrative expenses

(39,557

)

(22,762

)

(39,557

)

(22,762

)

Other operating income

51,604

77,745

OPERATING PROFIT

12,047

54,983

Interest receivable and similar income

15

-

12,062

54,983

Interest payable and similar expenses

(2,958

)

(3,039

)

PROFIT BEFORE TAXATION

9,104

51,944

Tax on profit

3

(1,730

)

(88,161

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

7,374

(36,217

)

FIXED ASSETS

Intangible assets

4

20,000

20,000

Tangible assets

5

1,185,444

1,185,444

1,205,444

1,205,444

CURRENT ASSETS

Debtors

6

10,000

10,000

Cash at bank

250,587

311,121

260,587

321,121

CREDITORS

Amounts falling due within one year

7

(257,790

)

(296,698

)

NET CURRENT ASSETS

2,797

24,423

TOTAL ASSETS LESS CURRENT LIABILITIES

1,208,241

1,229,867

CREDITORS

Amounts falling due after more than one year

8

(105,000

)

(134,000

)

PROVISIONS FOR LIABILITIES

(77,990

)

(77,990

)

NET ASSETS

1,025,251

1,017,877

CAPITAL AND RESERVES

Called up share capital

9

472,999

472,999

Fair value reserve

389,949

389,949

Retained earnings

162,303

154,929

SHAREHOLDERS' FUNDS

10

1,025,251

1,017,877

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 10th April 2019 and were signed by:

D T Ashcroft - Director

1.	STATUTORY INFORMATION

AVG Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

3.

TAXATION

Deferred taxation provision made in 2017 in relation to the Revaluation reserve on fixed assets

The provision in the year is £77990.

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st September 2017

and 31st August 2018

30,000

AMORTISATION

At 1st September 2017

and 31st August 2018

10,000

NET BOOK VALUE

At 31st August 2018

20,000

At 31st August 2017

20,000

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1st September 2017

and 31st August 2018

1,185,444

NET BOOK VALUE

At 31st August 2018

1,185,444

At 31st August 2017

1,185,444

Cost or valuation at 31st August 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2017

389,949

-

389,949

Cost

795,495

-

795,495

1,185,444

-

1,185,444

If freehold property had not been revalued they would have been included at the following historical cost:

31.8.18

31.8.17

£

£

Cost

795,495

795,495

freehold property were valued on an open market basis on 31st August 2017 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

10,000

10,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade creditors

-

(1

)

Taxation and social security

1,517

9,959

Other creditors

256,273

286,740

257,790

296,698

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Other creditors

105,000

134,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

472,999

Ordinary

1

472,999

472,999

10.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

31.8.18

31.8.17

£

£

Profit/(loss) for the financial year

7,374

(36,217

)

New share capital subscribed

-

472,899

Fixed asset revaluation

-

389,949

opening profit and loss b/fwd

Net addition to shareholders' funds

7,374

826,631

Opening shareholders' funds

1,017,877

191,246

Closing shareholders' funds

1,025,251

1,017,877