Fifth Avenue Limited Accounts

FIFTH AVENUE LIMITED - Company Information






Fifth Avenue Limited

	Company No. 10441276
		Information for Filing with The Registrar
		31 October 2021

The Directors present their report and the accounts for the year ended 31 October 2021.

Principal activities
The principal activity of the company during the year under review was property rental.




Directors

The Directors who served at any time during the year were as follows:

C. Mackley
N. Mackley




































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

N. Mackley
Director
19 July 2022

at	31 October 2021
Company No.		10441276	Notes	2021	2020
				£	£
Fixed assets

	Tangible assets		4	3,205	4,006
	Investment property		5	782,000	817,370

				785,205	821,376
Current assets

	Debtors		6	2,866	2,716

	Cash at bank and in hand			17,905	3,840
				20,771	6,556
Creditors: Amount falling due within one year			7	(21,557)	(18,870)
Net current liabilities				(786)	(12,314)
Total assets less current liabilities				784,419	809,062
Creditors: Amounts falling due after more than one year			8	(761,397)	(759,953)
Provisions for liabilities
	Deferred taxation		9	(1,146)	(1,298)

Net assets				21,876	47,811

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		10	21,776	47,711

Total equity				21,876	47,811



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 19 July 2022
And signed on its behalf by:
N. Mackley
Director
12 July 2022

for the year ended 31 October 2021

General information

Its registered number is: 10441276

Its registered office is:

79 Newstead Road

Southbourne

Bournemouth

Dorset

BH6 3HL

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

20% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	0	0

4	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 November 2020	5,741	5,741




		At 31 October 2021	5,741	5,741
		Depreciation
		At 1 November 2020	1,735	1,735
		Charge for the year	801	801



		At 31 October 2021	2,536	2,536
		Net book values
		At 31 October 2021	3,205	3,205
		At 31 October 2020	4,006	4,006

5	Investment property
			Freehold Investment Property
			£
		Valuation
		At 1 November 2020	817,370
		Additions	(35,370)


		At 31 October 2021	782,000

6	Debtors
			2021	2020
			£	£






		Other debtors	100	100
		Prepayments and accrued income	2,766	2,616
			2,866	2,716

7	Creditors:
		amounts falling due within one year
			2021	2020
			£	£


		Other loans	15,439	15,439



		Corporation tax	2,366	2,127



		Accruals and deferred income	3,752	1,304
			21,557	18,870

8	Creditors:
		amounts falling due after more than one year
			2021	2020
			£	£


		Other loans	466,121	466,121



		Other creditors	295,276	293,832

			761,397	759,953

9	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 November 2020	1,298	1,298
		Charge to the profit and loss account for the period	(152)	(152)

		At 31 October 2021	1,146	1,146



			2021	2020
			£	£


		Revaluation of land and buildings	-	1,298
		Other timing differences	1,146	-
			1,146	1,298

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.