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Registered number: 02046576
AVONSAND MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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AVONSAND MANAGEMENT LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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AVONSAND MANAGEMENT LIMITED
REGISTERED NUMBER:02046576
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STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2021
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 December 2021.
The notes on pages 2 to 6 form part of these financial statements.
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AVONSAND MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Avonsand Management Limited is a private limited liability company registered in England and Wales. Its registered office and business address is 91 Brick Lane, London E1 6QL.
The principal activity of the company continued to be that of property investment, development and management services.
The company's functional and presentational currency is £ Sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements of the company have been prepared on a going concern basis, the validity of which is dependant on the continued support of the ultimate parent undertaking. The director is satisfied that suitable facilities will continue to be made available for at least twelve months from the date of approval of these financial statements and that the company will be able to meet its working capital requirements for the foreseeable future.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover represents amounts receivable during the period for rent and services, net of VAT.
Rent is recognised in the period the properties are occupied.
Investment property is carried at fair value determined annually by the director or external valuers 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. Changes in fair value are recognised in the Statement of comprehensive income.
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AVONSAND MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2.Accounting policies (continued)
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Basic financial instruments
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The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, and loans from related parties.
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors.
Cash at bank and in hand comprise cash balances and call deposits.
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Current and deferred taxation
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Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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The average monthly number of employees, including directors, during the year was 1 (2020 - 1).
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AVONSAND MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Freehold investment property
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The 2021 valuations were made by the director, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Due after more than one year
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Prepayments and accrued income
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Prepayments and accrued income
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AVONSAND MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The provision for deferred taxation is made up as follows:
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Fair value movement in investment properties
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Allotted, called up and fully paid
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60 Ordinary shares of £1 each
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40 Ordinary A shares of £1 each
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The Ordinary and Ordinary A shares rank pari passu in all respects.
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AVONSAND MANAGEMENT LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Ultimate parent undertaking
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The immediate parent undertaking is Avonsand Management Holdings Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Truman Estates Limited, a company incorporated in Jersey.
The auditors' report on the financial statements for the year ended 30 April 2021 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which indicates that the Company is reliant on the continued support of the ultimate parent undertaking. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 6 December 2021 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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