Azur Developments Ltd - Period Ending 2021-06-30

Azur Developments Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Azur Developments Ltd

Company Information

Directors	Mr I Sexton Mrs L Sexton

Registered office

2/4 Ash Lane Rustington Littlehampton West Sussex BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP 2/4 Ash Lane Rustington Littlehampton West Sussex BN16 3BZ

Azur Developments Ltd

(Registration number: 09101150)
Balance Sheet as at 30 June 2021

	Note	2021  £	2020  £
Current assets
Debtors	5	489,450	490,360
Cash at bank and in hand		1,226	562
		490,676	490,922
Creditors: Amounts falling due within one year	6	(502,050)	(501,063)
Net liabilities		(11,374)	(10,141)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(11,474)	(10,241)
Total equity		(11,374)	(10,141)

For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 October 2021 and signed on its behalf by:
 

.........................................

Mr I Sexton
Director

Azur Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the Board on 5 October 2021.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Azur Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

2	Accounting policies (continued)

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 in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance

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.

Azur Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

2	Accounting policies (continued)

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.

Azur Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

2	Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised costs using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case off an outright short term loan not at 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
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at 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 discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying value and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

Azur Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 July 2020	5,330	5,330
At 30 June 2021	5,330	5,330
Depreciation
At 1 July 2020	5,330	5,330
At 30 June 2021	5,330	5,330
Carrying amount
At 30 June 2021	-	-

5

Debtors

	Note	2021 £	2020 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	489,450	489,450
Other debtors		-	910
		489,450	490,360

6

Creditors

Creditors: amounts falling due within one year

	Note	2021  £	2020  £
Due within one year
Trade creditors		-	13
Amounts due to related parties	8	501,000	500,000
Accrued expenses		1,050	1,050
		502,050	501,063

Azur Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

8	Related party transactions

Transactions with directors

Other transactions with directors

The company made a sale of £Nil (2020 - £2,975,000) to its director during the year.

Summary of transactions with other related parties

The company has related parties under common control: Azur Auto Limited, Olisex Developments Limited and Sexton Holdings Limited.
 During the year the company continued to be provided with a loan from Olisex Developments Limited and received a loan from Azur Auto Limited. The company also continued to provide a loan to Sexton Holdings Limited.
 All loans are unsecured, non-interest bearing and repayable on demand.
 

Azur Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

8	Related party transactions (continued)

Loans to related parties

2021	Other related parties £
At start of period	489,450
At end of period	489,450

2020	Other related parties £
Advanced	489,450
At end of period	489,450

Loans from related parties

2021	Other related parties £
At start of period	500,000
Advanced	1,000
At end of period	501,000

2020	Other related parties £
At start of period	1,693,691
Repaid	(1,193,691)
At end of period	500,000