Avondale Properties (Southport) Ltd 31/07/2021 iXBRL

Avondale Properties (Southport) Ltd 31/07/2021 iXBRL

AVONDALE PROPERTIES (SOUTHPORT) LTD - Company Information

Print Friendly Version

0 31/07/2021 2021-07-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2020-08-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 10870425 2020-08-01 2021-07-31 10870425 2021-07-31 10870425 2020-07-31 10870425 2020-07-31 10870425 2019-07-31 10870425 core:FurnitureFittingsToolsEquipment 2020-08-01 2021-07-31 10870425 bus:RegisteredOffice 2020-08-01 2021-07-31 10870425 bus:LeadAgentIfApplicable 2020-08-01 2021-07-31 10870425 bus:Director1 2020-08-01 2021-07-31 10870425 bus:Director2 2020-08-01 2021-07-31 10870425 core:LandBuildings core:OwnedOrFreeholdAssets 2021-07-31 10870425 core:FurnitureFittingsToolsEquipment 2021-07-31 10870425 core:WithinOneYear 2021-07-31 10870425 core:WithinOneYear 2020-07-31 10870425 core:ShareCapital 2021-07-31 10870425 core:ShareCapital 2020-07-31 10870425 core:RetainedEarningsAccumulatedLosses 2021-07-31 10870425 core:RetainedEarningsAccumulatedLosses 2020-07-31 10870425 core:LandBuildings core:OwnedOrFreeholdAssets 2020-08-01 2021-07-31 10870425 bus:Director1 2020-07-31 10870425 bus:Director1 2021-07-31 10870425 bus:Director2 2020-07-31 10870425 bus:Director2 2021-07-31 10870425 bus:Director1 2019-07-31 10870425 bus:Director1 2020-07-31 10870425 bus:Director2 2019-07-31 10870425 bus:Director2 2020-07-31 10870425 bus:SmallEntities 2020-08-01 2021-07-31 10870425 bus:AuditExemptWithAccountantsReport 2020-08-01 2021-07-31 10870425 bus:FullAccounts 2020-08-01 2021-07-31 10870425 bus:SmallCompaniesRegimeForAccounts 2020-08-01 2021-07-31 10870425 bus:PrivateLimitedCompanyLtd 2020-08-01 2021-07-31 10870425 core:CloseFamilyMember1 2020-08-01 2021-07-31 10870425 core:CloseFamilyMember1 2021-07-31 10870425 core:CloseFamilyMember1 2020-07-31
Company registration number: 10870425
Avondale Properties (Southport) Ltd
Unaudited filleted financial statements
31 July 2021
Avondale Properties (Southport) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Avondale Properties (Southport) Ltd
Directors and other information
Directors M A Nelson
B Nelson
Company number 10870425
Registered office Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
Accountants Alexander Bursk Ltd
Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
Bankers National Westminster Bank plc
699 Wilmslow Road
Didsbury
Manchester
Lancashire
M20 6NW
Avondale Properties (Southport) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Avondale Properties (Southport) Ltd
Year ended 31 July 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Avondale Properties (Southport) Ltd for the year ended 31 July 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Avondale Properties (Southport) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Avondale Properties (Southport) Ltd and state those matters that we have agreed to state to the board of directors of Avondale Properties (Southport) Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avondale Properties (Southport) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Avondale Properties (Southport) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Avondale Properties (Southport) Ltd. You consider that Avondale Properties (Southport) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Avondale Properties (Southport) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Alexander Bursk Ltd
Accountants
Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
12 April 2022
Avondale Properties (Southport) Ltd
Statement of financial position
31 July 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 175,366 -
_______ _______
175,366 -
Current assets
Cash at bank and in hand 38,266 190,157
_______ _______
38,266 190,157
Creditors: amounts falling due
within one year 5 ( 244,150) ( 217,008)
_______ _______
Net current liabilities ( 205,884) ( 26,851)
_______ _______
Total assets less current liabilities ( 30,518) ( 26,851)
_______ _______
Net liabilities ( 30,518) ( 26,851)
_______ _______
Capital and reserves
Called up share capital 4 4
Profit and loss account ( 30,522) ( 26,855)
_______ _______
Shareholders deficit ( 30,518) ( 26,851)
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 April 2022 , and are signed on behalf of the board by:
M A Nelson
Director
Company registration number: 10870425
Avondale Properties (Southport) Ltd
Notes to the financial statements
Year ended 31 July 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Parkgates, Bury New Road, Prestwich, Manchester, Lancashire, M25 0JW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2020 - - -
Additions 171,946 4,560 176,506
_______ _______ _______
At 31 July 2021 171,946 4,560 176,506
_______ _______ _______
Depreciation
At 1 August 2020 - - -
Charge for the year - 1,140 1,140
_______ _______ _______
At 31 July 2021 - 1,140 1,140
_______ _______ _______
Carrying amount
At 31 July 2021 171,946 3,420 175,366
_______ _______ _______
At 31 July 2020 - - -
_______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
Additions 171,946
_______
_______
The property acquired in November 2020 had a total cost and value of £171,946 at the end of the year.
5. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 3,865 -
Other creditors 240,285 217,008
_______ _______
244,150 217,008
_______ _______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
M A Nelson ( 54,117) ( 5,844) ( 59,961)
B Nelson ( 54,117) ( 5,844) ( 59,961)
_______ _______ _______
( 108,234) ( 11,688) ( 119,922)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
M A Nelson ( 54,117) - ( 54,117)
B Nelson ( 54,117) - ( 54,117)
_______ _______ _______
( 108,234) - ( 108,234)
_______ _______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
Shareholders' loan account ( 11,688) - ( 119,921) ( 108,234)
_______ _______ _______ _______
8. Controlling party
No party has control of the company. 50% of shares are controlled by the directors.