Park Avenue Estates Limited Filleted accounts for Companies House (small and micro)
Park Avenue Estates Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
03290481
|
|
|
|
STATEMENT OF FINANCIAL POSITION |
2022 |
2021 |
||
Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
|
|
|
Investments |
6 |
|
|
|
--------------- |
--------------- |
|||
|
|
|||
Current assets
Debtors |
7 |
|
|
|
Cash at bank and in hand |
|
|
||
--------------- |
--------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
8 |
|
|
|
--------------- |
--------------- |
|||
Net current assets |
|
|
||
--------------- |
--------------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
9 |
|
|
|
Provisions
Taxation including deferred tax |
|
|
|
--------------- |
--------------- |
||
Net assets |
|
|
|
--------------- |
--------------- |
||
Capital and reserves
Called up share capital |
|
|
||
Profit and loss account |
10 |
|
|
|
--------------- |
--------------- |
|||
Shareholders funds |
|
|
||
--------------- |
--------------- |
|||
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
|
STATEMENT OF FINANCIAL POSITION (continued) |
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 were approved by the
board of directors
and authorised for issue on
16 August 2023
, and are signed on behalf of the board by:
|
|
Director |
Director |
Company registration number:
03290481
|
NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 31 DECEMBER 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 Western Road, Hove, BN3 1FA.
2.
Statement of compliance
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. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors.
Consolidation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - investment property valuations
Revenue recognition
Income tax
Foreign currencies
Tangible assets
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:
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
No depreciation has been provided on investment properties.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2021:
4
).
5.
Tangible assets
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
|
Valuation |
||||
At 1 January 2022 |
|
|
|
|
Additions |
|
– |
– |
|
Disposals |
(
|
– |
– |
(
|
Revaluations |
|
– |
– |
|
--------------- |
--------- |
---------- |
--------------- |
|
At 31 December 2022 |
|
|
|
|
--------------- |
--------- |
---------- |
--------------- |
|
Depreciation |
||||
At 1 January 2022 |
– |
|
|
|
Charge for the year |
– |
|
|
|
--------------- |
--------- |
---------- |
--------------- |
|
At 31 December 2022 |
– |
|
|
|
--------------- |
--------- |
---------- |
--------------- |
|
Carrying amount |
||||
At 31 December 2022 |
|
|
|
|
--------------- |
--------- |
---------- |
--------------- |
|
At 31 December 2021 |
|
|
|
|
--------------- |
--------- |
---------- |
--------------- |
|
Tangible assets held at valuation
The investment properties were valued by the directors on an open market value basis at 31 December 2022. Investment properties were valued by CBRE Limited, an external valuer, at market value in November 2022.
6.
Investments
Shares in group undertakings |
|
£ |
|
Cost |
|
At 1 January 2022 and 31 December 2022 |
|
------------- |
|
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
------------- |
|
Carrying amount |
|
At 31 December 2022 |
|
------------- |
|
At 31 December 2021 |
|
------------- |
|
The company owns 100% of the issued share capital of Ridgewood Estates Ltd, a company incorporated in England & Wales.
Aggregate capital and reserves
Ridgewood Estates Ltd - at 31/12/22
£2,873,577
(2021: £2,460,747)
Profit and (loss) for the year
Ridgewood Estates Ltd - 2022
£412,830
(2021: £334,634)
The company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
7.
Debtors
2022 |
2021 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
Other debtors |
|
|
--------------- |
--------------- |
|
|
|
|
--------------- |
--------------- |
|
8.
Creditors:
amounts falling due within one year
2022 |
2021 |
|
£ |
£ |
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
9.
Creditors:
amounts falling due after more than one year
2022 |
2021 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
--------------- |
--------------- |
|
10.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses (distributable), together with investment property revaluations and associated deferred tax (non-distributable). At 31 December 2022 the profit and loss account balance of £44,830,271 (2021: £39,350,184) represents distributable reserves of £9,589,541 (2021: £8,255,522) and non-distributable reserves of £35,240,730 (2021: £31,094,662).
11.
Related party transactions
The company's subsidiary, Ridgewood Estates Ltd, owed the company £3,350,000 at 31 December 2022 (2021 £3,761,886). During the year the company repaid £275,782 in respect of their agreed reimbursable share of interest paid by Harwood Properties Limited (2021: £425,046). The directors of the company, F Sobhanpanah and G Hamza, are also directors and shareholders in Harwood Properties Limited. Other debtors also includes amounts owed by companies under common control totalling £11,400,000 (2021 £12,128,134). Other creditors includes amounts owed to companies under common control totalling £4,987,387 (2021 £7,857,230).