Company No: 03212205 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mrs A E Way
	Mr N J M Way

SECRETARY

Mrs A E Way

REGISTERED OFFICE	C/O Pkf Francis Clark Sigma House
	Oak View Close
	Edginswell Park
	Torquay
	TQ2 7FF
	England
	United Kingdom

BUSINESS ADDRESS	Willis Farm
	Bickleigh
	Tiverton
	EX16 8RH

COMPANY NUMBER

03212205 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Sigma House
	Oak View Close
	Edginswell Park
	Torquay
	TQ2 7FF

	Note	2023		2022
		£		£
				Restated - note 2
Fixed assets
Tangible assets	5	2,277,266		2,301,071
		2,277,266		2,301,071
Current assets
Debtors	6	1,582,328		1,665,785
Cash at bank and in hand		11,896		108,422
		1,594,224		1,774,207
Creditors: amounts falling due within one year	7	( 355,946)		( 592,906)
Net current assets		1,238,278		1,181,301
Total assets less current liabilities		3,515,544		3,482,372
Provision for liabilities	8	( 62,962)		( 63,107)
Net assets		3,452,582		3,419,265
Capital and reserves
Called-up share capital	9	2		2
Profit and loss account	10	3,452,580		3,419,263
Total shareholders' funds		3,452,582		3,419,265

For the financial year ending 30 June 2023 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of A & N Way Investments Ltd (registered number: 03212205) were approved and authorised for issue by the Board of Directors on 11 October 2023. They were signed on its behalf by:

Mr N J M Way Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A & N Way Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Pkf Francis Clark Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF, England, United Kingdom. The principal place of business is Willis Farm, Bickleigh, Tiverton, EX16 8RH.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year error

During the year it was noted that the revaluation of the freehold property for the accounting period ended 30 June 2022 had been recognised incorrectly on one property. A prior period restatement has been made to the 2022 financial statements with further details given in note 2.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings	100 years straight line
Fixtures and fittings	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Properties are held at fair value at the date of valuation less subsequent depreciation and impairment.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a gain reverses a previously recognised loss, or a loss exceeds the accumulated gains in equity.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

Property revaluation

		As previously reported		Adjustment		As restated
Year ended 30 June 2022		£		£		£
Tangible Assets		2,621,037		(319,966)		2,301,071
Profit and Loss account		3,739,229		(319,966)		3,419,263

3. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

4. Dividends on equity shares

	2023		2022
	£		£
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 30 June 2023 of £2,000.00 (2022: £2,000.00) per ordinary share	4,000		4,000

5. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost/Valuation
At 01 July 2022	2,322,470		21,200		2,343,670
At 30 June 2023	2,322,470		21,200		2,343,670
Accumulated depreciation
At 01 July 2022	25,265		17,334		42,599
Charge for the financial year	23,225		580		23,805
At 30 June 2023	48,490		17,914		66,404
Net book value
At 30 June 2023	2,273,980		3,286		2,277,266
At 30 June 2022	2,297,205		3,866		2,301,071

6. Debtors

	2023		2022
	£		£
Trade debtors	( 5,400)		0
Other debtors	1,587,728		1,665,785
	1,582,328		1,665,785

Included within other debtors is a long-term loan for £252,247 (2022 - £259,496) of which £89,827 is classified as non current.

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	1,039		4,847
Taxation and social security	15,779		11,673
Other creditors	339,128		576,386
	355,946		592,906

8. Deferred tax

	2023		2022
	£		£
At the beginning of financial year	( 63,107)		0
Credited/(charged) to the Statement of Income and Retained Earnings	145		( 63,107)
At the end of financial year	( 62,962)		( 63,107)

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

10. Reserves

Included in the profit and loss account balance carried forward are non-distributable reserves of £473,194 (2022 £473,194). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment properties.