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Registered number: 09734876
AWOL LONDON LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
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AWOL LONDON LIMITED
REGISTERED NUMBER: 09734876
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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AWOL LONDON LIMITED
REGISTERED NUMBER: 09734876
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
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.
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 28 March 2024.
The notes on pages 5 to 9 form part of these financial statements.
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AWOL LONDON LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
Cash flows from operating activities
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Profit for the financial period
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Increase in amounts owed by group undertakings
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash from investing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of period
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Cash and cash equivalents at the end of period
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Cash and cash equivalents at the end of period comprise:
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AWOL LONDON LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
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AWOL LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
AWOL London Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and is domiciled in England. The Company is a registered provider of social housing and whose registered office is located at Regina House, 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company 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, the UK Companies Act 2006 and the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentation currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
Comparatives are for the year ended 30 June 2022.
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Change in financial reporting date
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The financial reporting period end date has been changed from 30 June to 30 September and so the current and prior period figures reported within the financial statements are not entirely comparable.
The financial reporting period end date was changed for operational and cash flow purposes.
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AWOL LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Given the Company's observed operational activity during the period ended 30 September 2023, expected operational activity for the foreseeable future and net asset position as at the balance sheet date, the directors have assessed that the application of going concern basis in preparing the Company's financial statements remains appropriate and in turn have prepared the Company's financial statements under said basis.
Revenue comprises rental and related income towards assured shorthold tenancies and is recognised in the period to which it relates on an accruals basis and measured at the fair value of consideration receivable.
Taxation comprises of corporate taxation ("current taxation") recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
The Company is subject to taxation at the rate enacted by HM Revenue & Customs in respect of property investment activities undertaken in the United Kingdom. All such liabilities in respect of UK current taxation payable are provided for as soon as there is a reasonable certainty that a liability will crystallise. The Company did not undertake any other activities in any other country.
Tangible fixed assets comprise of leasehold social housing properties initially measured at cost and subsequently measured at cost less subsequent accumulated depreciation and impairment losses.
Leasehold social housing properties are depreciated on a straight line basis over the term of the lease.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is as outlined below:
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AWOL LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Debtors
Debtors are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment.
Cash and cash equivalents
Cash balances are reported as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours, subject to an insignificant risk of changes in value and held at floating interest rates linked to UK bank rates.
Creditors
Creditors are initially measured and subsequently held at transaction price.
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
The judgments, estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and/or liabilities within the next financial period are addressed below:
Recoverable value of debtors
Debtors are reported at transaction price less provision for impairment. When assessing the recoverable value of debtors, the directors consider externally available and internal sources of information such as historic and expected market activity, ageing profile, historical experience and, in the case of amounts owed by connected parties, the forecasted financial performance and expected cash flows of the connected party.
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The average monthly number of employees, including directors, during the period was 5 (2022 - 6).
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Accommodation management and development
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At the balance sheet date, the number of social housing properties held under management was 176 (2022: 176). There were no social housing properties under development by the Company at the balance sheet date.
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AWOL LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
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Long-term leasehold property
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand with no fixed date for repayment.
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Cash and cash equivalents
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AWOL LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The Company is party to a cross guarantee in which a fixed charge with negative pledge over all present and future assets of the Company has been granted in respect of any and all amounts owed towards a loan finance arrangement entered into by a fellow group undertaking.
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Related party transactions
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The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
There were no other related party transactions and/or period end balances to report in accordance with the UK Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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The immediate parent undertaking is Landeck Services Limited, a company incorporated under the BVI Business Companies Act, which holds a 100% interest in the issued share capital of the Company.
Landeck Services Limited, whose registered office is located at Craigmuir Chambers, Road Town, Tortola, British Virgin Islands, is the parent undertaking of the smallest group to consolidate these financial statements.
Copies of consolidated group financial statements for Landeck Services Limited are not publicly available.
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