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REGISTERED NUMBER: 00533085 (England and Wales) |
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Report of the Directors and |
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Consolidated Financial Statements for the Year Ended 31 March 2019 |
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for |
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Avenue Investments Limited |
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REGISTERED NUMBER: 00533085 (England and Wales) |
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Report of the Directors and |
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Consolidated Financial Statements for the Year Ended 31 March 2019 |
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for |
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Avenue Investments Limited |
Avenue Investments Limited (Registered number: 00533085) |
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Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Consolidated Income Statement | 6 |
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Consolidated Balance Sheet | 7 |
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Company Balance Sheet | 9 |
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Consolidated Statement of Changes in Equity | 10 |
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Company Statement of Changes in Equity | 11 |
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Notes to the Consolidated Financial Statements | 12 |
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Avenue Investments Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Business Advisors |
Statutory Auditor |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
Avenue Investments Limited (Registered number: 00533085) |
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Report of the Directors |
for the Year Ended 31 March 2019 |
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The directors present their report with the financial statements of the company and the group for the year ended |
31 March 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of property development and property rental. |
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REVIEW OF BUSINESS |
At the balance sheet date the company reclassified its property trading stock to investment properties. This transaction |
was recorded as a stock sale, and the investment property addition recorded at open market value. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report. |
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CHARITABLE DONATIONS AND EXPENDITURE |
Charitable donations totalling £5,000 were made in the year. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and the group and of the profit or loss of the group for that period. In preparing these financial statements, |
the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. |
They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable |
steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies |
Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to |
have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that |
the group's auditors are aware of that information. |
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AUDITORS |
The auditors, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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Avenue Investments Limited (Registered number: 00533085) |
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Report of the Directors |
for the Year Ended 31 March 2019 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Avenue Investments Limited |
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Opinion |
We have audited the financial statements of Avenue Investments Limited (the 'parent company') and its subsidiaries |
(the 'group') for the year ended 31 March 2019 which comprise the Consolidated Income Statement, Consolidated |
Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of |
Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The |
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the |
UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2019 and of the
group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the group in accordance with the ethical requirements |
that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have |
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we |
have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report |
of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Avenue Investments Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in |
the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
you if, in our opinion: |
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adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's |
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease |
operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and |
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the |
Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants and Business Advisors |
Statutory Auditor |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
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Avenue Investments Limited (Registered number: 00533085) |
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Consolidated Income Statement |
for the Year Ended 31 March 2019 |
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Period |
6/4/17 |
Year Ended | to |
31/3/19 | 31/3/18 |
Notes | £ | £ |
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TURNOVER | 20,782,959 | 2,319,200 |
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Cost of sales | (16,966,862 | ) | (587,000 | ) |
GROSS PROFIT | 3,816,097 | 1,732,200 |
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Administrative expenses | (969,151 | ) | (1,037,392 | ) |
2,846,946 | 694,808 |
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Other operating income | 7,833 | 7,143 |
Gain/(loss) on revaluation |
of investment properties | (649,771 | ) | 85,503 |
OPERATING PROFIT | 2,205,008 | 787,454 |
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Interest payable and similar expenses | (763,399 | ) | (664,493 | ) |
PROFIT BEFORE TAXATION | 1,441,609 | 122,961 |
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Tax on profit | 5 | (189,877 | ) | 114,787 |
PROFIT FOR THE FINANCIAL YEAR |
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Profit attributable to: |
Owners of the parent | 1,251,732 | 237,748 |
Avenue Investments Limited (Registered number: 00533085) |
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Consolidated Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | 13,967 | 18,625 |
Tangible assets | 8 | 3,295 | 3,875 |
Investments | 9 | - | - |
Investment property | 10 | 31,628,000 | 12,302,000 |
31,645,262 | 12,324,500 |
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CURRENT ASSETS |
Stocks | 11 | - | 16,307,809 |
Debtors | 12 | 404,796 | 386,664 |
Cash at bank and in hand | 1,499,917 | 3,653,642 |
1,904,713 | 20,348,115 |
CREDITORS |
Amounts falling due within one year | 13 | 992,766 | 2,448,416 |
NET CURRENT ASSETS | 911,947 | 17,899,699 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
32,557,209 |
30,224,199 |
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CREDITORS |
Amounts falling due after more than one
year |
14 |
(17,922,236 |
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(16,502,058 |
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PROVISIONS FOR LIABILITIES | 16 | (243,476 | ) | (82,377 | ) |
NET ASSETS | 14,391,497 | 13,639,764 |
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CAPITAL AND RESERVES |
Called up share capital | 1,161,418 | 1,161,418 |
Share premium | 932,137 | 932,137 |
Capital redemption reserve | 212,337 | 212,337 |
Fair value reserve | 17 | 1,286,938 | 2,285,830 |
Retained earnings | 10,798,667 | 9,048,042 |
SHAREHOLDERS' FUNDS | 14,391,497 | 13,639,764 |
Avenue Investments Limited (Registered number: 00533085) |
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Consolidated Balance Sheet - continued |
31 March 2019 |
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the |
small companies regime. |
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The financial statements were approved by the Board of Directors on 27 October 2019 and were signed on its behalf |
by: |
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Mrs S S Gottlieb - Director |
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Mr C H Gottlieb - Director |
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Avenue Investments Limited (Registered number: 00533085) |
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Company Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
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Tangible assets | 8 |
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Investments | 9 |
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Investment property | 10 |
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CURRENT ASSETS |
Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 16 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Company's profit for the financial year | 1,476,189 | 95,149 |
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The financial statements were approved by the Board of Directors on
by: |
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Avenue Investments Limited (Registered number: 00533085) |
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Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2019 |
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Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
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Balance at 6 April 2017 | 1,176,346 | 9,857,805 | 932,137 |
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Changes in equity |
Issue of share capital | (14,928 | ) | - | - |
Dividends | - | (750,000 | ) | - |
Total comprehensive income | - | (59,763 | ) | - |
Balance at 31 March 2018 | 1,161,418 | 9,048,042 | 932,137 |
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Changes in equity |
Dividends | - | (500,000 | ) | - |
Total comprehensive income | - | 2,250,625 | - |
Balance at 31 March 2019 | 1,161,418 | 10,798,667 | 932,137 |
Capital | Fair |
redemption | value | Total |
reserve | reserve | equity |
£ | £ | £ |
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Balance at 6 April 2017 | 197,409 | 2,118,327 | 14,282,024 |
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Changes in equity |
Issue of share capital | - | - | (14,928 | ) |
Dividends | - | - | (750,000 | ) |
Total comprehensive income | 14,928 | 167,503 | 122,668 |
Balance at 31 March 2018 | 212,337 | 2,285,830 | 13,639,764 |
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Changes in equity |
Dividends | - | - | (500,000 | ) |
Total comprehensive income | - | (998,893 | ) | 1,251,732 |
Balance at 31 March 2019 | 212,337 | 1,286,937 | 14,391,496 |
Avenue Investments Limited (Registered number: 00533085) |
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Company Statement of Changes in Equity |
for the Year Ended 31 March 2019 |
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Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
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Balance at 6 April 2017 |
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Changes in equity |
Issue of share capital | ( |
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Dividends | - | ( |
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Total comprehensive income | - | ( |
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Balance at 31 March 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2019 |
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Capital | Fair |
redemption | value | Total |
reserve | reserve | equity |
£ | £ | £ |
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Balance at 6 April 2017 |
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Changes in equity |
Issue of share capital | - | - | ( |
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Dividends | - | - | ( |
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Total comprehensive income |
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( |
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Balance at 31 March 2018 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income |
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( |
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Balance at 31 March 2019 |
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Avenue Investments Limited (Registered number: 00533085) |
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Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Avenue Investments Limited is a
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company's registered number and registered office address can be found on the General Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and |
has not presented its own Statement of Comprehensive Income in these financial statements. |
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Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and all group |
undertakings disclosed in note 9 to these financial statements. These are adjusted, where appropriate, to confirm |
to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on |
consolidation is capitalised and written off over its estimated useful economic life of twenty years from the year |
of acquisition. The results of companies acquired or disposed of are included in the group profit and loss |
account after or up to the date that control passes respectively. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Rental income is recognised on a straight line basis over the life of the lease. Lease incentives are amortised |
over the length of the lease. |
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Property acquisitions and disposals are accounted for where exchange of contracts has taken place during the |
accounting period where completion has been effected by the date on which the financial statements are |
approved. |
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Goodwill |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Avenue Investments Limited (Registered number: 00533085) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Group only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
related parties and investments in non-puttable ordinary shares. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
accounts receivable and payable, are initially measured at present value of the future cash flows and |
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or |
receivable within one year, typically trade debtors and creditors, 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, like the payment of a trade debt |
deferred beyond normal business terms or financed at a rate of interest that is not market rate or in the case of an |
out-right 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 amortised cost. |
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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 objective evidence of impairment is found, an impairment loss is |
recognised in the Consolidated statement of comprehensive income. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
assets carrying amount and the present value of estimated cash flows discounted at the assets 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. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an assets carrying amount and best estimate of the recoverable amount, which is an approximation of the |
amount that the Group would receive for the asset if it were to be sold at the balance sheet date. |
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Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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 realised |
the asset and settle the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of |
the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Avenue Investments Limited (Registered number: 00533085) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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The Group as a lessor |
Rental income from operating leases is credited to the consolidated statement of comprehensive income on a |
straight line basis over the term of the relevant lease. |
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Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income |
over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern |
over which the lessor's benefit from the leased asset is diminished. |
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The Group as a lessee |
Rentals paid under operating leases are charged to the consolidated statement of comprehensive income on a |
straight line basis over the lease term. |
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Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis |
over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit |
from the use of the leased asset. |
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Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Provisions for liabilities |
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that |
probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the |
amount of the obligation, |
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Provisions are charged as an expense to the consolidated statement of comprehensive income in the year that the |
Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the |
expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
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When the payments are eventually made, they are charged to the provision carried in the balance sheet. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TAXATION |
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Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
Period |
6/4/17 |
Year Ended | to |
31/3/19 | 31/3/18 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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( |
) |
Tax on profit |
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( |
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Avenue Investments Limited (Registered number: 00533085) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2019 |
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6. | INDIVIDUAL INCOME STATEMENT |
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As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not |
presented as part of these financial statements. |
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7. | INTANGIBLE FIXED ASSETS |
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Group |
Goodwill |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
8. | TANGIBLE FIXED ASSETS |
|
Group |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 | 38,130 |
DEPRECIATION |
At 1 April 2018 | 34,255 |
Charge for year | 580 |
At 31 March 2019 | 34,835 |
NET BOOK VALUE |
At 31 March 2019 | 3,295 |
At 31 March 2018 | 3,875 |
Avenue Investments Limited (Registered number: 00533085) |
|
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
9. | FIXED ASSET INVESTMENTS |
|
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
|
Disposals | ( |
) |
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
The group or the company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
|
Subsidiaries |
|
|
Registered office: United Kingdom |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
Registered office: United Kingdom |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
Registered office: United Kingdom |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
Registered office: United Kingdom |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
Avenue Investments Limited (Registered number: 00533085) |
|
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
10. | INVESTMENT PROPERTY |
|
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2018 | 12,302,000 |
Additions | 22,425,771 |
Disposals | (2,450,000 | ) |
Revaluations | (649,771 | ) |
At 31 March 2019 | 31,628,000 |
NET BOOK VALUE |
At 31 March 2019 | 31,628,000 |
At 31 March 2018 | 12,302,000 |
|
The director consider the current value to reflect the fair value of the property on an open market basis as at the |
balance sheet date. |
|
At the balance sheet date the company reclassified its property trading stock to investment properties. This |
transaction was recorded as a stock sale, and the investment property addition recorded at open market value. |
|
Fair value at 31 March 2019 is represented by: |
|
£ |
Valuation in 2018 | 10,000 |
Valuation in 2019 | (599,770 | ) |
Cost | 32,217,770 |
31,628,000 |
|
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
|
Additions |
|
Disposals | ( |
) |
Revaluations | (174,771 | ) |
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
The director consider the current value to reflect the fair value of the property on an open market basis as at the |
balance sheet date. |
Avenue Investments Limited (Registered number: 00533085) |
|
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
10. | INVESTMENT PROPERTY - continued |
|
Company |
|
Fair value at 31 March 2019 is represented by: |
|
£ |
Valuation in 2019 | (124,770 | ) |
Cost | 1,726,770 |
1,602,000 |
|
11. | STOCKS |
|
Group |
2019 | 2018 |
£ | £ |
Finished goods | - | 16,307,809 |
|
12. | DEBTORS |
|
Group | Company |
2019 | 2018 | 2019 | 2018 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 228,902 | 144,718 |
|
|
Amounts owed by group undertakings | - | - |
|
|
Other debtors | 128,739 | 184,544 |
|
|
357,641 | 329,262 |
|
|
|
Amounts falling due after more than one |
year: |
Other debtors | 47,155 | 57,402 |
|
|
|
Aggregate amounts | 404,796 | 386,664 |
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
Group | Company |
2019 | 2018 | 2019 | 2018 |
£ | £ | £ | £ |
Bank loans and overdrafts | 39,512 | 1,395,891 |
|
|
Trade creditors | 119,181 | 114,982 |
|
|
Amounts owed to group undertakings | - | - |
|
|
Taxation and social security | 120,822 | 106,828 |
|
|
Other creditors | 713,251 | 830,715 |
|
|
992,766 | 2,448,416 |
|
|
Avenue Investments Limited (Registered number: 00533085) |
|
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
14. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
|
Group |
2019 | 2018 |
£ | £ |
Bank loans | 17,777,613 | 16,352,760 |
Other creditors | 144,623 | 149,298 |
17,922,236 | 16,502,058 |
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
Group | Company |
2019 | 2018 | 2019 | 2018 |
£ | £ | £ | £ |
Bank loans | 17,817,125 | 17,748,651 |
|
|
|
The group bank loans of £17,817,125 (2018: £17,748,651) are secured by fixed charges over the properties of |
the group including those held as stock and investment properties. There are floating charges over the |
company's remaining assets and assets of Metropolitan and City Properties Limited. |
|
Repayment of certain borrowings may be required within one year if trading properties included as stock are |
sold over the next year. |
|
16. | PROVISIONS FOR LIABILITIES |
|
Group | Company |
2019 | 2018 | 2019 | 2018 |
£ | £ | £ | £ |
Deferred tax | 243,476 | 82,377 | - | 110,198 |
|
Group |
Deferred |
tax |
£ |
Balance at 1 April 2018 | 82,377 |
Charge to Income Statement during year | 161,099 |
Balance at 31 March 2019 | 243,476 |
|
Company |
Deferred |
tax |
£ |
Balance at 1 April 2018 |
|
Provided during year | ( |
) |
Balance at 31 March 2019 | ( |
) |
Avenue Investments Limited (Registered number: 00533085) |
|
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2019 |
|
17. | RESERVES |
|
Group |
Fair |
value |
reserve |
£ |
At 1 April 2018 | 2,285,831 |
Transfer to/from profit |
and loss reserve | (998,893 | ) |
|
At 31 March 2019 | 1,286,938 |
|
Company |
Fair |
value |
reserve |
£ |
At 1 April 2018 |
|
Transfer to/from profit |
and loss reserve | (1,000,743 | ) |
|
At 31 March 2019 |
|
|
|
18. | COMMITMENTS AND GUARANTEES |
|
The group has provided fixed charges over shares and certain real property and entered into a subordinated |
creditors security agreement in respect of up to £16.8m senior secured term loan facilities. |