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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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SECOND AVENUE PORTFOLIO LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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SECOND AVENUE PORTFOLIO LIMITED |
SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SECOND AVENUE PORTFOLIO LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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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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ACCOUNTANTS: |
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Chartered Accountants |
and Chartered Tax Advisers |
Larch House |
Parklands Business Park |
Denmead |
Hampshire |
PO7 6XP |
SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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BALANCE SHEET |
31 MARCH 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non distributable funds | 10 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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BALANCE SHEET - continued |
31 MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for
issue on
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SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Second Avenue Portfolio Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The balance sheet shows the company has net current liabilities at 31 March 2020. This position is due to directors' current account balances. These balances will not be repaid in the foreseeable future unless the company's cash flow allows. On this basis, the directors have prepared the financial statements on the going concern basis. |
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Turnover |
Turnover represents rental income in respect of properties owned or managed by the company. Rental income is recognised when the company obtains the right to consideration under the contractual agreement with the tenant. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
Investment property is carried at fair value determined annually by the directors using information available to them unless an external valuation has been provided during the financial period. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
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Investments |
Investments in unlisted companies are carried at cost less any provision for impairment. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2019 |
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Revaluations | 379,000 |
At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Fair value at 31 March 2020 is represented by: |
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Valuation in 2014 | 12,094 |
Valuation in 2015 | 18,433 |
Valuation in 2016 | 19,100 |
Valuation in 2017 | 7,400 |
Valuation in 2020 | 379,000 |
Cost | 443,973 |
880,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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31.3.20 | 31.3.19 |
£ | £ |
Cost | 443,973 | 443,973 |
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Investment properties were valued on an open market basis basis on 31 March 2020 by the directors . |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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9. | PROVISIONS FOR LIABILITIES |
31.3.20 | 31.3.19 |
£ | £ |
Deferred tax | 72,771 | 758 |
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Deferred |
tax |
£ |
Balance at 1 April 2019 |
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Provided during year |
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Balance at 31 March 2020 |
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10. | RESERVES |
Non |
Retained | distributable |
earnings | funds | Totals |
£ | £ | £ |
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At 1 April 2019 |
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306,876 |
Profit for the year |
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- |
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Transfer | (306,990 | ) | 306,990 | - |
At 31 March 2020 |
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663,214 |
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11. | RELATED PARTY DISCLOSURES |
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The aggregate amount owed to the directors at the balance sheet date is £193,748 (31.3.19: £264,792). |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party are the trustees of Second Avenue Portfolio FURBS Trust. |