Company Registration No. 08851609 (England and Wales)
2 PIXMORE AVENUE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
2 PIXMORE AVENUE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
2 PIXMORE AVENUE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 2 PIXMORE AVENUE LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 2 Pixmore Avenue Limited for the year ended 28 February 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of 2 Pixmore Avenue Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 2 Pixmore Avenue Limited
and state those matters that we have agreed to state to the Board of Directors of 2 Pixmore Avenue Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 2 Pixmore Avenue Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that 2 Pixmore Avenue Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of 2 Pixmore Avenue Limited. You consider that 2 Pixmore Avenue Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of 2 Pixmore Avenue Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
13 October 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
2 PIXMORE AVENUE LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2021
28 February 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
313,960
314,276
Current assets
Debtors
4
27,164
Cash at bank and in hand
20,125
15,287
47,289
15,287
Creditors: amounts falling due within one year
5
(42,283)
(39,976)
Net current assets/(liabilities)
5,006
(24,689)
Total assets less current liabilities
318,966
289,587
Creditors: amounts falling due after more than one year
6
(142,040)
(142,723)
Net assets
176,926
146,864
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
176,826
146,764
Total equity
176,926
146,864
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
2 PIXMORE AVENUE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2021
28 February 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 13 October 2021 and are signed on its behalf by:
Mr M A Bryant
Director
Company Registration No. 08851609
2 PIXMORE AVENUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 4 -
1
Accounting policies
Company information
2 Pixmore Avenue Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
202 Fazeley Street, Birmingham, West Midlands, B5 5SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
rents pro
vided in the normal course of business
. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and
where the amount of rent can be measured reliably
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
over the lease term
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2 PIXMORE AVENUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2020 - 2).
3
Tangible fixed assets
Land and buildings
£
Cost
At 29 February 2020 and 28 February 2021
316,174
Depreciation and impairment
At 29 February 2020
1,898
Depreciation charged in the year
316
At 28 February 2021
2,214
Carrying amount
At 28 February 2021
313,960
At 28 February 2020
314,276
2 PIXMORE AVENUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 6 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
27,140
Other debtors
24
27,164
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
9,718
8,000
Taxation and social security
16,178
9,754
Other creditors
16,387
22,222
42,283
39,976
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
142,040
142,723
7
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Bank loans
151,758
150,723
Bank loans are secured by way of a fixed and floating charge over all assets of the company and are secured by way of a government-backed guarantee.
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
2 PIXMORE AVENUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 7 -
9
Ultimate controlling party
There is no ultimate controlling party.