Period from 26 March 2019 to
Registration number:
Avenel Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Avenel Limited
Company Information
Director |
Mr G Birchmore |
Registered office |
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Accountants |
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Avenel Limited
Balance Sheet
31 March 2020
Note |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Creditors: Amounts falling due within one year |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Shareholders' deficit |
( |
Avenel Limited
Balance Sheet
31 March 2020
For the financial period ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 11905799
Avenel Limited
Notes to the Unaudited Financial Statements
Period from 26 March 2019 to 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company has incurred costs in relation to establishing it's trade but has not yet received any income, this has led to losses being incurred in the first period of trade and has resulted in a negative balance sheet. The company is currently reliant upon the financial support of the director, this financial support will continue to be provided.
The director has also considered the impact of COVID-19 and believes that the financial support currently provided is sufficient for the company to continue to trade for the forseeable future, and therefore the financial statements have been prepared on a going concern basis.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Avenel Limited
Notes to the Unaudited Financial Statements
Period from 26 March 2019 to 31 March 2020
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% straight line |
Investment property
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
All financial instruments are classified as basic.
Recognition and measurement
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.
Except for bank loans, 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.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company during the period, was
Avenel Limited
Notes to the Unaudited Financial Statements
Period from 26 March 2019 to 31 March 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2020 |
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Depreciation |
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Charge for the period |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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Investment properties |
2020 |
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Additions |
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At 31 March |
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There has been no valuation of investment property by an independent valuer.
Creditors |
Creditors: amounts falling due within one year
2020 |
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Accruals and deferred income |
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Other creditors |
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Avenel Limited
Notes to the Unaudited Financial Statements
Period from 26 March 2019 to 31 March 2020
6 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2020 |
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Loans and borrowings |
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Loans and borrowings |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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The bank borrowings of £484,020 are secured against the investment property owned by the company.
The director has also provided a personal guarantee in relation to the bank borrowings.
Share capital |
Allotted, called up and fully paid shares
2020 |
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No. |
£ |
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100 |
During the period 100 Ordinary shares were issued at their nominal value of £1 each.