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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 |
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AVONCO (BRISTOL) LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 |
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FOR |
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AVONCO (BRISTOL) LIMITED |
AVONCO (BRISTOL) LIMITED (REGISTERED NUMBER: 05069728) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2020 |
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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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AVONCO (BRISTOL) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 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 |
Dean House |
94 Whiteladies Road |
Clifton |
Bristol |
BS8 2QX |
AVONCO (BRISTOL) LIMITED (REGISTERED NUMBER: 05069728) |
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BALANCE SHEET |
31 AUGUST 2020 |
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31.8.20 | 31.8.19 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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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. |
AVONCO (BRISTOL) LIMITED (REGISTERED NUMBER: 05069728) |
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BALANCE SHEET - continued |
31 AUGUST 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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AVONCO (BRISTOL) LIMITED (REGISTERED NUMBER: 05069728) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2020 |
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1. | STATUTORY INFORMATION |
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Avonco (Bristol) 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 use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
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The directors have considered the effects of the current Coronavirus pandemic on the outlook for the business. They believe that the demand for their investment property will be substantially unchanged and that accordingly the going concern basis of accounting continues to apply. |
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Turnover |
Turnover, stated net of value added tax, represents rental income due to the company for the accounting period. |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
AVONCO (BRISTOL) LIMITED (REGISTERED NUMBER: 05069728) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2020 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2019 |
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Revaluations | 150,000 |
At 31 August 2020 |
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NET BOOK VALUE |
At 31 August 2020 |
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At 31 August 2019 |
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The property was valued on an open market basis at the year end by the directors of the company, based on information afforded by a recent professional valuation of the property. |
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The values shown above are analysed as follows: |
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£ |
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Revaluation surplus | 2433,898 |
Cost | 1,506,102 |
Total | 1,750,000 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Bank loans |
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AVONCO (BRISTOL) LIMITED (REGISTERED NUMBER: 05069728) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2020 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.8.20 | 31.8.19 |
£ | £ |
Bank loans |
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The bank loans are secured by fixed charges over the freehold property of the company and a floating charge held against the company's assets. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.20 | 31.8.19 |
value: | £ | £ |
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Ordinary | 1 | 4 | 4 |
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10. | RESERVES |
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Retained earnings include both realised and unrealised profits. |
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11. | CONTINGENT LIABILITIES |
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The company is party to an composite guarantee in favour of Svenska Handelsbanken AB (publ) in respect of the bank loan of Triangle Properties (Bristol) Limited which is a company under the common control of the directors. At the year end, these loans amounted to £3,908,306, including the amount stated in the balance sheet of the company itself amounting to £870,649. The bank holds security in the form of an unlimited debenture over the company's assets and a fixed charge over its investment property. |
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12. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed £69,210 to the directors. This amount was repayable on demand and no interest was charged. |