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Registered number: 02093197
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Athenaeum Developments (Fulwell) Limited
Financial statements
Information for filing with the registrar
30 September 2020
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Athenaeum Developments (Fulwell) Limited
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Balance sheet
As at 30 September 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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
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1
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Athenaeum Developments (Fulwell) Limited
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Balance sheet (continued)
As at 30 September 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2021.
Registered number: 02093197
The notes on pages 3 to 5 form part of these financial statements.
2
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Athenaeum Developments (Fulwell) Limited
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Notes to the financial statements
For the Year Ended 30 September 2020
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Annexe, The Garden House, Stelling Hall, Newton, Stocksfield, NE43 7UR, Northumberland.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The turnover shown in the profit and loss represents amounts receivable for rents, building maintenance and service charges during the period, exclusive of value added tax.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
The Company 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 ordinary shares.
3
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Athenaeum Developments (Fulwell) Limited
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Notes to the financial statements
For the Year Ended 30 September 2020
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Freehold investment property
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The Investment property was sold during the year.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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4
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Athenaeum Developments (Fulwell) Limited
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Notes to the financial statements
For the Year Ended 30 September 2020
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Creditors: Amounts falling due after more than one year
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Bank borrowings are secured by a legal charge over the company's property.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Not wholly repayable within five years other than by instalments
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Related party transactions
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The associated company loan shown in creditors relate to the following company which is under common control, which are unsecured, interest charged at 0.40% per annum and repayable on demand.
Creditors: due within one year
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Athenaeum Developments Limited
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Included in the profit and loss are management charges of £22,145 (2019: £14,520) relating to Athenaeum Developments Limited.
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5
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