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REGISTERED NUMBER:
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St. Mary Abchurch Investments Limited |
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Unaudited Financial Statements |
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for the Period |
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1 July 2016 to 31 December 2017 |
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REGISTERED NUMBER:
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St. Mary Abchurch Investments Limited |
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Unaudited Financial Statements |
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for the Period |
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1 July 2016 to 31 December 2017 |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Contents of the Financial Statements |
for the Period 1 July 2016 to 31 December 2017 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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St. Mary Abchurch Investments Limited |
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Company Information |
for the Period 1 July 2016 to 31 December 2017 |
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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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trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Amberley Court |
Sutton St Nicholas |
Hereford |
Herefordshire |
HR1 3BX |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
St. Mary Abchurch Investments Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of St. Mary Abchurch Investments Limited for the period ended 31 December 2017 which comprise |
the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of St. Mary Abchurch Investments 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 St. Mary Abchurch Investments Limited and state those matters that we have agreed to state to the Board of Directors of St. Mary Abchurch Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St. Mary Abchurch Investments Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that St. Mary Abchurch Investments 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 St. Mary Abchurch Investments Limited. You consider that St. Mary Abchurch Investments Limited is exempt from the statutory audit requirement for the period. |
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We have not been instructed to carry out an audit or a review of the financial statements of St. Mary Abchurch Investments 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. |
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trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Amberley Court |
Sutton St Nicholas |
Hereford |
Herefordshire |
HR1 3BX |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Balance Sheet |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 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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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Alloted and fully paid share |
capital |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
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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 on
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements |
for the Period 1 July 2016 to 31 December 2017 |
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1. | STATUTORY INFORMATION |
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St. Mary Abchurch Investments Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have considered the financial requirements of the company and consider that it will be able to |
operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate |
to prepare the accounts on the going concern basis. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the period ended 31 December 2017 are the first that are prepared in accordance |
with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the |
date of transition to FRS 102 Section 1A is 1 July 2015. |
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Transitional adjustments are disclosed in detail in the Transition to FRS102 note. |
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Turnover |
Turnover represents income received from investments held by the company. |
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Financial instruments |
All of the company's financial instruments are simple and are valued at cost with the exception of: |
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a. listed fixed asset investments which are valued at market values based on their price on the AIM. |
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b. Unlisted fixed asset investments which are valued by the directors at the year end based on their expectations |
for the investment. |
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Taxation |
Taxation for the period 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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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements - continued |
for the Period 1 July 2016 to 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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 period 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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Fixed asset investments |
Fixed asset investments are held at market value. |
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3. | EMPLOYEES |
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The average number of employees during the period was NIL (2016 - 3 ). |
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4. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2016 |
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1,857,915 |
Additions |
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226,044 |
Disposals | ( |
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(1,634,572 | ) |
Revaluations |
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At 31 December 2017 |
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353,317 |
NET BOOK VALUE |
At 31 December 2017 |
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353,317 |
At 30 June 2016 |
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1,857,915 |
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The listed investments held at the period end originally cost £nil (2016: £1,628,316). |
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The unlisted investments held at the period end originally cost £411,959 (2016: £411,959). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Deferred tax asset |
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Other debtors | 1,572,202 | 790,079 |
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St. Mary Abchurch Investments Limited (Registered number: 01697219) |
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Notes to the Financial Statements - continued |
for the Period 1 July 2016 to 31 December 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Tax |
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Companies under common control | - | 1,156,165 |
Directors' current accounts | - | 571 |
Accruals and deferred income |
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7. | DEFERRED TAX |
£ |
Balance at 1 July 2016 | ( |
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Change of rate of tax | 2,513 |
Investment revaluation | 17,369 |
Chargeable losses utilised | 10,799 |
Management expenses utilised | 13,061 |
Balance at 31 December 2017 | ( |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the period the directors withdrew £50,000 from the company creating an overdrawn loan account of |
£49,429. Interest, at the authorised rate, of £1,128 was charged on this. On 5 September 2017 the loan was |
transferred to a new company following the restructuring of companies under common control. |
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9. | RELATED PARTY DISCLOSURES |
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On 5 September 2017 the listed investments were transferred to a new company following a re-structuring of |
various companies under common control. The investments were transferred at market value of £1,580,835. No |
tax was payable on the transfer. |
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On the same day other assets and liabilities were transferred to the new company at cost. At 31 December 2017 |
£1,572,202 was owed by the new company. |
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10. | FIRST YEAR ADOPTION |
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On transition investments were revalued to market value. At 1.7.15 this increased reserves by £397,608 and at |
30.6.16 by £417,553. The loss in the year to 30.6.16 was increased by £175,010. |
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Deferred tax was provided for on the investment revaluations. At 1.7.15 reserves were decreased by £7,919 and |
at 30.6.16 increased by £25,155 due to this adjustment. Losses for the year ended 30.6.16 were decreased by |
£33,074. |