APA Property Holdings Limited
(Limited by Guarantee)
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2019
Company Registration No. 01975766 (England and Wales)
APA Property Holdings Limited
Company Information
Directors
J R Hackney
L R More O'Ferrall
S P Davies
Company number
01975766
Registered office
47 Beak Street
London
W1F 9SE
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
APA Property Holdings Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
APA Property Holdings Limited
Balance Sheet
As at 31 December 2019
Page 1
2019
2018
Notes
£
£
£
£
Current assets
Debtors
2
44,586
45,782
Cash at bank and in hand
10,470
1,233
55,056
47,015
Creditors: amounts falling due within one year
3
(55,056)
(47,015)
Net current assets
-
-
Reserves
Profit and loss account
-
-
Members' funds
-
-
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
The financial statements were approved by the board of directors and authorised for issue on 10 December 2020 and are signed on its behalf by:
S P Davies
Director
Company Registration No. 01975766
APA Property Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 2
1
Accounting policies
Company information
APA Property Holdings Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
47 Beak Street, London, W1F 9SE.
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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The directors have considered the potential impact of COVID-19,
true
and the various measures taken to contain it, on the operations of the business in the near future. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
s
ervices provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
APA Property Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 3
1.6
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.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade Debtors
-
6,573
Other debtors
44,586
39,209
44,586
45,782
3
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
2,263
2,244
Other creditors
52,793
44,771
55,056
47,015
4
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited.
APA Property Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 4
5
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2019
2018
£
£
Within one year
63,650
58,304
Between two and five years
238,688
-
302,338
58,304
6
Related party transactions
During the year, the company had rent receivable from the Advertising Producers Association of £73,370 (2018: £64,705) in respect of rent, rates and service charges.
At the balance sheet date, included in other creditors were amounts due to the Advertising Producers Association of £21,118 (2018: £13,498).
The Advertising Producers Association is a related party by virtue of the fact that the directors of APA Property Holdings Limited are also council members of Advertising Producers Association.
7
Control
There is no ultimate controlling party.