Company Registration No. 02237156 (England and Wales)
ANGLEBUY LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
ANGLEBUY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ANGLEBUY LIMITED
Company Registration No. 02237156
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Investment properties
2
2,400,000
2,400,000
Current assets
Debtors
3
11,425
17,337
Cash at bank and in hand
44,238
64,384
55,663
81,721
Creditors: amounts falling due within one year
4
(59,041)
(140,988)
Net current liabilities
(3,378)
(59,267)
Total assets less current liabilities
2,396,622
2,340,733
Provisions for liabilities
(154,465)
(154,465)
Net assets
2,242,157
2,186,268
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
2,242,057
2,186,168
Total equity
2,242,157
2,186,268
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
ANGLEBUY LIMITED
Company Registration No. 02237156
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 December 2019 and are signed on its behalf by:
R Ballerino
Director
ANGLEBUY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Anglebuy Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
10 Ardmore Way, Guildford, Surrey, GU2 9RR.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
buying and selling of real estate
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.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
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.
ANGLEBUY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
Basic financial assets
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Investment property
2019
£
Fair value
At 1 April 2018 and 31 March 2019
2,400,000
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at
30 April 201
9 by
the directors of the company
. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
ANGLEBUY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
9,000
13,928
Other debtors
2,425
3,409
11,425
17,337
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
24,793
24,768
Other creditors
34,248
116,220
59,041
140,988
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
6
Related party transactions
Stedman Contracting (company under the control of LJ Taylor)
:
£25,000 (2018: £12,500) was paid to Stedman Contracting in respect of man
a
gement fees. At 31.3.19 the amount
due to Stedman Contracting was £0 (2018: £12,500)
.
Ballerino Properties Limited and Ballerino and Co (companies under the control of RP Ballerino)
:
£25,000 (2018: £12,500) was paid to Ballerino Properties/ Ballerino and Co in respect of management fees. At
31.3.19 the amount due to Ballerino Properties/ Ballerino and Co was £0 (2018: £12,500)
7
Prior period adjustment
A prior year adjustment has been made to move property from stocks to investment property in the balance sheet.