Company Registration No. 02827723 (England and Wales)
AMALGAMATED PROPERTY
HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
AMALGAMATED PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
AMALGAMATED PROPERTY HOLDINGS LIMITED
Company Registration No. 02827723
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
2
9,201,272
9,175,175
Current assets
Debtors
3
2,426,870
2,421,870
Cash at bank and in hand
288,882
278,992
2,715,752
2,700,862
Creditors: amounts falling due within one year
4
(50,736)
(101,242)
Net current assets
2,665,016
2,599,620
Total assets less current liabilities
11,866,288
11,774,795
Creditors: amounts falling due after more than one year
5
(4,000,000)
(4,000,000)
Provisions for liabilities
(974,754)
(864,986)
Net assets
6,891,534
6,909,809
Capital and reserves
Called up share capital
6
450
450
Profit and loss reserves
6,891,084
6,909,359
Total equity
6,891,534
6,909,809
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 July 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.
AMALGAMATED PROPERTY HOLDINGS LIMITED
Company Registration No. 02827723
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2019
31 July 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2020 and are signed on its behalf by:
D G Cormack
Director
AMALGAMATED PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
Amalgamated Property Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6 Park Road, Hampton Hill, Hampton, Middlesex, TW12 1HB.
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 at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is made up of rental income due in respect of the company's investment properties along with other income from property activities.
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.
The surplus or deficit on revaluation is recognised in the profit and loss account.
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.
1.5
Financial instruments
Basic financial assets
Short term debtors are measured at the 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.
AMALGAMATED PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Investment property
2019
£
Fair value
At 1 August 2018
9,175,175
Additions
26,097
At 31 July 2019
9,201,272
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 July 2019 by Sanderson Weatherall Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. At 31 July 2019, the directors have confirmed no significant change in market value.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,421,870
2,421,870
Other debtors
5,000
-
2,426,870
2,421,870
AMALGAMATED PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 5 -
4
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
21,586
50,179
Other creditors
29,150
51,063
50,736
101,242
5
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
4,000,000
4,000,000
Included in creditors falling due after more than one year are bank loans of £4,000,000 (2018 - £4,000,000) which are secured on the company's property.
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
450 Ordinary Shares of £1 each
450
450
7
Parent company
The parent company is
Amalgamated Holdco Limited
, a company incorporated in England & Wales.