COMPANY REGISTRATION NUMBER:
03377882
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 March 2017
Fixed assets
Tangible assets
|
5
|
|
–
|
85,904
|
|
|
|
|
|
Current assets
Debtors
|
6
|
776,078
|
|
924,953
|
Cash at bank and in hand
|
104,025
|
|
1,942
|
|
---------
|
|
---------
|
|
880,103
|
|
926,895
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
425,252
|
|
526,877
|
|
---------
|
|
---------
|
Net current assets
|
|
454,851
|
400,018
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
454,851
|
485,922
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
2
|
2
|
Profit and loss account
|
|
454,849
|
485,920
|
|
|
---------
|
---------
|
Shareholders funds
|
|
454,851
|
485,922
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 June 2018
, and are signed on behalf of the board by:
Company registration number:
03377882
Notes to the Financial Statements
|
|
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2016:
3
).
5.
Tangible assets
|
Land and buildings
|
|
£
|
Cost
|
|
At 1 April 2016
|
85,904
|
Disposals
|
(
85,904)
|
|
--------
|
At 31 March 2017
|
–
|
|
--------
|
Depreciation
|
|
At 1 April 2016 and 31 March 2017
|
–
|
|
--------
|
Carrying amount
|
|
At 31 March 2017
|
–
|
|
--------
|
At 31 March 2016
|
85,904
|
|
--------
|
|
|
Included within the above is investment property as follows:
|
£
|
At 1 April 2016
|
85,904
|
Disposals
|
(
85,904)
|
|
--------
|
At 31 March 2017
|
–
|
|
--------
|
|
|
The property was valued by the directors as at 31 March 2017 having considered the open market value of the property. No independent valuation was undertaken.
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Other debtors
|
776,078
|
924,953
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
396,495
|
327,597
|
Corporation tax
|
16
|
–
|
Sundry creditors and accruals
|
|
|
|
---------
|
---------
|
|
425,252
|
526,877
|
|
---------
|
---------
|
|
|
|
8.
Related party transactions
The company was under the control of Mr & Mrs Friedman throughout the current and previous year.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.