Company Registration No. 04437535 (England and Wales)
ABODE PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
ABODE PROPERTY MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
A S Gordon
E N Gordon
S B Harris
M L Harris
Secretary
E N Gordon
Company number
04437535
Registered office
The Conifers
Filton Road
Hambrook
Bristol
BS16 1QG
Accountants
Houghton Stone
The Conifers
Filton Road
Hambrook
Bristol
BS16 1QG
Business address
Victoria House
95a Redland Road
Redland
Bristol
BS6 6RB
ABODE PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
ABODE PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
120,289
219,280
Tangible assets
4
24,226
33,434
Investment properties
5
1,305,000
1,305,000
Investments
6
2
2
1,449,517
1,557,716
Current assets
Debtors
7
73,906
112,515
Cash at bank and in hand
151,141
114,093
225,047
226,608
Creditors: amounts falling due within one year
8
(542,251)
(704,092)
Net current liabilities
(317,204)
(477,484)
Total assets less current liabilities
1,132,313
1,080,232
Creditors: amounts falling due after more than one year
9
(740,731)
(847,750)
Net assets
391,582
232,482
Capital and reserves
Called up share capital
10
1,000
1,000
Revaluation reserve
11
65,316
65,316
Profit and loss reserves
325,266
166,166
Total equity
391,582
232,482
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 May 2017 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.
ABODE PROPERTY MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2018 and are signed on its behalf by:
S B Harris
Director
Company Registration No. 04437535
ABODE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
1
Accounting policies
Company information
Abode Property Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Conifers, Filton Road, Hambrook, Bristol, BS16 1QG.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2017
are the
first
financial statements of Abode Property Management Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 13.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
ABODE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
over the lease term
Plant and machinery etc.
20% straight line
Computer equipment
33.33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ABODE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
ABODE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
ABODE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 7 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
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.
1.15
Client monies
The company holds client monies in properly designated client trust accounts. These bank accounts are not assets of the company. Accordingly, the client trust accounts and the corresponding liabilities are not included on the balance sheet of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 42 (2016 - 34).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2016 and 31 May 2017
1,144,192
Amortisation and impairment
At 1 June 2016
924,912
Amortisation charged for the year
98,991
At 31 May 2017
1,023,903
Carrying amount
At 31 May 2017
120,289
At 31 May 2016
219,280
ABODE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 8 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2016
10,048
95,161
105,209
Additions
-
10,375
10,375
Disposals
-
(17,096)
(17,096)
At 31 May 2017
10,048
88,440
98,488
Depreciation and impairment
At 1 June 2016
7,143
64,632
71,775
Depreciation charged in the year
609
12,926
13,535
Eliminated in respect of disposals
-
(11,048)
(11,048)
At 31 May 2017
7,752
66,510
74,262
Carrying amount
At 31 May 2017
2,296
21,930
24,226
At 31 May 2016
2,905
30,529
33,434
5
Investment property
2017
£
Fair value
At 1 June 2016 and 31 May 2017
1,305,000
Investment properties were valued by professional independent chartered surveyors, ETP Property Consultants, on an open market value basis as at 7 August 2013. The valuation has not been changed since that date.
The directors are satisfied with the valuation at 31 May 2017.
6
Fixed asset investments
2017
2016
£
£
Investments
2
2
ABODE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 9 -
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
54,112
77,862
Other debtors
19,193
30,328
73,305
108,190
Deferred tax asset
601
4,325
73,906
112,515
8
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
97,205
87,444
Trade creditors
4,877
27,565
Other taxation and social security
304,222
229,474
Other creditors
135,947
359,609
542,251
704,092
9
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
740,731
847,750
A joint and several guarantee from the directors E N Gordon and S B Harris exists for a principal amount of £500,000 plus interest and other costs in respect of the debts and liabilities to the company's bank. The bank has additional security by means of a debenture over all fixed and current assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
498,156
597,141
ABODE PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 10 -
10
Called up share capital
2017
2016
£
£
Issued and fully paid
125 Ordinary A1 of £1 each
125
125
125 Ordinary A2 of £1 each
125
125
250 Ordinary B of £1 each
250
250
250 Ordinary C of £1 each
250
250
250 Ordinary D of £1 each
250
250
500
500
11
Revaluation reserve
2017
2016
£
£
At beginning and end of year
65,316
65,316
12
Client monies
The company holds client monies in properly designated client trust accounts. These bank accounts are not the assets of the company. Accordingly, the client trust accounts and the corresponding liabilities are not included on the balance sheet of the company. The total client monies held in trust bank accounts on behalf of clients at the year end amounted to £4,122,854 (2016 - £4,046,106).
13
Reconciliations on adoption of FRS 102
No adjustments were necessary in respect of transition from UK GAAP to FRS102.
2017-05-31
2016-06-01
false
CCH Software
CCH Accounts Production 2017.300
No description of principal activity
23 February 2018
04437535
2016-06-01
2017-05-31
04437535
bus:Director1
2016-06-01
2017-05-31
04437535
bus:CompanySecretaryDirector1
2016-06-01
2017-05-31
04437535
bus:Director2
2016-06-01
2017-05-31
04437535
bus:Director3
2016-06-01
2017-05-31
04437535
bus:CompanySecretary1
2016-06-01
2017-05-31
04437535
bus:RegisteredOffice
2016-06-01
2017-05-31
04437535
2017-05-31
04437535
2016-05-31
04437535
core:NetGoodwill
2017-05-31
04437535
core:NetGoodwill
2016-05-31
04437535
core:LandBuildings
2017-05-31
04437535
core:OtherPropertyPlantEquipment
2017-05-31
04437535
core:LandBuildings
2016-05-31
04437535
core:OtherPropertyPlantEquipment
2016-05-31
04437535
core:CurrentFinancialInstruments
2017-05-31
04437535
core:CurrentFinancialInstruments
2016-05-31
04437535
core:Non-currentFinancialInstruments
2017-05-31
04437535
core:Non-currentFinancialInstruments
2016-05-31
04437535
core:ShareCapital
2017-05-31
04437535
core:ShareCapital
2016-05-31
04437535
core:RevaluationReserve
2017-05-31
04437535
core:RevaluationReserve
2016-05-31
04437535
core:RetainedEarningsAccumulatedLosses
2017-05-31
04437535
core:RetainedEarningsAccumulatedLosses
2016-05-31
04437535
core:ShareCapitalOrdinaryShares
2017-05-31
04437535
core:Goodwill
2016-06-01
2017-05-31
04437535
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2016-06-01
2017-05-31
04437535
core:FurnitureFittings
2016-06-01
2017-05-31
04437535
core:ComputerEquipment
2016-06-01
2017-05-31
04437535
core:MotorVehicles
2016-06-01
2017-05-31
04437535
core:NetGoodwill
2016-05-31
04437535
core:NetGoodwill
2016-06-01
2017-05-31
04437535
core:LandBuildings
2016-05-31
04437535
core:OtherPropertyPlantEquipment
2016-05-31
04437535
2016-05-31
04437535
core:OtherPropertyPlantEquipment
2016-06-01
2017-05-31
04437535
core:LandBuildings
2016-06-01
2017-05-31
04437535
bus:PrivateLimitedCompanyLtd
2016-06-01
2017-05-31
04437535
bus:FRS102
2016-06-01
2017-05-31
04437535
bus:AuditExemptWithAccountantsReport
2016-06-01
2017-05-31
04437535
bus:SmallCompaniesRegimeForAccounts
2016-06-01
2017-05-31
04437535
bus:FullAccounts
2016-06-01
2017-05-31
xbrli:pure
xbrli:shares
iso4217:GBP