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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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ABARIM LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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ABARIM LIMITED |
ABARIM LIMITED (REGISTERED NUMBER: 04620373) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ABARIM LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ABARIM LIMITED (REGISTERED NUMBER: 04620373) |
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BALANCE SHEET |
31 December 2019 |
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31.12.19 | 31.12.18 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ABARIM LIMITED (REGISTERED NUMBER: 04620373) |
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BALANCE SHEET - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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ABARIM LIMITED (REGISTERED NUMBER: 04620373) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Abarim Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are also prepared on a going concern basis. At 31 December 2019, net current liabilities exceed net current assets by £85,465 (2018 - £172,495). However, the director has given his assurances that he will continue to support the company in the future. |
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Income |
The company's income is derived from rents received which are recognised as they become due. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
ABARIM LIMITED (REGISTERED NUMBER: 04620373) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2019 |
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Additions |
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Revaluations | 205,422 |
At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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The investment property was valued by an independent valuer with a recognised and relevant professional qualification and with relevant experience in the investment property being valued. The investment property and the market rental value has been revalued based on the current market value of similar properties within the close vicinity of the investment property to ensure that it is as accurate as possible. |
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Fair value at 31 December 2019 is represented by: |
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Valuation in 2019 | 800,000 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
as restated |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
as restated |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 6,214 |
ABARIM LIMITED (REGISTERED NUMBER: 04620373) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.19 | 31.12.18 |
as restated |
£ | £ |
Bank loans |
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Bank borrowing is secured against the company's investment property. |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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At 31 December 2019 the company owed a director the sum of £69,878 (2018 - £131,715). This loan is interest free and repayable on demand. |
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10. | RELATED PARTY DISCLOSURES |
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At 31 December 2019 the company was owed £24,888 (2018 - the company owed the sum of £3,612) from Simpsons Interiors Limited, a company under common control. This sum owed is interest free and is repayable on demand. |