Company Registration No. 4782702 (England and Wales)
ANDROS INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
ANDROS INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ANDROS INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,523
9,357
Investment properties
4
845,420
840,641
854,943
849,998
Current assets
Debtors
5
28,675
26,369
Cash at bank and in hand
10,095
-
38,770
26,369
Creditors: amounts falling due within one year
6
(214,020)
(114,310)
Net current liabilities
(175,250)
(87,941)
Total assets less current liabilities
679,693
762,057
Creditors: amounts falling due after more than one year
7
(586,869)
(692,167)
Net assets
92,824
69,890
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
92,724
69,790
Total equity
92,824
69,890
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 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2017 and are signed on its behalf by:
Andreas Mina
Director
Company Registration No. 4782702
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 2 -
1
Accounting policies
Company information
Andros Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Queens Parade, Brownlow Road, London, N11 2DN.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Andros Investments 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 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Rent
receivable
is
charged to income on a straight line basis over the term of the relevant lease
.
1.3
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:
Fixtures, fittings & equipment
15% 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
.
1.4
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.
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 3 -
1.5
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 measured at transaction price including transaction costs
.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies
t
hat are classified as debt, are recognised at transaction price
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.
1.6
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.
1.7
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.
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2016
16,934
Additions
1,846
At 30 June 2017
18,780
Depreciation and impairment
At 1 July 2016
7,577
Depreciation charged in the year
1,680
At 30 June 2017
9,257
Carrying amount
At 30 June 2017
9,523
At 30 June 2016
9,357
4
Investment property
2017
£
Fair value
At 1 July 2016
840,641
Additions
4,779
At 30 June 2017
845,420
The investment properties were valued by the directors on an open market basis at 30th June 2017 and they are of the opinion that their market values have not significantly fluctuated since the dates of acquisition.
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors (note 10)
28,675
26,369
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
5,218
6,261
Trade creditors
2,342
2,123
Corporation tax
5,419
2,582
Director's account
168,082
86,143
Other creditors (note 10)
32,959
17,201
214,020
114,310
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
86,869
92,167
Other creditors
500,000
600,000
586,869
692,167
The loan is secured by a fixed and floating charge over the assets of the
company.
Interest charged on the long term director's loan are at 3.25% plus base rate. For the year ended 30 June 2017, interest totalling £17,500 was payable to the director, with regard to this loan.
Amounts included above which fall due after five years are as follows:
Payable by instalments
(76,301)
(85,893)
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Controlling party
During the previous year and u
p to 26 April 2016, the company was controlled by the directors by virtue of the fact that between them, they owned 100% of the company's issued share capital. Since 26 April 2016, the company is under the control of the director, Dasos Andreas Mina, and two trust funds, namely Dasos Andreas Mina and Alexandros Panteli as trustees of the Katerina Mina 2016 Discretionary Settlement and Dasos Andreas Mina and Alexandros Panteli as trustees of the Andreas Mina 2016 Discretionary Settlement.
ANDROS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
10
Related party transactions
Included in other debtors is an amount of £25,
536
(201
6
: £
25,447
) owed by Andros York Limited, a company controlled by one of the directors, Dasos Mina.
Included in other creditors is an amount of £
5,761
(201
6
: £
6,178
) due to Andros Pension Scheme. The directors of this company are the only members of the scheme and act with another as trustees.
In last year's accounts
, the company acquired a property from Andros Pension Scheme at the market value of £190,000.
In the previous year, o
n 26 April 2016, Andreas Mina and Katerina Mina gifted all of their shares (28 ordinary shares each) held in this company, to two trust funds namely Dasos Andreas Mina and Alexandros Panteli as trustees of the Andreas Mina 2016 Discretionary Settlement, and Dasos Andreas Mina and Alexandros Panteli as trustees of the Katerina Mina 2016 Discretionary Settlement respectively.
During the previous year,o
n 17 March 2016, Andreas Mina and Katerina Mina assigned their respective director's loan accounts amounting to £243,902 and £243,901 respectively to their son Dasos Mina.