Registration number:
Amble Developments Limited
for the Year Ended 30 November 2020
Amble Developments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Amble Developments Limited
Company Information
Directors |
Mr M J Leader Mrs N M Myers |
Company secretary |
Mrs H M Leader |
Registered office |
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Amble Developments Limited
(Registration number: 06001450)
Balance Sheet as at 30 November 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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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 |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up and fully paid share capital |
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Profit and loss account |
( |
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Total equity |
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For the financial year ending 30 November 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss account has been taken.
Approved and authorised by the
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Amble Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Going concern
The directors have prepared the financial statements on the going concern basis of accounting taking into account Covid-19 Coronavirus) and the impact this has had on the performance of the business. The company is in the investment property sector, where there is an increased risk of rents not being recieved due to tennants circumstances being impacted by Covid-19 and they therefore took out a government backed bounce back loan. The directors have reviewed the collection of rents and the ability to service the current loans and borrowings debt and with their support conclude that the going concern basis remains appropriate.
Revenue recognition
Turnover comprises the market value of rents received or receivable for the provision of tenancy in the ordinary course of the company’s activities. Rents receivable is shown net of value added tax.
The company recognises rental income over the term of the lease on a straight line basis.
Government grants
Government grants in relation to revenue expenditure that has already been incurred for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in theperiod in which they become receivable.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Amble Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and Fittings |
15% reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Amble Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) in the year, was
Amble Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Tangible assets |
Investment Properties |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 December 2019 |
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Revaluations |
( |
- |
( |
Disposals |
( |
- |
( |
At 30 November 2020 |
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Depreciation |
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At 1 December 2019 |
- |
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Charge for the year |
- |
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At 30 November 2020 |
- |
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Carrying amount |
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At 30 November 2020 |
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At 30 November 2019 |
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Included within the net book value of land and buildings above is £306,331 (2019 - £481,790) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Investment Properties was reviewed by the director on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Amble Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Debtors |
2020 |
2019 |
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Trade debtors |
- |
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Other debtors |
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Prepayments |
949 |
1,766 |
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Less non-current portion |
( |
( |
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Details of non-current trade and other debtors
£296 (2019 -£296) of Other debtors is classified as non current. This relates to deferred tax asset.
Creditors |
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Other creditors |
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Accrued expenses |
2,340 |
2,340 |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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2020 |
2019 |
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Due after more than five years |
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After more than five years by instalments |
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After more than five years not by instalments |
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225,360 |
294,978 |
Amble Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The loans are secured on the investment properties held with the exception of the £50,000 bounce back loan which is a government backed loan and has no security. The bounce back loan has a nominal interest rate of 2.5% payable 12 months after the drawdown of the loan. |
Related party transactions |
Key management personnel
Mr M J Leader
Director and shareholder
As at the balance sheet date, the company owed Mr M J Leader £57,249 (2019 - £57,249).
The loan was interest free and repayable on demand.
Mrs N M Myers
Director and shareholder
As at the balance sheet date, the company owed Mrs N M Myers £51,878 (2019 - £51,878).
The loan was interest free and repayable on demand.