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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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ASHFIELD (HULL) LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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ASHFIELD (HULL) LIMITED |
ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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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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ASHFIELD (HULL) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANT: |
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Chartered Certified Accountant |
Cavendish Cottage |
Castle Keep |
Hibaldstow |
Brigg |
North Lincolnshire |
DN20 9JG |
ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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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 | 10 |
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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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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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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 Board of Directors on
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ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Ashfield (Hull) Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these |
accounting policies. |
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The financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102. The |
date of transition is 1 April 2015. The nature of any transitional changes and their impact on opening equity and profit for |
the comparative period are explained in note 14. |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting |
estimates. It also requires management to exercise judgement in applying the Company's accounting policies. |
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SIGNIFICANT JUDGEMENTS AND ESTIMATES |
No significant judgements have had to be made by the directors in preparing these financial statements. |
The directors have made key assumptions in the determination of fair value of investment properties in respect of the state |
of the property market in the location where the property is situated and in respect of the range of reasonable fair value |
estimates of the assets. |
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REVENUE |
Turnover comprises the value of rental income receivable from the letting of the company's investment property and |
administration fees charged to tenants in respect of setting up new tenancy agreements. Revenue also includes commissions |
chargeable for the collection of rental income on behalf of other landlords. |
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Rental income is recognised on a time basis and is measured over the duration of each respective tenancy agreement, but is |
only recognised to the extent that it is probable that the economic benefits will flow to the company, the amount of revenue |
can be reliably measured and it is probable that the company will receive the consideration due under the tenancy |
agreements. |
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Administration fees are recognised as they are charged. Commission is deducted directly from payments made out to |
landlords. |
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Revenue is measured as the fair value of the consideration received or receivable. |
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GOODWILL |
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INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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3. | ACCOUNTING POLICIES - continued |
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TANGIBLE FIXED ASSETS |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated |
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and |
condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using |
the straight line method. |
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Depreciation is provided on the following basis: |
Fixtures and fittings - 25% |
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The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or |
if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in |
the Statement of income and retained earnings. |
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INVESTMENT PROPERTY |
Investment property is carried at fair value determined annually by the directors and derived from the current market rents |
and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or |
condition of the specific asset. |
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No depreciation is provided. |
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Changes in the fair value of investment property is recognised in the Statement of income and retained earnings. |
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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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
Additions |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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7. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Other creditors include amounts due to the directors of £585,243 (2016 - £NIL), which have been introduced by them to |
fund property acquisitions in previous year. |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Other creditors |
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Other creditors falling due after more than one year are wholly represented by amounts due to the directors of £NIL (2016 - |
£585,243), which have been introduced by them to fund property acquisitions in previous years. |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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M D Barton (director) has given a personal guarantee of up to £100,000 as security for one of the company loans. |
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13. | CONTROLLING PARTY |
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The company is controlled by the directors, Mr MD Barton and Mrs L Mukerjea. |
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14. | FIRST YEAR ADOPTION OF FRS 102 |
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The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015. The policies applied under the |
entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or |
loss. |
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Under UK GAAP and FRS 19 the company was not previously required to provide deferred taxation on investment |
property revaluation surpluses unless there was a binding commitment to sell the property. |
FRS 102 does not contain any such exemptions and consequently calculations of the deferred tax position have been |
prepared using the 'timing difference plus' approach. The calculations indicate that indexed cost is in excess of the |
properties accounts values and no deferred tax provision is considered to be appropriate. |