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REGISTERED NUMBER:
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A.B. ST IVES LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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REGISTERED NUMBER:
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A.B. ST IVES LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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A.B. ST IVES LIMITED (REGISTERED NUMBER: 07568420) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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A.B. ST IVES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
5 Yeomans Court |
Ware Road |
Hertford |
Hertfordshire |
SG13 7HJ |
A.B. ST IVES LIMITED (REGISTERED NUMBER: 07568420) |
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BALANCE SHEET |
30 SEPTEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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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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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
behalf by: |
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A.B. ST IVES LIMITED (REGISTERED NUMBER: 07568420) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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1. | STATUTORY INFORMATION |
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A.B. St Ives Limited is a private company limited by shares, registered in England and Wales. The |
registered office is 2nd Floor Regis House, 45 King William Street, London, United Kingdom, EC4R |
9AN and its principal place of business is 1 Frederick Place, London N8 8AF. |
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2. | STATEMENT OF COMPLIANCE |
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These financial statements have been prepared in accordance with the provisions of Section 1a 'Small |
Entities' of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK |
and Republic of Ireland" and the Companies Act 2006. |
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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 as modified by the |
revaluation of certain assets and the recognition of certain financial assets and liabilities at fair value. |
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The financial statements are presented in sterling (£) which is also the functional currency for the |
company. |
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Going Concern |
The financial statements are prepared on a going concern basis. The use of the going concern basis |
of accounting is appropriate because there are no material uncertainties related to events or |
conditions that may cast significant doubt about the ability of the company to continue as a going |
concern on the basis that group undertakings and other companies within the group will continue to |
support the company. |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other |
factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
accounting estimates are recognised in the year in which the estimate is revised if the revision affects |
only that year, or in the year of the revision and future years if the revision affects both current and |
future years. |
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The key judgements and sources of estimation uncertainty that have a significant effect on the |
amounts recognised in the financial statements are described below. |
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Profit recognition |
Stock consists of the acquisition cost of the land and buildings, together with related legal and |
professional costs, development and borrowing costs which is recorded as incurred during a project. |
An apportionment of stock is transferred to the profit and loss account when properties are sold on a |
project. The proportion of stock transferred is calculated so as to achieve a consistent margin across |
each individual project and is reliant on management's estimation of the total selling price. Estimation |
of the selling price is subject to significant inherent uncertainties, in particular the prediction of future |
trends in the value of property. |
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Whilst the Directors exercise due care and attention to make reasonable estimates, taking into |
account all available information in estimating the future selling price, the estimates may differ from |
the actual selling prices achieved in future periods. |
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With the exception of the estimate described above, the directors consider that there are no other |
significant judgements or estimates in the preparation of these financial statements. |
A.B. ST IVES LIMITED (REGISTERED NUMBER: 07568420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable from the sale of |
developed residential and commercial property and other related income. Turnover from property |
sales is recognised at the date of legal completion of the sale. |
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Trade and other debtors |
Trade and other debtors are measured at transaction price less any impairment unless the |
arrangement constitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest. Loans are |
initially measured at fair value and are subsequently measured at amortised cost using the effective |
interest method less any impairment. |
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Trade and other creditors |
Trade and other creditors are measured at their transaction price unless the arrangement constitutes |
a financing transaction in which case the transaction is measured at present value of future payments |
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair |
value net of their transaction costs. They are subsequently measured at amortised cost using the |
effective interest method. |
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Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the |
current or past reporting periods using tax rates that have been enacted or substantively enacted by |
the reporting date. |
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Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax |
losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
be recovered against future taxable profits or against the reversal of deferred tax liabilities. Deferred |
tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment |
properties measured at fair value, is measured using the tax rates and allowances that apply to the |
sale of the asset. |
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Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the |
reporting date that are expected to apply to the reversal of the timing difference. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Accruals and deferred income |
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A.B. ST IVES LIMITED (REGISTERED NUMBER: 07568420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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7. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
related party transactions with wholly owned subsidiaries within the group. |
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8. | ULTIMATE CONTROLLING PARTY |
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The directors regard RST Residential Investments Limited as the ultimate parent company. RST |
Cornwall Limited is the immediate parent company. The registered offices of the immediate and the |
ultimate parent companies is 2nd Floor Regis House, 45 King William Street, London, United |
Kingdom, EC4R 9AN. The largest group of undertakings for which group financial statements have |
been drawn up is that headed by RST Residential Investments Limited. Copies of the group financial |
statements may be obtained from Companies House. |