Company Registration No. 09935297 (England and Wales)
SUMMERCROFT INVESTMENTS LIMITED (FORMERLY KNOWN AS JANIBEST LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
SUMMERCROFT INVESTMENTS LIMITED (FORMERLY KNOWN AS JANIBEST LIMITED)
COMPANY INFORMATION
Directors
Mr M C Warshaw
(Appointed 5 January 2016)
Mrs M Warshaw
(Appointed 5 January 2016)
Company number
09935297
Registered office
804 The Pavilion Apartments
St Johns Wood Road
London
NW8 7HF
Accountants
Carter Backer Winter LLP
66 Prescot Street
London
E1 8NN
SUMMERCROFT INVESTMENTS LIMITED (FORMERLY KNOWN AS JANIBEST LIMITED)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
SUMMERCROFT INVESTMENTS LIMITED (FORMERLY KNOWN AS JANIBEST LIMITED)
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
Notes
£
£
Fixed assets
Investments
2
8,000
Current assets
Debtors
3
2,274,311
Cash at bank and in hand
927,494
3,201,805
Creditors: amounts falling due within one year
4
(3,189,102)
Net current assets
12,703
Total assets less current liabilities
20,703
Capital and reserves
Called up share capital
5
2
Profit and loss reserves
20,701
Total equity
20,703
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 Period ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Period 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 21 December 2017 and are signed on its behalf by:
Mr M C Warshaw
Director
Company Registration No. 09935297
SUMMERCROFT INVESTMENTS LIMITED (FORMERLY KNOWN AS JANIBEST LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2017
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 30 June 2017:
Profit and total comprehensive income for the period
-
20,701
20,701
Issue of share capital
5
2
-
2
Balance at 30 June 2017
2
20,701
20,703
SUMMERCROFT INVESTMENTS LIMITED (FORMERLY KNOWN AS JANIBEST LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2017
- 3 -
1
Accounting policies
Company information
Summercroft Investments Limited (Formerly known as Janibest Limited) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
804 The Pavilion Apartments, St Johns Wood Road, London, NW8 7HF.
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 Period ended 30 June 2017
are the
first
financial statements of Summercroft Investments Limited (Formerly known as Janibest Limited) prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
1.2
Reporting period
The company has prepared first year of accounts from 05 January 2016 to
30
Jun
e
2017, due to which the comparative amounts are not presented in financial statements.
1.3
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand and deposits held at call with banks,
1.4
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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method
. F
inancial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
SUMMERCROFT INVESTMENTS LIMITED (FORMERLY KNOWN AS JANIBEST LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
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 are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.6
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.
Deferred tax
No provision is necessary for deferred taxation.
2
Fixed asset investments
2017
£
Investments
8,000
Movements in fixed asset investments
Investments
£
Cost or valuation
At 5 January 2016
-
Additions
8,000
At 30 June 2017
8,000
Carrying amount
At 30 June 2017
8,000
SUMMERCROFT INVESTMENTS LIMITED (FORMERLY KNOWN AS JANIBEST LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2017
- 5 -
3
Debtors
2017
Amounts falling due within one year:
£
Other debtors
2,274,311
4
Creditors: amounts falling due within one year
2017
£
Corporation tax
5,121
Other creditors
3,183,981
3,189,102
5
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
During the period 2 ordinary shares of £1 each were allotted and fully paid by cash consideration.
6
Related party transactions
At the reporting date, the company was owed £643,241 by Summercroft Limited, a company which has common directors.
7
Directors' transactions
At the reporting date, the company owed £3,179,277 to Mr M Warshaw, the director of the company.
8
Controlling party
The company is controlled by its
shareholders.