Company Registration No. 09977509 (England and Wales)
ADAMS PROPERTY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ADAMS PROPERTY HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr P Adams
Company number
09977509
Registered office
17 Vicarage Road
Bletchley
Milton Keynes
MK2 2EZ
ADAMS PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
ADAMS PROPERTY HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
Notes
£
£
Fixed assets
Investment properties
2
83,254
Current assets
Cash and cash equivalents
4,803
Current liabilities
3
(86,098)
Net current (liabilities)/assets
(81,295)
Total assets less current liabilities
1,959
Equity
Called up share capital
4
1
Retained earnings
1,958
Total equity
1,959
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 30 March 2018
Mr P Adams
Director
Company Registration No. 09977509
ADAMS PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 2 -
1
Accounting policies
Company information
Adams Property Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
17 Vicarage Road, Bletchley, Milton Keynes, MK2 2EZ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of Adams Property Holdings 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 29 January 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
The company is considered to be a going concern due to the continued support of the director for the foreseeable future.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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 profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
ADAMS PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 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 statement of financial position 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
2
Investment property
2017
£
Fair value
At 1 October 2016
-
Additions
83,254
At 30 September 2017
83,254
The fair value of the investment property has been arrived at on the basis of the purchase cost of the property for the first year of ownership.
3
Current liabilities
2017
£
Corporation tax
474
Other payables
85,624
86,098
4
Called up share capital
2017
£
Ordinary share capital
Allotted, called up and fully paid
1
ADAMS PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 4 -
5
Related party transactions
During the year, £77,500 was loaned from Nobletek Limited, a company under common control. The loan is repayable on demand.
6
Directors' transactions
During the year, £7,500 was loaned from the director, Mr P Adams. The loan is repayable on demand.