Company Registration No. 11184691 (England and Wales)
AMMAL INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
AMMAL INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
AMMAL INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2020
28 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
3
86,871
86,871
Current assets
Debtors
4
531
1,236
Cash at bank and in hand
718
501
1,249
1,737
Creditors: amounts falling due within one year
5
(26,507)
(26,143)
Net current liabilities
(25,258)
(24,406)
Total assets less current liabilities
61,613
62,465
Creditors: amounts falling due after more than one year
6
(67,465)
(67,465)
Net liabilities
(5,852)
(5,000)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(5,853)
(5,001)
Total equity
(5,852)
(5,000)
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 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 3 December 2020
Z Forest
Director
Company Registration No. 11184691
AMMAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 2 -
1
Accounting policies
Company information
Ammal Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
76 New Cavendish Street, London, W1G 9TB.
The principal activity of the company continues to be that of a property investment company.
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.
These financial statements for the year ended 28 February 2020
are the
first
financial statements of Ammal Investments 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 2 February 2018. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The comparative period is of 13 months to 28 February 2019 and therefore the amounts presented in the financial statements and notes are not entirely comparable. The current accounting period is 12 months to 28 February 2020.
1.4
Turnover
Turnover represents rents receivable for the letting of properties net of discounts
, monthly in advance.
1.5
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.
Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AMMAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
1
Accounting policies
(Continued)
- 3 -
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
AMMAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 4 -
3
Investment property
2020
£
Fair value
At 1 March 2019 and 28 February 2020
86,871
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
531
1,236
5
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
26,507
26,143
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
67,465
67,465
7
Loans and overdrafts
2020
2019
£
£
Bank loans
67,465
67,465
Payable after one year
67,465
67,465
The long-term loan is secured against the investment property of the company.
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
AMMAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 5 -
10
Directors' transactions
Interest free loans have been granted to
/(from)
the directors
as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan
-
(24,232)
(1,255)
(25,487)
(24,232)
(1,255)
(25,487)