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Financial Statements for the Year Ended 31 March 2020 |
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Amicura Cleveland Park Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2020 |
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for |
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Amicura Cleveland Park Limited |
Amicura Cleveland Park Limited (Registered number: 11390928) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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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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Amicura Cleveland Park Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
238 Station Road |
Addlestone |
Surrey |
KT15 2PS |
Amicura Cleveland Park Limited (Registered number: 11390928) |
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Balance Sheet |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Retained earnings | ( |
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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. |
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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 and authorised for issue on
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Amicura Cleveland Park Limited (Registered number: 11390928) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Amicura Cleveland Park Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In applying the company's accounting policies, the directors' are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgement, estimates, and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors considered to be applicable. Due to the inherent subjectivity in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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The estimates and underlying assumptions are reviewed on an ongoing 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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Critical Judgements in applying the accounting policies |
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Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment of assets, the directors' have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
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Key sources of estimation uncertainty |
There are no key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. |
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Tangible fixed assets |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows: |
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- Freehold property - 2% on cost |
- Fixtures & fittings - 25% on cost |
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the income statement. |
Amicura Cleveland Park Limited (Registered number: 11390928) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash at bank and in hand, trade and other debtors and trade and other creditors. The company has chosen to apply the measurement and recognition provisions of FRS 102 Section 11 'Basic Financial Instruments' and section 12 'Other financial Instruments Issues' in full. |
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Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. |
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Amounts that are receivable within one year are measured at the undiscounted amount of the amount expected to be receivable net of any impairment. Where a financial asset constitutes a financing transaction it is initially measured at the present value of the future payments, discounted at a market rate of interest. |
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At each reporting date, the company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the financial assets. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cashflows. The amount of the provision is recognised immediately in the income statement. |
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Trade creditors and other creditors |
Trade and other creditors are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using this effective interest method. |
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Amounts that are payable within one year are measured at the undiscounted amount of the amount expected to be payable. |
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Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest. |
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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. |
Amicura Cleveland Park Limited (Registered number: 11390928) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2019 |
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Additions |
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Revaluations |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Included in cost or valuation of land and buildings is freehold land of £ 298,500 (2019 - £ 298,500 ) which is not depreciated. |
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Cost or valuation at 31 March 2020 is represented by: |
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Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 2020 | 707,964 | - | 707,964 |
Cost | 1,727,174 | 2,376 | 1,729,550 |
2,435,138 | 2,376 | 2,437,514 |
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If freehold property had not been revalued it would have been included at the following historical cost: |
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31.3.20 | 31.3.19 |
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Cost | 1,727,174 | 1,565,900 |
Aggregate depreciation | 45,138 | 16,899 |
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Value of land in freehold land and buildings | 298,500 | 298,500 |
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Freehold property was valued on an open market value basis on 12 August 2020 by Cushman and Wakefield . |
Amicura Cleveland Park Limited (Registered number: 11390928) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | PROPERTY, PLANT AND EQUIPMENT - continued |
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The directors have adopted the August 2020 valuations in these accounts as, in their view, market value at 31 March 2020 would not have been significantly different to the valuation obtained in August 2020. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Amounts owed by group undertakings |
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Deferred tax asset |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Amounts owed to group undertakings |
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7. | CONTINGENT LIABILITIES |
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The company is party to a group debenture in favour of Fort Trustees Limited, as trustees of the Mahesh and Alka Patel 2003 Trust, which secures funding provided to the Amicura Holdings Limited group. Information relating to this funding is included within the consolidated financial statements of the group. |
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8. | RELATED PARTY DISCLOSURES |
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The company is a wholly owned subsidiary of Amicura Holdings Limited and as such has taken advantage of the exemption permitted by FRS 102 Section 33 'Related party disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the group. |
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The company is included within the consolidated financial statements of Amicura Holdings Limited, which are publicly available and can be obtained from the registered office at 238 Station Road, Addlestone, Surrey KT15 2PS. |