Company Registration No. 12738352 (England and Wales)
ANTHONY ALLEN ESTATE AGENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
ANTHONY ALLEN ESTATE AGENTS LIMITED
COMPANY INFORMATION
Director
Mr E A Esiefiho-Allen
Secretary
Company number
12738352
Registered office
Accountants
Business address
25 Basildon Road
Abbeywood
London
United Kingdom
SE2 0ET
ANTHONY ALLEN ESTATE AGENTS LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Income statement
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
6
Notes to the financial statements
7 - 12
ANTHONY ALLEN ESTATE AGENTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2021
- 1 -
The director presents his annual report and financial statements for the year ended 31 July 2021.
Principal activities
The principal activity of the company continued to be that of [Provision of leasing and selling property]
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr E A Esiefiho-Allen
On behalf of the board
Mr E A Esiefiho-Allen
Director
30 November 2021
ANTHONY ALLEN ESTATE AGENTS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ANTHONY ALLEN ESTATE AGENTS LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Anthony Allen Estate Agents Limited for the year ended 31 July 2021 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Anthony Allen Estate Agents Limited, as a body, in accordance with the terms of our engagement letter dated 30 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Anthony Allen Estate Agents Limited and state those matters that we have agreed to state to the Board of Directors of Anthony Allen Estate Agents Limited, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants
as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Anthony Allen Estate Agents Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Anthony Allen Estate Agents Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Anthony Allen Estate Agents Limited. You consider that Anthony Allen Estate Agents Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Anthony Allen Estate Agents Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
30 November 2021
Chartered Accountants
ANTHONY ALLEN ESTATE AGENTS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
2021
Notes
£
Revenue
3
30,260
Cost of sales
(15,115)
Gross profit
15,145
Distribution costs
(10,188)
Administrative expenses
(6,625)
Loss before taxation
(1,668)
Tax on loss
6
Loss for the financial year
(1,668)
The income statement has been prepared on the basis that all operations are continuing operations.
ANTHONY ALLEN ESTATE AGENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2021
- 4 -
2021
£
Loss for the year
(1,668)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,668)
ANTHONY ALLEN ESTATE AGENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2021
31 July 2021
- 5 -
2021
Notes
£
£
Non-current assets
Property, plant and equipment
7
3,870
Current assets
-
-
Current liabilities
9
(5,438)
Net current liabilities
(5,438)
Net liabilities
(1,568)
Equity
Called up share capital
11
100
Retained earnings
(1,668)
Total equity
(1,568)
For the financial year ended 31 July 2021 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 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 November 2021
Mr E A Esiefiho-Allen
Director
Company Registration No. 12738352
ANTHONY ALLEN ESTATE AGENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at
Year ended :
Profit and total comprehensive income for the year
-
Balance at
Year ended 31 July 2021:
Loss and total comprehensive income for the year
-
(1,668)
(1,668)
Issue of share capital
11
100
-
100
Balance at 31 July 2021
100
(1,668)
(1,568)
ANTHONY ALLEN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 7 -
1
Accounting policies
Company information
Anthony Allen Estate Agents Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
.
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.
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
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Enter depreciation rate via StatDB - cd77
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
ANTHONY ALLEN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 8 -
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
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
trade and other receivables
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.
ANTHONY ALLEN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, 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 payables
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 payables
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.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Revenue
2021
£
£
Revenue analysed by class of business
Analysis per statutory database
-
-
Statutory database analysis does not agree to the trial balance by:
30,260
-
ANTHONY ALLEN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
3
Revenue
(Continued)
- 10 -
2021
£
£
Revenue analysed by geographical market
Analysis per statutory database
-
-
Statutory database analysis does not agree to the trial balance by:
30,260
-
4
Operating loss
2021
Operating loss for the year is stated after charging:
£
£
Depreciation of owned property, plant and equipment
1,290
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
Number
Number
1
6
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2021
£
£
Loss before taxation
(1,668)
Expected tax charge based on the standard rate of corporation tax in the UK of 0% (: 0%)
Taxation charge in the financial statements
-
-
ANTHONY ALLEN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 11 -
7
Property, plant and equipment
Fixtures and fittings
£
Cost
At 1 August 2020
Additions
5,160
At 31 July 2021
5,160
Depreciation and impairment
At 1 August 2020
Depreciation charged in the year
1,290
At 31 July 2021
1,290
Carrying amount
At 31 July 2021
3,870
At
8
Financial instruments
2021
£
9
Current liabilities
2021
Notes
£
£
Bank loans and overdrafts
10
5,438
10
Borrowings
2021
£
£
Bank overdrafts
5,438
Payable within one year
5,438
The long-term loans are secured by fixed charges over [XXX]
[
An entity shall disclose information that enables users of its financial statements to
evaluate the significance of financial instruments for its financial position and
performance. For example, for long term debt such information would normally include the terms and conditions of the debt instrument (such as interest rate, maturity, repayment schedule, and restrictions that the debt instrument imposes on the entity.
]
ANTHONY ALLEN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 12 -
11
Share capital
2021
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0p each
-
-
100
-
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