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No description of principal activity
2016-01-01
Sage Accounts Production Advanced 2017 - FRS
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xbrli:shares
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SC096020
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2016-12-31
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SC096020
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SC096020
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SC096020
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SC096020
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SC096020
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2016-12-31
Statement of Consent to Prepare Abridged Financial Statements
|
|
All of the members of Albany Business Centres Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
SC096020
Albany Business Centres Limited
|
|
Unaudited Abridged Financial Statements
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|
THE A9 PARTNERSHIP LIMITED
Chartered accountant
57-59 High Street
Dunblane
Perthshire
FK15 0EE
Albany Business Centres Limited
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|
Abridged Financial Statements
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|
Year Ended 31 December 2016
Officers and professional advisers
|
1
|
|
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Abridged statement of financial position
|
2
|
|
|
Notes to the abridged financial statements
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4
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Albany Business Centres Limited
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Officers and Professional Advisers
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The board of directors
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Mr A Gillen
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Mrs A Gillen
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Company secretary
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Mrs A Gillen
|
|
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Registered office
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Hudson House
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|
8 Albany Street
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|
Edinburgh
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EH1 3QB
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Accountants
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THE A9 PARTNERSHIP LIMITED
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|
Chartered accountant
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|
57-59 High Street
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|
Dunblane
|
|
Perthshire
|
|
FK15 0EE
|
|
|
Albany Business Centres Limited
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|
Abridged Statement of Financial Position
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|
31 December 2016
Fixed assets
Tangible assets
|
6
|
|
384,387
|
388,537
|
|
|
|
|
|
Current assets
Debtors
|
7
|
21,213
|
|
160,176
|
Cash at bank and in hand
|
45,205
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|
33,706
|
|
--------
|
|
---------
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|
66,418
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|
193,882
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
105,204
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|
101,008
|
|
---------
|
|
---------
|
Net current (liabilities)/assets
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|
(
38,786)
|
92,874
|
|
|
---------
|
---------
|
Total assets less current liabilities
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|
345,601
|
481,411
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
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|
204,180
|
231,436
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|
|
|
|
|
Provisions
Taxation including deferred tax
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|
2,008
|
1,858
|
|
|
---------
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---------
|
Net assets
|
|
139,413
|
248,117
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
139,313
|
248,017
|
|
|
---------
|
---------
|
Members funds
|
|
139,413
|
248,117
|
|
|
---------
|
---------
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|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
Albany Business Centres Limited
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|
Abridged Statement of Financial Position (continued)
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|
31 December 2016
These abridged financial statements were approved by the
board of directors
and authorised for issue on
24 May 2017
, and are signed on behalf of the board by:
Company registration number:
SC096020
Albany Business Centres Limited
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|
Notes to the Abridged Financial Statements
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|
Year Ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Hudson House, 8 Albany Street, Edinburgh, EH1 3QB.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
Significant judgements: Management have not made any significant judgements (apart from those involving estimations) in the process of applying the entity's accounting policies. Key sources of estimation uncertainty: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Management do not believe there are any key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions. Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property
|
-
|
1% straight line
|
|
Fixtures and equipment
|
-
|
10% straight line
|
|
|
|
|
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 7 (2015: 7).
5.
Profit before taxation
Profit before taxation is stated after charging:
|
2016
|
2015
|
|
£
|
£
|
Depreciation of tangible assets
|
6,909
|
6,957
|
|
-------
|
-------
|
|
|
|
6.
Tangible assets
|
£
|
Cost
|
|
At 1 January 2016
|
578,349
|
Additions
|
2,759
|
|
---------
|
At 31 December 2016
|
581,108
|
|
---------
|
Depreciation
|
|
At 1 January 2016
|
189,812
|
Charge for the year
|
6,909
|
|
---------
|
At 31 December 2016
|
196,721
|
|
---------
|
Carrying amount
|
|
At 31 December 2016
|
384,387
|
|
---------
|
At 31 December 2015
|
388,537
|
|
---------
|
|
|
7.
Debtors
Debtors include amounts of £– (2015: £136,204) falling due after more than one year.
8.
Creditors:
amounts falling due after more than one year
The bank loan is repayment by 106 instalments and interest is charged at 1.5% per annum above bank base rate.
Bank borrowings are secured by a standard security over the company's freehold property, which is held in the name of Mr A H Gillen as trustee for the company.
9.
Directors' advances, credits and guarantees
At the start of the financial year the company owed the directors £52. During the financial year there were withdrawals of £
208,239
and credit repayments of £ 208,200
. As a result of these transactions at the end of the financial year the company owed the directors £13.
10.
Related party transactions
The company was under the control of Mr and Mrs Gillen throughout the current and previous year. Mr Gillen is the managing director and he and his wife are interested in 100% (2015 -100%)of the issued share capital.
11.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.