Registration number:
for the Year Ended
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ
Adelphi Midland Estates Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Adelphi Midland Estates Limited
Company Information
Director |
Mr Michael John Holland |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Adelphi Midland Estates Limited
for the Year Ended 31 January 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Adelphi Midland Estates Limited for the year ended 31 January 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Adelphi Midland Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Adelphi Midland Estates Limited and state those matters that we have agreed to state to the Board of Directors of Adelphi Midland Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adelphi Midland Estates Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Adelphi Midland Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Adelphi Midland Estates Limited. You consider that Adelphi Midland Estates 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 accounts of Adelphi Midland Estates 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 accounts.
......................................
Rustington
West Sussex
BN16 3BZ
Page 2 |
Adelphi Midland Estates Limited
Statement of Comprehensive Income for the Year Ended 31 January 2017
Note |
2017 |
2016 |
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(Loss)/profit for the year |
( |
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Total comprehensive income for the year |
( |
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Page 3 |
Adelphi Midland Estates Limited
(Registration number: 04160782)
Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr Michael John Holland
Director
Page 4 |
Adelphi Midland Estates Limited
Statement of Changes in Equity for the Year Ended 31 January 2017
Share capital |
Profit and loss account |
Total |
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At 1 February 2016 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 January 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 February 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 January 2016 |
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Page 5 |
Adelphi Midland Estates Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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 receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 6 |
Adelphi Midland Estates Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Accrued expenses |
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Related party transactions |
Summary of transactions with entities with joint control or significant interest
Page 7 |
Adelphi Midland Estates Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Transition to FRS 102 |
Set out below are the changes in accounting policies which reconcile profit for the year ended 31 January 2016 and the total equity as at 1 February 2015 and 31 January 2016 between UK GAAP as previously reported and FRS102.
There were no adjustments to be made on transition to FRS102. Although, the company had property losses bought forward for corporation tax purposes, it was not considered necessary to provide a deferred tax asset on these as the company has now ceased to trade and it is unlikely these losses will be utilised.
Balance Sheet at 1 February 2015
Note |
As originally reported |
Reclassification
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Remeasurement
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As restated |
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Current assets |
|||||
Debtors |
3,090,618 |
- |
- |
3,090,618 |
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Creditors: Amounts falling due within one year |
(1,617) |
- |
- |
(1,617) |
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Net assets |
3,089,001 |
- |
- |
3,089,001 |
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Capital and reserves |
|||||
Called up share capital |
200 |
- |
- |
200 |
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Profit and loss account |
3,088,801 |
- |
- |
3,088,801 |
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Total equity |
3,089,001 |
- |
- |
3,089,001 |
Page 8 |
Adelphi Midland Estates Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Balance Sheet at 31 January 2016
Note |
As originally reported |
Reclassification
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Remeasurement
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As restated |
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Current assets |
|||||
Debtors |
3,090,141 |
- |
- |
3,090,141 |
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Creditors: Amounts falling due within one year |
(300) |
- |
- |
(300) |
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Net assets |
3,089,841 |
- |
- |
3,089,841 |
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Capital and reserves |
|||||
Called up share capital |
200 |
- |
- |
200 |
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Profit and loss account |
3,089,641 |
- |
- |
3,089,641 |
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Total equity |
3,089,841 |
- |
- |
3,089,841 |
Page 9 |