Abbott Estate Management Limited
Annual Report and Unaudited Financial Statements
For the year ended 5 April 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 09401974 (England and Wales)
Abbott Estate Management Limited
Company Information
Directors
D Abbott
L Abbott
M Abbott
Company number
09401974
Registered office
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Accountants
Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Abbott Estate Management Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Abbott Estate Management Limited
Balance Sheet
As at 5 April 2017
Page 1
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
2
633,197
633,197
Investments
3
-
10
633,197
633,207
Current assets
Debtors
4
93,550
298,272
Cash at bank and in hand
543,183
344,978
636,733
643,250
Creditors: amounts falling due within one year
5
(26,697)
(26,502)
Net current assets
610,036
616,748
Total assets less current liabilities
1,243,233
1,249,955
Capital and reserves
Called up share capital
6
100
100
Other reserves
430,969
430,969
Profit and loss reserves
812,164
818,886
Total equity
1,243,233
1,249,955
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
Abbott Estate Management Limited
Balance Sheet (Continued)
As at 5 April 2017
Page 2
For the financial year ended 5 April 2017 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 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 financial statements.
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 by the board of directors and authorised for issue on 3 January 2018 and are signed on its behalf by:
D Abbott
Director
Company Registration No. 09401974
Abbott Estate Management Limited
Notes to the Financial Statements
For the year ended 5 April 2017
Page 3
1
Accounting policies
Company information
Abbott Estate Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.
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 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 pound.
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.
These financial statements for the year ended 5 April 2017
are the
first
financial statements of Abbott Estate Management 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 22 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Exemptions for qualifying entities under FRS 102
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
1.3
Turnover
Turnover represents amounts receivable for
rent
and services
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Abbott Estate Management Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2017
1
Accounting policies
(Continued)
Page 4
1.6
Cash and cash equivalents
Cash and cash equivalents 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
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
Derecognition of financial assets
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Abbott Estate Management Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2017
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Investment property
2017
£
Fair value
At 6 April 2016 and 5 April 2017
633,197
Investment property comprises property held for rental income and capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors of the company at the date of acquisition. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Fixed asset investments
2017
2016
£
£
Investments
-
10
Abbott Estate Management Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2017
3
Fixed asset investments
(Continued)
Page 6
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 6 April 2016
10
Written off
(10)
At 5 April 2017
-
Carrying amount
At 05 April 2017
-
At 05 April 2016
10
During the year Seddon Properties Limited, a wholly-owned subsidiary undertaking was dissolved on 1 October 2016. The fixed asset investment held at 1 October 2016 was written off.
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
10,229
8,976
Other debtors
83,321
289,296
93,550
298,272
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
7,070
7,875
Other creditors
19,627
18,627
26,697
26,502
Abbott Estate Management Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2017
Page 7
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
80 Ordinary shares of £1 each
80
80
10 A Shares of £1 each
10
10
10 B Shares of £1 each
10
10
100
100
7
Directors' transactions
Dividends totalling £35,000 (2016 - £35,000) were paid in the year to L Abbott, a director of the company.
Included within other debtors is an amount due from M Abbott, a director of the company, of £6,327 (2016 - £7,327). Also included in other debtors was an amount due from D Abbott of £76,904 (2016 - £281,879).
Included within other creditors is an amount due to L Abbott, a director of the company, of £13,073 (2016 - £12,073).