Abbott Estate Management Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 5 April 2018
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
Business address
Flat 54, Red Square, 3 Piano Lane
Carysfort Road
London
N16 9AY
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 2018
05 April 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
697
-
Investment properties
3
633,197
633,197
633,894
633,197
Current assets
Debtors
4
504,506
93,550
Cash at bank and in hand
123,900
543,183
628,406
636,733
Creditors: amounts falling due within one year
5
(29,711)
(26,697)
Net current assets
598,695
610,036
Total assets less current liabilities
1,232,589
1,243,233
Capital and reserves
Called up share capital
6
100
100
Other reserves
430,969
430,969
Profit and loss reserves
801,520
812,164
Total equity
1,232,589
1,243,233
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 5 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Abbott Estate Management Limited
Balance Sheet (Continued)
As at 5 April 2018
05 April 2018
Page 2
The financial statements were approved by the board of directors and authorised for issue on 4 January 2019 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 2018
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.
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
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are made up of investment properties which are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Computer equipment
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
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
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.
Abbott Estate Management Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2018
1
Accounting policies
(Continued)
Page 4
1.6
Impairment of fixed 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.
1.7
Cash and cash equivalents
Cash at bank and in hand
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.
1.8
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 balance sheet 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Abbott Estate Management Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2018
1
Accounting policies
(Continued)
Page 5
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.
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
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2017
-
Additions
1,046
At 5 April 2018
1,046
Depreciation and impairment
At 6 April 2017
-
Depreciation charged in the year
349
At 5 April 2018
349
Carrying amount
At 5 April 2018
697
At 5 April 2017
-
Abbott Estate Management Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2018
Page 6
3
Investment property
2018
£
Fair value
At 6 April 2017 and 5 April 2018
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.
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
12,944
10,229
Other debtors
491,562
83,321
504,506
93,550
5
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
7,817
7,070
Other creditors
21,894
19,627
29,711
26,697
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not 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
Abbott Estate Management Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2018
Page 7
7
Related party transactions
Included within other debtors is an amount of £340,216 due from Innerspace Homes Limited, a company under common control.
8
Directors' transactions
Dividends totalling £45,000 (2017 - £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 £5,327 (2017 - £6,327). Also included in other debtors was an amount due from D Abbott of £145,929 (2017 - £76,904).
Included within other creditors is an amount due to L Abbott, a director of the company, of £14,073 (2017 - £13,073).