Company Registration No. 09664966 (England and Wales)
ASTINDALE LONDON
ROAD LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
ASTINDALE LONDON ROAD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ASTINDALE LONDON ROAD LIMITED
Company Registration No. 09664966
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
440,177
2,093,710
Debtors
3
703,310
49,977
Cash at bank and in hand
11,138
12,918
1,154,625
2,156,605
Creditors: amounts falling due within one year
4
(1,101,720)
(1,152,150)
Net current assets
52,905
1,004,455
Creditors: amounts falling due after more than one year
5
(230,808)
(1,013,957)
Net liabilities
(177,903)
(9,502)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(178,003)
(9,602)
Total equity
(177,903)
(9,502)
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 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
ASTINDALE LONDON ROAD LIMITED
Company Registration No. 09664966
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2020
30 April 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 April 2021 and are signed on its behalf by:
N A Latter
Director
ASTINDALE LONDON ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
Astindale London Road Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
.
The principal accounting policies adopted are set out below.
1.2
Going concern
The company has made a net loss of £168,401 and has net liabilities of £177,903, which incudes £988,739 due to S J Tenzin Limited, its parent company.
Whilst the current COVID-19 pandemic has created uncertainty over the future financial implications to the worldwide economy, the directors confirmed that they will continue to support the company and is confident that it has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations.
Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
property development services
provided in the normal course of business
, and
is shown net of
VAT
.
Income is recognised on the property sale completion date
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
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.
ASTINDALE LONDON ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors 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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.7
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.
1.8
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
703,310
49,977
ASTINDALE LONDON ROAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
12,008
64,220
Amounts owed to group undertakings
988,739
984,033
Other creditors
100,973
103,897
1,101,720
1,152,150
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
230,808
1,013,957
Included within creditors falling due after more than one year is a bank loan of £230,808 (2019 - £
1,013,957
) which is secured on the company's assets.
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
7
Related party transactions
At the balance sheet date the company was owed £50 (201
9
- £50) by S & L Ventures Limited, a shareholder.
8
Directors' benefits, advances, credits and guarantees
At the beginning of the year the
company
was
owed £
3
1,068
by
N A Latter, the director
. During the year
there was no advances and repayments made by the director.
Interest on the
balance due to the company was calculated at 2.5% and totalled £
7
77
. At the balance sheet date the
b
alance due from the director
was
£
31,
845
.
9
Parent company
The parent company is S J Tenzin Limited, a company registered in England and Wales. The ultimate controlling party is
K Harper
.