AMADIS PROPERTIES LIMITED Filleted accounts for Companies House (small and micro)

AMADIS PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02445217

AMADIS PROPERTIES LIMITED

Filleted Unaudited Financial Statements

31 May 2018

AMADIS PROPERTIES LIMITED

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		75,000	75,000

Current assets

Debtors	5	–	6,668
Cash at bank and in hand		3,293	5,780
		-------	--------
		3,293	12,448

Creditors: amounts falling due within one year	6	10,676		15,777
		--------		--------
Net current liabilities			7,383	3,329
			--------	--------
Total assets less current liabilities			67,617	71,671

Provisions

Taxation including deferred tax	6,000	6,000
	--------	--------
Net assets	61,617	65,671
	--------	--------

AMADIS PROPERTIES LIMITED

Statement of Financial Position (continued)

31 May 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital		2	2
Fair value reserve	7	44,521	44,521
Profit and loss account	7	17,094	21,148
		--------	--------
Shareholders funds		61,617	65,671
		--------	--------

These 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 comprehensive income has not been delivered.

For the year ending 31 May 2018 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 were approved by the board of directors and authorised for issue on 14 February 2019 , and are signed on behalf of the board by:

Mrs M Bodner

Director

Company registration number: 02445217

AMADIS PROPERTIES LIMITED

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents stated net of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

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 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

4. Tangible assets

	Land and buildings
	£
Valuation
At 1 June 2017 and 31 May 2018	75,000
	--------
Depreciation
At 1 June 2017 and 31 May 2018	–
	--------
Carrying amount
At 31 May 2018	75,000
	--------
At 31 May 2017	75,000
	--------

The investment property has been revalued by the directors on an open market value for existing use basis as at 31 May 2017.

5. Debtors

	2018	2017
	£	£
Other debtors	–	6,668
	----	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	–	427
Other creditors	10,676	15,350
	--------	--------
	10,676	15,777
	--------	--------

7. Reserves

Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income which are not distributable as they are unrealised. Profit and loss account - This reserve records retained earnings and accumulated losses which are available for distribution.