The Collective Acton 2 Limited
The Collective Acton 2 Limited
Registered number: 10041904
Unaudited Financial Statements
For The Year Ended 31 March 2018
The Collective Acton 2 Limited
Unaudited Financial Statements
For The Year Ended 31 March 2018
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
The Collective Acton 2 Limited
Balance Sheet
As at
31 March 2018
Balance Sheet
Registered number:
10041904
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 31 March 2018 | Period to 31 March 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (5,590) | (1,060) | |||
Page 1
The Collective Acton 2 Limited
Balance Sheet (continued)
As at
31 March 2018
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
The Collective Acton 2 Limited
Notes to the Financial Statements
For The Year Ended 31 March 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The directors believe that notwithstanding current year losses net current liabilities and net liabilities, the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from investors will be adequate to meet the company's needs for a period of at least 12 months from the date of approval of these financial statement.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to related parties and investment in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, ar measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financial transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 31 March 2018 | Period to 31 March 2017 | ||
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| Office and administration |
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Page 3
The Collective Acton 2 Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
3.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | |
|---|---|
| £ | |
| Cost | |
| As at |
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| Additions | 432,283 |
| As at |
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| Net Book Value | |
| As at |
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| Investment Properties | |
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| £ | |
| As at |
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| At cost | 895,685 |
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| As at |
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| At cost | 463,402 |
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Cost and additions to investment property during the year represent costs incurred in the development of property that remained under construction at the year end. No valuation was performed by an external, independent valuer as the director believes that the fair value of the property under development is similar to costs incurred.
4.
Debtors
| 31 March 2018 | Period to 31 March 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| VAT |
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| Amounts owed by group undertakings |
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Page 4
The Collective Acton 2 Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
5.
Creditors: Amounts Falling Due Within One Year
| 31 March 2018 | Period to 31 March 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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7.
Related Party Transactions
The Collective Acton 2 Limited is a wholly owned subsidiary of TCA Holdco Limited. The registered office and principal place of business of TCA HoldCo Limited: 14 Bedford Square, London WC1B 3JA.
During the year, the company received loans from The Collective Acton Limited of £532,036 and £25,000 from The Collective Acton Residential Limited. No interest is charged on the balances and the loan is repayable on demand. The Collective Acton Limited is fellow subsidiary in a group.
8.
General Information
The Collective Acton 2 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10041904 . The registered office is 14 Bedford Square, London, WC1B 3JA.
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