ACCOUNTS - Final Accounts

31B ARTERBERRY ROAD LTD - Company Information

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Registered number: 09708594

31B ARTERBERRY ROAD LTD

AUDITED

DIRECTOR'S REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2017

31B ARTERBERRY ROAD LTD

COMPANY INFORMATION

Director	Mr R N Du Toit


Registered number	09708594


Registered office	Chester House
	81-83 Fulham High Street
	London
	SW6 3JA


Independent auditors	Wellden Turnbull Ltd
	Chartered Accountants & Statutory Auditors
	Munro House
	Portsmouth Road
	Cobham
	Surrey
	KT11 1PP

31B ARTERBERRY ROAD LTD

CONTENTS

	Page
Director's report	1
Independent auditors' report	3 - 5
Statement of income and retained earnings	6
Balance sheet	7
Notes to the financial statements	8 - 10

31B ARTERBERRY ROAD LTD

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2017

The director presents his report and the financial statements for the year ended 31 December 2017.

Director's responsibilities statement

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Activity
The Company's principal activity during the year was property investment.

The director who served during the year was:

Mr R N Du Toit

Disclosure of information to auditors

The director at the time when this director's report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Wellden Turnbull Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

31B ARTERBERRY ROAD LTD

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2017

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr R N Du Toit

Director

Date: 11 March 2019

Page 2

31B ARTERBERRY ROAD LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF 31B ARTERBERRY ROAD LTD

Opinion

We have audited the financial statements of 31B Arterberry Road Ltd (the 'Company') for the year ended 31 December 2017, which comprise the statement of income and retained earnings, the balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2017 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The director is responsible for the other information. The other information comprises the information included in the Director's Report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

31B ARTERBERRY ROAD LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF 31B ARTERBERRY ROAD LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the director's responsibilities statement on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Page 4

31B ARTERBERRY ROAD LTD

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF 31B ARTERBERRY ROAD LTD (CONTINUED)

Other matters

For the year ended 31 December 2016 the Company did not require a statutory audit to be carried out. Therefore the corresponding figures for the prior year are unaudited.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Robin John FCA CTA (senior statutory auditor)

for and on behalf of

Wellden Turnbull Ltd

Chartered Accountants

Statutory Auditors

Munro House

Portsmouth Road

Cobham

Surrey

KT11 1PP

11 March 2019

Page 5

31B ARTERBERRY ROAD LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2017

	2017	Unaudited 2016
	£	£


Turnover	-	-
Administrative expenses	(3,300)	(3,480)
Loss after tax	(3,300)	(3,480)



Retained earnings at the beginning of the year	(3,480)	-
Loss for the year	(3,300)	(3,480)
Retained earnings at the end of the year	(6,780)	(3,480)

The notes on pages 8 to 10 form part of these financial statements.

Page 6

31B ARTERBERRY ROAD LTD

REGISTERED NUMBER: 09708594

BALANCE SHEET

AS AT 31 DECEMBER 2017

		2017		Unaudited 2016
Note		£		£

Fixed assets
Investments	4		960,000		960,000

Creditors: amounts falling due within one year	5	(966,760)		(963,460)
Net current liabilities			(966,760)		(963,460)
Total assets less current liabilities			(6,760)		(3,460)

Net liabilities			(6,760)		(3,460)

Capital and reserves
Called up share capital	6	20	20
Profit and loss account	7	(6,780)	(3,480)
		(6,760)	(3,460)

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr R N Du Toit

Director

Date: 11 March 2019

The notes on pages 8 to 10 form part of these financial statements.

Page 7

31B ARTERBERRY ROAD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	General information

31B Arterberry Road Limited is a private company, limited by shares, incorporated in England and Wales, registered number 09708594. The registered office is Chester House, 81-83 Fulham High Street, London, SW6 3JA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standard

The accounts have been prepared in accordance with the provision of FRS 102. There were no material departures from that standard.

2.3

Going concern

The Company has made a loss and is in a net liability position at the year end date. The Company is a joint venture which has entered into an agreement for the development of a property for which it will realise a share of profits on disposal. The Company’s shareholders have agreed to continue to financially support the Company for the duration of the project. The director therefore considers the Company to be able to meet its liabilities as they fall due for the foreseeable future and as such the accounts have been prepared on a going concern basis.

2.4

Valuation of investments

Investments are measured at cost less accumulated impairment.

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

31B ARTERBERRY ROAD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments 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, are 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 financing 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.

Employees

The average monthly number of employees, including the director, during the year was as follows:

	2017	Unaudited 2016
	No.	No.

Director	1	1

4.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 January 2017	960,000
	Additions	-
	Disposals	-
	At 31 December 2017	960,000

Page 9

31B ARTERBERRY ROAD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

5.	Creditors: Amounts falling due within one year
		2017	Unaudited 2016
		£	£

Amounts owed to group undertakings	483,770	481,250
Amounts owed to joint ventures	479,990	479,990
Accruals and deferred income	3,000	2,220
	966,760	963,460

Amounts owed to group undertakings are interest free and repayable on demand.

6.	Share capital
		2017	Unaudited 2016
		£	£

Allotted, called up and fully paid

20 (2016 - 20) Ordinary shares of £1.00 each	20	20

7.	Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.

8.	Related party transactions
	The Company is a joint venture between Quantum Residential Property LLP (QRP) and The Beach Music Trust. At the balance sheet date the Company owed £483,770 (2016 - £481,250) to QRP LLP and £479,990 (2016 - £479,990) to The Beach Music Trust.

9.	Parent company

The Company's ultimate parent undertaking is Quanta Group Ltd. The consolidated financial statements of Quanta Group Ltd may be obtained from Companies House or from Chester House Fulham Green, 81-83 Fulham High Street, London SW6 3JA.

Page 10