Assetworld Limited Company accounts

Assetworld Limited Company accounts

ASSETWORLD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03734628
Assetworld Limited
Unaudited Financial Statements
31 March 2018
Assetworld Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
9
Assetworld Limited
Directors' Report
Year ended 31 March 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2018 .
Directors
The directors who served the company during the year were as follows:
Mr S Feldman
Mr H Feldman
Mr A Feldman
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 June 2019 and signed on behalf of the board by:
Mr S Feldman
Director
Registered office:
Hallswelle House
1 Hallswelle Road
London
NW11 0DH
Assetworld Limited
Statement of Income and Retained Earnings
Year ended 31 March 2018
2018
2017
Note
£
£
Rental income
123,321
117,635
Property outgoings
63,682
65,593
---------
---------
Gross profit
59,639
52,042
Administrative expenses
76,250
37,428
--------
--------
Operating (loss)/profit
( 16,611)
14,614
--------
--------
(Loss)/profit before taxation
4
( 16,611)
14,614
Tax on (loss)/profit
–
2,493
--------
--------
(Loss)/profit for the financial year and total comprehensive income
( 16,611)
12,121
--------
--------
Retained earnings at the start of the year
558,614
546,493
---------
---------
Retained earnings at the end of the year
542,003
558,614
---------
---------
All the activities of the company are from continuing operations.
Assetworld Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
3,039,939
3,039,973
Current assets
Debtors
6
1,746,753
1,390,363
Cash at bank and in hand
11,719
332,478
------------
------------
1,758,472
1,722,841
Creditors: amounts falling due within one year
7
4,256,406
4,204,198
------------
------------
Net current liabilities
2,497,934
2,481,357
------------
------------
Total assets less current liabilities
542,005
558,616
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
542,003
558,614
---------
---------
Shareholders funds
542,005
558,616
---------
---------
These financial statements have been prepared 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'.
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.
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 26 June 2019 , and are signed on behalf of the board by:
Mr S Feldman
Director
Company registration number: 03734628
Assetworld Limited
Notes to the Financial Statements
Year ended 31 March 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
The turnover shown in the profit and loss account represents property income received during the year.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% reducing balance
Investment property
The company's freehold properties are included in the Balance Sheet at historical cost.This is not in accordance with the requirements of Standard Accounting Practice No.19 which requires such properties to be stated at their open market value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Hedge accounting
Hedge accounting is used where the hedging relationship is designated, documented and expected to be highly effective, and is only used for specific risks, as defined by FRS 102 section 12. Where the hedged risk is the exposure to a fixed interest rate risk or foreign exchange risk of a debt instrument measured at amortised cost or the price risk of a commodity that it holds or has a firm commitment, the hedging instrument is recognised as an asset or liability with the change in fair value being recognised in profit or loss. The change in fair value of the hedged item related to the hedged risk is recognised in profit or loss and as an adjustment to the carrying amount of the hedged item. Where the hedged risk is the variable interest rate risk or foreign exchange risk in a debt instrument measured at amortised cost, the foreign exchange risk or interest rate risk in a firm commitment or highly probably forecast transaction, the commodity price risk in a highly probable forecast transaction or the foreign exchange risk in a net investment in a foreign operation, then the financial instrument is initially and subsequently recognised at fair value at each reporting date. Movements in fair value are recognised in other comprehensive income, to the extent that the hedge is effective. Any ineffective movements are recognised in profit or loss. Where the hedged risk is the variable or fixed interest rate risk of a debt instrument measured at amortised cost, the periodic net cash settlements on the interest rate swap are recognised in profit or loss in the period in which the net settlements accrue. Hedge accounting is discontinued where the hedging instrument expires, is sold or terminated, the hedge no longer meets the criteria for hedge accounting, the forecast transaction is no longer highly probable in a hedge of a forecast transaction, or the designation is revoked.
4. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
34
45
----
----
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2017 and 31 March 2018
3,039,838
1,263
3,041,101
------------
-------
------------
Depreciation
At 1 April 2017
–
1,128
1,128
Charge for the year
–
34
34
------------
-------
------------
At 31 March 2018
–
1,162
1,162
------------
-------
------------
Carrying amount
At 31 March 2018
3,039,838
101
3,039,939
------------
-------
------------
At 31 March 2017
3,039,838
135
3,039,973
------------
-------
------------
The investment property has been valued as at the balance sheet date having considered the open market value of the property. No independent valuation was undertaken.
6. Debtors
2018
2017
£
£
Other debtors
1,746,753
1,390,363
------------
------------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
2,493
2,512
Other creditors
4,253,913
4,201,686
------------
------------
4,256,406
4,204,198
------------
------------
8. Related party transactions
The company was under the control of Mr S Feldman throughout the current and previous year. Mr S Feldman is the managing director and majority shareholder.
Assetworld Limited
Management Information
Year ended 31 March 2018
The following pages do not form part of the financial statements.
Assetworld Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Assetworld Limited
Year ended 31 March 2018
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
GERALD KREDITOR & CO. Chartered Accountants
Hallswelle House 1 Hallswelle Road London NW11 0DH
26 June 2019