ACCOUNTS - Final Accounts

ALBANY COURT (CROMER) FREEHOLD LIMITED - Company Information

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Registered number: 05264940

ALBANY COURT (CROMER) FREEHOLD LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

ALBANY COURT (CROMER) FREEHOLD LIMITED

REGISTERED NUMBER: 05264940

BALANCE SHEET

AS AT 31 MARCH 2019

		2019		2018
Note		£		£


Fixed assets
Tangible assets	4		90,000		90,000
			90,000		90,000
Current assets
Debtors		2,286		6,625
Cash at bank and in hand	5	192,054		130,477
		194,340		137,102
Creditors: amounts falling due within one year	6	(5,515)		(6,699)
Net current assets			188,825		130,403
Total assets less current liabilities			278,825		220,403



Net assets excluding pension asset			278,825		220,403
Net assets			278,825		220,403

Capital and reserves
Called up share capital	48	48
Share premium account	152,097	152,097
Profit and loss account	126,680	68,258
	278,825	220,403

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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ALBANY COURT (CROMER) FREEHOLD LIMITED

REGISTERED NUMBER: 05264940

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2019

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 May 2019.

Michael David Adams	David Lyall
Director	Director

The notes on pages 3 to 6 form part of these financial statements.

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ALBANY COURT (CROMER) FREEHOLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

The Company is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The company's principle activity is that of management of the Freehold of Albany Court, Cromer.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

2.3

Taxation

Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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ALBANY COURT (CROMER) FREEHOLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property

nil

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

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.

2.8

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.

Employees

The average monthly number of employees, including directors, during the year was 5 (2018 - 5).

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ALBANY COURT (CROMER) FREEHOLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.	Tangible fixed assets

		Freehold property
		£
	Cost or valuation
	At 1 April 2018	90,000
	At 31 March 2019	90,000

	Net book value
	At 31 March 2019	90,000
	At 31 March 2018	90,000

5.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	192,054	130,476
	192,054	130,476

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Corporation tax	1,015	1,174
Other creditors	4,500	5,525
	5,515	6,699

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ALBANY COURT (CROMER) FREEHOLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

7.	Financial instruments
		2019	2018
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	192,054	130,476

Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.

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