Abbywell Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09463974 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

ABBYWELL PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R E Johnson

REGISTERED OFFICE:

Unit 205 Thunderhill Business Park

Hickmans Green

Boughton under Blean

Canterbury

Kent

ME13 9NT

REGISTERED NUMBER:

09463974 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Tangible assets

5

3,221

4,294

Investment property

6

1,660,000

1,779,000

1,663,221

1,783,294

CURRENT ASSETS

Debtors

7

42,597

55,094

Cash at bank

57

-

42,654

55,094

CREDITORS

Amounts falling due within one year

8

85,011

158,194

NET CURRENT LIABILITIES

(42,357

)

(103,100

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,620,864

1,680,194

CREDITORS

Amounts falling due after more than one year

9

(1,121,765

)

(895,484

)

PROVISIONS FOR LIABILITIES

(103,949

)

(137,128

)

NET ASSETS

395,150

647,582

CAPITAL AND RESERVES

Called up share capital

10

10

Non distributable reserve

11

503,058

650,429

Retained earnings

11

(107,918

)

(2,857

)

SHAREHOLDERS' FUNDS

395,150

647,582

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23 July 2019 and were signed by:

R E Johnson - Director

1.	STATUTORY INFORMATION

Abbywell Properties Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102,

The Financial Reporting Standard applicable in the UK and Republic of Ireland, including Section 1A,

and the Companies Act 2006. There are no material departures from FRS 102.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

No material uncertainties that may cast doubt about the ability of the company to continue as a going

concern have been identified by the director.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts.The policies adopted for the recognition of turnover are as following:

- Rents receivable

Turnover represents rents receivable.

- Rendering of services

Turnover is usually recognised based on the period of occupancy of each property,

- Interest receivable

Interest income is recognised using the effective interest method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Investment property is included at fair value. Valuations are carried out annually by the directors based

on:

- how the market could be expected to price the asset

- measuring the risk return factors inherent in the asset

Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate

expected to apply when the property is sold. No depreciation is provided in respect of investment

properties.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and

depreciated over their expected useful lives. The interest element of the leasing payments represents

a constant proportion of the capital balance outstanding and is charged to the profit and loss account

over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to

the profit and loss account on a straight line basis over the lease term.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 April 2018

and 31 March 2019

5,725

DEPRECIATION

At 1 April 2018

1,431

Charge for year

1,073

At 31 March 2019

2,504

NET BOOK VALUE

At 31 March 2019

3,221

At 31 March 2018

4,294

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2018

and 31 March 2019

5,725

DEPRECIATION

At 1 April 2018

1,431

Charge for year

1,073

At 31 March 2019

2,504

NET BOOK VALUE

At 31 March 2019

3,221

At 31 March 2018

4,294

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

1,779,000

Additions

105,216

Revaluations

(224,216

)

At 31 March 2019

1,660,000

NET BOOK VALUE

At 31 March 2019

1,660,000

At 31 March 2018

1,779,000

The property valuation has been reviewed by the director at £1,660,000 (2018 - £1,779,000). The

historic cost of the properties are £1,096,659.

Fair value at 31 March 2019 is represented by:

£

Valuation in 2019

1,660,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

42,597

55,094

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

2,850

Hire purchase contracts

1,160

964

Trade creditors

994

2,518

Taxation and social security

4,460

3,273

Other creditors

78,397

148,589

85,011

158,194

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

1,119,396

891,955

Hire purchase contracts

2,369

3,529

1,121,765

895,484

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

572,888

315,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,119,396

891,955

The bank loans are secured by way of a fixed and floating charge over the investment properties or

undertaking of the company.

11.

RESERVES

Non

Retained

distributable

earnings

reserve

Totals

£

£

£

At 1 April 2018

(2,857

)

650,429

647,572

Deficit for the year

(252,432

)

-

(252,432

)

Movement in the year

147,371

(147,371

)

-

At 31 March 2019

(107,918

)

503,058

395,140

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

R E Johnson

Balance outstanding at start of year

(129,750

)

(75,182

)

Amounts advanced

115,439

38,015

Amounts repaid

(61,722

)

(92,583

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(76,033

)

(129,750

)

The loan from the director to the company is unsecured, interest free and repayable on demand.

13.	RELATED PARTY DISCLOSURES

During the year the company paid for services amounting to £90,000 (2018 - £125,000) to Deli Verd

Limited a company in which Mr R E Johnson has a controlling interest. These services were

purchased on an arms length basis. The balance owed from Deli Verd Limited to Abbywell Properties

Limited at the year end was £8,897 (2018 - £16,394).

The balance owed from Vision Investments Limited, a company in which the director, Mr R Johnson, is

a director was £33,700 (2018 - £53,700). The loan is interest free and repayable on demand.