Andrew Louis Properties Limited Company accounts

Andrew Louis Properties Limited Company accounts

ANDREW LOUIS PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02711410
ANDREW LOUIS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
30 May 2019
ANDREW LOUIS PROPERTIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 MAY 2019
Contents
Page
Officers and professional advisers
1
Directors' report
2
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
7
Notes to the financial statements
8
ANDREW LOUIS PROPERTIES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr D Anastasiou
Mr L Anastasiou
Registered office
8-10 East Prescot Road
Liverpool
England
L14 1PW
Accountants
ERC Accountants & Business Advisers Limited
Chartered accountants
Hanover Buildings
11-13 Hanover Street
Liverpool
L1 3DN
ANDREW LOUIS PROPERTIES LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 MAY 2019
The directors present their report and the unaudited financial statements of the company for the year ended 30 May 2019 .
PRINCIPAL ACTIVITIES
The principal activity of the company during the year was real estates.
DIRECTORS
The directors who served the company during the year were as follows:
Mr D Anastasiou
Mr L Anastasiou
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 10 December 2019 and signed on behalf of the board by:
Mr D Anastasiou
Mr L Anastasiou
Director
Director
Registered office:
8-10 East Prescot Road
Liverpool
England
L14 1PW
ANDREW LOUIS PROPERTIES LIMITED
CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ANDREW LOUIS PROPERTIES LIMITED
YEAR ENDED 30 MAY 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Andrew Louis Properties Limited for the year ended 30 May 2019, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Andrew Louis Properties Limited, as a body, in accordance with the terms of our engagement letter dated 3 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Andrew Louis Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Andrew Louis Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Andrew Louis Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Andrew Louis Properties Limited. You consider that Andrew Louis Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Andrew Louis Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
ERC Accountants & Business Advisers Limited Chartered accountants
Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN
10 December 2019
ANDREW LOUIS PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 MAY 2019
2019
2018
Note
£
£
TURNOVER
315,689
461,749
----------
----------
GROSS PROFIT
315,689
461,749
Administrative expenses
( 348,727)
129,665
Other operating income
9,451
12,734
----------
----------
OPERATING PROFIT
673,867
344,818
Interest payable and similar expenses
35,945
72,113
----------
----------
PROFIT BEFORE TAXATION
4
637,922
272,705
Tax on profit
5
70,243
52,312
----------
----------
PROFIT FOR THE FINANCIAL YEAR
567,679
220,393
----------
----------
Revaluation of tangible assets
( 867,838)
–
----------
----------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 300,159)
220,393
----------
----------
All the activities of the company are from continuing operations.
ANDREW LOUIS PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
30 May 2019
2019
2018
Note
£
£
FIXED ASSETS
Tangible assets
6
3,604,654
5,918,693
CURRENT ASSETS
Debtors
7
42,455
81,056
Cash at bank and in hand
87,785
78,904
----------
----------
130,240
159,960
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8
379,176
2,181,306
----------
-------------
NET CURRENT LIABILITIES
248,936
2,021,346
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,355,718
3,897,347
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
9
–
145,470
PROVISIONS
223,101
223,101
-------------
-------------
NET ASSETS
3,132,617
3,528,776
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
600,452
1,468,290
Profit and loss account
2,532,065
2,060,386
-------------
-------------
SHAREHOLDERS FUNDS
3,132,617
3,528,776
-------------
-------------
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 30 May 2019 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 .
ANDREW LOUIS PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 May 2019
These financial statements were approved by the board of directors and authorised for issue on 10 December 2019 , and are signed on behalf of the board by:
Mr D Anastasiou
Mr L Anastasiou
Director
Director
Company registration number: 02711410
ANDREW LOUIS PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 MAY 2019
Called up share capital
Revaluation reserve
Profit and loss account
Total
Note
£
£
£
£
AT 31 MAY 2017
100
1,468,290
1,935,993
3,404,383
Profit for the year
220,393
220,393
----
-------------
-------------
-------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
–
220,393
220,393
Dividends paid and payable
–
–
( 96,000)
( 96,000)
----
-------------
-------------
-------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
–
–
( 96,000)
( 96,000)
AT 30 MAY 2018
100
1,468,290
2,060,386
3,528,776
Profit for the year
567,679
567,679
Other comprehensive income for the year:
Revaluation of tangible assets
6
–
( 867,838)
–
( 867,838)
----
-------------
-------------
-------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
( 867,838)
567,679
( 300,159)
Dividends paid and payable
–
–
( 96,000)
( 96,000)
----
----
---------
---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
–
–
( 96,000)
( 96,000)
----
----------
-------------
-------------
AT 30 MAY 2019
100
600,452
2,532,065
3,132,617
----
----------
-------------
-------------
ANDREW LOUIS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 MAY 2019
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8-10 East Prescot Road, Liverpool, L14 1PW, England.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation 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.
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.
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 and fittings
-
15% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2019
2018
£
£
Depreciation of tangible assets
–
2,478
----
-------
5. TAX ON PROFIT
Major components of tax expense
2019
2018
£
£
Current tax:
UK current tax expense
70,243
52,503
Deferred tax:
Origination and reversal of timing differences
–
( 191)
---------
---------
Tax on profit
70,243
52,312
---------
---------
6. TANGIBLE ASSETS
Investment property
Fixtures and fittings
Total
£
£
£
Cost
At 31 May 2018
5,904,654
95,532
6,000,186
Disposals
( 2,300,000)
( 95,532)
( 2,395,532)
-------------
---------
-------------
At 30 May 2019
3,604,654
–
3,604,654
-------------
---------
-------------
Depreciation
At 31 May 2018
–
81,493
81,493
Disposals
–
( 81,493)
( 81,493)
-------------
---------
-------------
At 30 May 2019
–
–
–
-------------
---------
-------------
Carrying amount
At 30 May 2019
3,604,654
–
3,604,654
-------------
---------
-------------
At 30 May 2018
5,904,654
14,039
5,918,693
-------------
---------
-------------
7. DEBTORS
2019
2018
£
£
Trade debtors
30,455
81,056
Other debtors
12,000
–
---------
---------
42,455
81,056
---------
---------
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019
2018
£
£
Corporation tax
70,243
52,502
Social security and other taxes
327
1,987
Other creditors
308,606
2,126,817
----------
-------------
379,176
2,181,306
----------
-------------
9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2019
2018
£
£
Other creditors
–
145,470
----
----------