Aiseandan Limited 31/07/2019 iXBRL

Aiseandan Limited 31/07/2019 iXBRL

AISEANDAN LIMITED - Company Information

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Company registration number: 05509191
Aiseandan Limited
Unaudited filleted financial statements
31 July 2019
Aiseandan Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Aiseandan Limited
Directors and other information
Director Jane Dwyer
Company number 05509191
Registered office 54 Oxford Road
Denham
Uxbridge
UB9 4DN
Accountants Sterling Accounting Solutions Ltd
Kings House Business Centre
Home Park Industrial Estate
Kings Langley
Hertfordshire
WD4 8LZ
Aiseandan Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Aiseandan Limited
Year ended 31 July 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 Aiseandan Limited for the year ended 31 July 2019 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Aiseandan Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aiseandan Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aiseandan Limited and its director as a body for our work or for this report.
It is your duty to ensure that Aiseandan 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 Aiseandan Limited. You consider that Aiseandan 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 Aiseandan 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.
Sterling Accounting Solutions Ltd
Chartered Accountants
Kings House Business Centre
Home Park Industrial Estate
Kings Langley
Hertfordshire
WD4 8LZ
20 April 2020
Aiseandan Limited
Statement of financial position
31 July 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 6 2,046,071 2,727,934
_______ _______
2,046,071 2,727,934
Current assets
Stocks 496,540 496,540
Debtors 7 65,615 700
Cash at bank and in hand 223,246 11,492
_______ _______
785,401 508,732
Creditors: amounts falling due
within one year 8 ( 205,316) ( 159,370)
_______ _______
Net current assets 580,085 349,362
_______ _______
Total assets less current liabilities 2,626,156 3,077,296
Creditors: amounts falling due
after more than one year 9 ( 1,866,847) ( 2,730,488)
Provisions for liabilities 10 ( 20,805) ( 23,253)
_______ _______
Net assets 738,504 323,555
_______ _______
Capital and reserves
Called up share capital 12 10 10
Profit and loss account 738,494 323,545
_______ _______
Shareholders funds 738,504 323,555
_______ _______
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 April 2020 , and are signed on behalf of the board by:
Jane Dwyer
Director
Company registration number: 05509191
Aiseandan Limited
Notes to the financial statements
Year ended 31 July 2019
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. 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.
Turnover
Turnover comprises rental income generated from Investment properties under operating leases, which are recognised on a straight line basis over the lease term.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
4. Interest payable and similar expenses
2019 2018
£ £
Other interest payable and similar expenses 65,275 48,264
_______ _______
5. Tax on profit
Major components of tax expense
2019 2018
£ £
Current tax:
UK current tax expense 96,760 10,942
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 2,448) -
_______ _______
Tax on profit 94,312 10,942
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2018: higher than) the standard rate of corporation tax in the UK of 19.00 % (2018: 19.00%).
2019 2018
£ £
Profit before taxation 509,261 56,689
_______ _______
Profit multiplied by rate of tax 96,760 10,771
Effect of expenses not deductible for tax purposes - 171
Changes in UK tax rate ( 2,448) -
_______ _______
Tax on profit 94,312 10,942
_______ _______
6. Tangible assets
Freehold property Total
£ £
Cost
At 1 August 2018 2,727,934 2,727,934
Disposals ( 681,863) ( 681,863)
_______ _______
At 31 July 2019 2,046,071 2,046,071
_______ _______
Depreciation
At 1 August 2018 and 31 July 2019 - -
_______ _______
Carrying amount
At 31 July 2019 2,046,071 2,046,071
_______ _______
At 31 July 2018 2,727,934 2,727,934
_______ _______
Investment property
The Investment Property valuation was determined by the Director on the 31st July 2019 on an open market basis and an independent valuer was not instructed.
7. Debtors
2019 2018
£ £
Other debtors 65,615 700
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans 44,850 101,520
Trade creditors 4,667 10,637
Corporation tax 96,760 10,942
Social security and other taxes - 10,262
Other creditors 59,039 26,009
_______ _______
205,316 159,370
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans 1,396,785 1,645,426
Other creditors 470,062 1,085,062
_______ _______
1,866,847 2,730,488
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 August 2018 23,253 23,253
Other movements 1 ( 2,448) ( 2,448)
_______ _______
At 31 July 2019 20,805 20,805
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019 2018
£ £
Included in provisions (note 10) 20,805 23,253
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2019 2018
£ £
Fair value adjustment of investment property 20,805 23,253
_______ _______
12. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
13. Charge on assets
The Bank loans and overdrafts are secured by a fixed charge over the freehold buildings included within fixed assets.
14. Related party transactions
During the year the company had sales amounting to £136,300 (2018: £258,540) with PHD Modular Access Services Limited and purchases amounting to £210,000 (2018: £Nil), a company in which Jane Dwyer is a director. At the year end a balance of £41,030 (2018: £Nil) was owed to PHD Modular Access Services Limited and is included within other creditors.
At the year end, £700 (2018: £700) was owed from Project7 Construction Limited, a company in which Jane Dwyer is a director.
At the year end, £36,000 (2018:£Nil) was owed from PHD Hoists & Masts Limited, a company in which Jane Dwyer is a Director.
At the year end, £470,062 (2018: £1,085,062) was owed to Jane Dwyer, a director.
15. Controlling party
The company is controlled by its director, Jane Dwyer.