ACCOUNTS - Final Accounts

AITCHISON RAFFETY (RESIDENTIAL) LIMITED - Company Information

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Registered number: 04239683

AITCHISON RAFFETY (RESIDENTIAL) LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2019

AITCHISON RAFFETY (RESIDENTIAL) LIMITED

REGISTERED NUMBER: 04239683

BALANCE SHEET

AS AT 30 SEPTEMBER 2019

		2019		2018
Note		£		£


Fixed assets
Current assets
Debtors: amounts falling due within one year	4	23,504		100,038
		23,504		100,038
Creditors: amounts falling due within one year	5	-		(76,534)
Net current assets			23,504		23,504
Total assets less current liabilities			23,504		23,504



Net assets			23,504		23,504

Capital and reserves
Called up share capital	117	117
Share premium account	23,387	23,387
	23,504	23,504

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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P N Waite BSc (Hons), MRICS, IRRV

Director

Date: 4 June 2020

The notes on pages 2 to 4 form part of these financial statements.

Page 1

AITCHISON RAFFETY (RESIDENTIAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

1.	General information

The entity is a private company, limited by shares, incorporated in England and Wales. The registered office is Unit 4, Stokenchurch Business Park, Ibstone Road, Stokenchurch, High Wycombe, HP14 3FE.

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 financial statements are prepared in £ Sterling, the functional currency, rounded to the nearest £1.

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

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has not had a significant impact on the company’s operations. In response to the COVID-19 pandemic, the Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the accounts.

2.3

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.

Page 2

AITCHISON RAFFETY (RESIDENTIAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.4

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.5

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.

2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 3

AITCHISON RAFFETY (RESIDENTIAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Employees

The average monthly number of employees, including directors with contracts of employment during the year was 0 (2018 - 0).

Debtors

					2019	2018
					£	£


Amounts owed by group undertakings	23,504	100,038
	23,504	100,038

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

Amounts owed to group undertakings	-	76,534
	-	76,534

Aitchison Raffety Limited, a fellow subsidiary company, has secured banking facilities in respect of their overdraft, which is secured by a cross guarantee and set off agreement with the parent company and all group companies.

6.	Ultimate parent undertaking

The ultimate parent undertaking is AR Group Holdings Limited, a company registered in England and Wales. This is the head of the smallest and largest group for which consolidated accounts are prepared. The consolidated accounts are available to the public from Companies House.

7.	Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2019 was unqualified.

The audit report was signed on 8 June 2020 by Brendan Sharkey, FCA (Senior statutory auditor) on behalf of MHA MacIntyre Hudson.

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