Abbeybay Properties Limited Filleted accounts for Companies House (small and micro)

ABBEYBAY PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5437868

ABBEYBAY PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2019

ABBEYBAY PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		2,950,000	2,950,000

Current assets

Debtors	7	1,172,660	1,221,170
Cash at bank and in hand		30,124	8,661
		-------------	-------------
		1,202,784	1,229,831

Creditors: amounts falling due within one year	8	483,462		487,674
		-------------		-------------
Net current assets			719,322	742,157
			-------------	-------------
Total assets less current liabilities			3,669,322	3,692,157

Creditors: amounts falling due after more than one year	9		783,351	851,012

Provisions

Taxation including deferred tax	10	430,690	385,354
		-------------	-------------
Net assets		2,455,281	2,455,791
		-------------	-------------

Capital and reserves

Called up share capital		75,100	75,100
Other reserves	12	1,886,704	1,932,040
Profit and loss account	12	493,477	448,651
		-------------	-------------
Shareholders funds		2,455,281	2,455,791
		-------------	-------------

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 comprehensive income has not been delivered.

For the year ending 31 December 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 .

ABBEYBAY PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 11 September 2020 , and are signed on behalf of the board by:

Z Virani

Director

Company registration number: 5437868

ABBEYBAY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 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 168 Church Road, Hove, East Sussex, BN3 2DL.

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 properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. In making their assessment of going concern, the directors have identified the impact of COVID-19 as a material uncertainty that relates to events or conditions that may cast significant doubt upon the company's ability to continue to adopt the going concern basis of accounting. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. The company does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.

Impairment of fixed assets

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. For the purposes of impairment testing, 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.

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

A financial asset or a financial liability is recognised only when the entity 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. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: Nil).

5. Tax on profit/(loss)

Major components of tax expense/(income)

	2019	2018
	£	£

Current tax:

UK current tax expense/(income)	12,983	( 45,336)

Deferred tax:

Origination and reversal of timing differences	45,336	–
	---------	---------
Tax on profit/(loss)	58,319	( 45,336)
	---------	---------

6. Tangible assets

	Land and buildings
	£
Cost
At 1 January 2019 and 31 December 2019	2,950,000
	-------------
Depreciation
At 1 January 2019 and 31 December 2019	–
	-------------
Carrying amount
At 31 December 2019	2,950,000
	-------------
At 31 December 2018	2,950,000
	-------------

Land & buildings represent freehold property. In the opinion of the directors, the carrying value of the property as at 31 December 2019, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 December 2019
Aggregate cost	632,606
Aggregate depreciation	–
	----------
Carrying value	632,606
	----------

At 31 December 2018
Aggregate cost	632,606
Aggregate depreciation	–
	----------
Carrying value	632,606
	----------

7. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,172,500	1,221,170
Other debtors	160	–
	-------------	-------------
	1,172,660	1,221,170
	-------------	-------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	66,850	100,734
Trade creditors	2,129	10,234
Accruals and deferred income	6,000	–
Corporation tax	12,983	–
Social security and other taxes	166	1,023
Other creditors	109,099	83,448
Amounts owed to related parties	286,235	292,235
	----------	----------
	483,462	487,674
	----------	----------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	783,351	851,012
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £449,101 (2018: £515,951) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are secured over the assets of the company.

10. Provisions

	Deferred tax (note 11)
	£
At 1 January 2019	385,354
Additions	45,336
	----------
At 31 December 2019	430,690
	----------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions (note 10)	430,690	385,354
	----------	----------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Deferred tax on revaluation of property	430,690	385,354
	----------	----------

12. Reserves

Other reserves (non-distributable) - This reserve is used to record changes in the fair value of properties, net of deferred tax. Profit and loss account - This reserve records retained earnings and accumulated losses.

13. Related party transactions

At 31 December 2019, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £286,235 (2018: £292,235) in respect of loans from shareholders with significant interest. The loans are interest free, unsecured and repayable on demand. At 31 December 2019, debtors included amounts owed by group undertakings, not wholly owned within the group, amounting to £1,172,500 (2018: £1,221,170) in respect of loans to group companies. The loans are interest free, unsecured and repayable on demand.

14. Controlling party

The company is a 52.58% subsidiary of Dowgate Limited, a company incorporated in England & Wales. The registered office address of Dowgate Limited is Kalamu House, 11 Coldbath Square, London, England, EC1R 5HL.