AC PROFESSIONAL MANAGEMENT SERVICES LIMITED - Period Ending 2020-06-30
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED - Period Ending 2020-06-30
Registration number:
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED
for the Year Ended 30 June 2020
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED
Company Information
Director |
Mr A Chumroo |
Registered office |
|
Accountants |
|
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED
(Registration number: 10819762)
Balance Sheet as at 30 June 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Investment property |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
(9,126) |
(5,925) |
|
Shareholders' deficit |
(9,026) |
(5,825) |
For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
General information |
The company was incorporated on 15 June 2017 and started trading subsequently thereafter.
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
UK
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Investment property
estate determined annually by external valuers. The valuers use observable market prices, adjusted if
necessary for any difference in the nature, location or condition of the specific asset. Changes in fair
value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
The cost of investment is £163,892 and was acquired on 26 January 2018.
In the opinion of the director, the value of the property stated in the accounts is at fair value.
There has been no valuation of investment property by an independent valuer.
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Debtors |
2020 |
2019 |
|
Prepayments |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2020 |
2019 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
|
|
|
|
2020 |
2019 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank borrowings
AC PROFESSIONAL MANAGEMENT SERVICES LIMITED
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Bank borrowings are secured by 1st charge on the freehold property owned by the company.
|
Related party transactions |
The long term loan provided to the company by key management personnel in year ended 30th June 2018 of £48,250 is still outstanding at the balance sheet date. The loan is presented within creditors amounts falling due after more than one year. The rate of interest charged is 0%.