York Apartments Limited - Accounts to registrar (filleted) - small 18.2
York Apartments Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Period |
| 1 November 2019 to 30 September 202 | 0 |
| for |
| York Apartments Limited |
| York Apartments Limited (Registered number: 04220018) |
| Contents of the Financial Statements |
| for the Period 1 November 2019 to 30 September 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| York Apartments Limited |
| Company Information |
| for the Period 1 November 2019 to 30 September 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 28 Church Road |
| Stanmore |
| Middlesex |
| HA7 4XR |
| York Apartments Limited (Registered number: 04220018) |
| Statement of Financial Position |
| 30 September 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 10 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| York Apartments Limited (Registered number: 04220018) |
| Statement of Financial Position - continued |
| 30 September 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| York Apartments Limited (Registered number: 04220018) |
| Notes to the Financial Statements |
| for the Period 1 November 2019 to 30 September 2020 |
| 1. | STATUTORY INFORMATION |
| York Apartments Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. |
| Tangible fixed assets |
| Fixtures & fittings | - |
| Investment property |
| Investment property comprises freehold and long leasehold properties. |
| Initial measurement |
| Investment properties are initially measured at cost. |
| Subsequent measurement |
| Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| York Apartments Limited (Registered number: 04220018) |
| Notes to the Financial Statements - continued |
| for the Period 1 November 2019 to 30 September 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| & fittings |
| £ |
| COST |
| At 1 November 2019 |
| Additions |
| At 30 September 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for period |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 31 October 2019 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2019 |
| Revaluations | 2,639,553 |
| Exchange differences |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 31 October 2019 |
| York Apartments Limited (Registered number: 04220018) |
| Notes to the Financial Statements - continued |
| for the Period 1 November 2019 to 30 September 2020 |
| 5. | INVESTMENT PROPERTY - continued |
| Fair value at 30 September 2020 is represented by: |
| £ |
| Valuation in 2019 | 7,559,315 |
| Valuation in 2020 | 2,639,553 |
| Cost | 8,238,073 |
| 18,436,941 |
| If the investment properties had not been revalued they would have been included at the following historical cost: |
| 2020 | 2019 |
| £ | £ |
| Cost | 8,238,073 | 8,208,478 |
| Investment properties were valued on an open market basis on 30 September 2020 by the directors . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments & accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security & other taxes |
| Other creditors |
| Accruals & deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans repayable in under |
| 5 years |
| Bank loans repayable by |
| instalments after more than 5 |
| years |
| Bank loans repayable otherwise |
| than by instalments in more |
| than 5 years | 4,607,500 | 4,629,500 |
| York Apartments Limited (Registered number: 04220018) |
| Notes to the Financial Statements - continued |
| for the Period 1 November 2019 to 30 September 2020 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans repayable otherwise |
| than by instalments in more |
| than 5 years |
| Repayable by instalments |
| Bank loans repayable by |
| instalments after more than 5 |
| years | 402,396 | 419,496 |
| 402,396 | 419,496 |
| The loans are for a duration of 10 years maturing in 2027 and 2028. Under the terms of two loans, the lender has the option to call in these loans on the fourth and fifth anniversaries from commencement respectively. If the lender was to exercise the option then, in addition to the normal instalments, £1,039,500 would fall due for payment in 2022 and £635,000 would fall due for payment in 2023. |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank loans | 5,392,529 | 5,438,296 |
| The bank loans are secured on the investment properties. |
| 10. | RESERVES |
| The retained earnings of £11,238,866 (2019: £8,816,999) comprise of distributable reserves of £2,294,429 (2019: £2,047,603) and non-distributable reserves of £8,944,437 (2019: £6,769,396) which relate to property revaluations less related deferred tax provision. |