Amek Investments (Quad Portfolio) Limited - Period Ending 2020-03-31

Amek Investments (Quad Portfolio) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Amek Investments (Quad Portfolio) Limited

Company Information

Director

Mr Marcus Cooper

Company secretary

Mr Benjamin Iain West

Registered office

16 Finchley Road St Johns Wood London NW8 6EB

Accountants

Adams Mitchell 109 Gloucester Place London W1U 6JW

Amek Investments (Quad Portfolio) Limited

(Registration number: 8885562)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	8,504,391	8,504,391
Current assets
Debtors	5	64,449	60,506
Cash at bank and in hand		1,038,488	947,731
		1,102,937	1,008,237
Creditors: Amounts falling due within one year	6	(7,553,382)	(7,586,463)
Net current liabilities		(6,450,445)	(6,578,226)
Total assets less current liabilities		2,053,946	1,926,165
Creditors: Amounts falling due after more than one year	6	(4,262,500)	(4,262,500)
Net liabilities		(2,208,554)	(2,336,335)
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		(2,208,555)	(2,336,336)
Shareholders' deficit		(2,208,554)	(2,336,335)

For the financial year ending 31 March 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 on 27 July 2021
 

Amek Investments (Quad Portfolio) Limited

(Registration number: 8885562)
Balance Sheet as at 31 March 2020

.........................................

Mr Marcus Cooper
Director

Amek Investments (Quad Portfolio) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
16 Finchley Road
St Johns Wood
London
NW8 6EB
England

These financial statements were authorised for issue by the director on 27 July 2021.

2	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.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding that the Balance Sheet reflects net liabilities of £1,782,429. However, included within creditors is £7,002,909 owed to group companies who have indicated their continued support.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the rental of property in the ordinary course of the company’s activities.

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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Amek Investments (Quad Portfolio) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Investment property

In accordance with FRS 102 as applied for Smaller Entities by section 1A of the standard, investment properties are held under the revaluation model, whereby revaluations are undertaken regularly to ensure that the carrying amount does not materially differ from the fair value at the end of the period.

Any aggregate surplus or temporary deficit from the original cost is cumulated within equity in the revaluation reserve and also reflected in other comprehensive income. Any impairment in the value of an investment property from original cost is taken to the profit and loss account for the year.

On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and is included in the profit and loss account. Any balance in the revaluation reserve is transferred to the profit and loss account reserve.

No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years unexpired. FRS 102 requires all properties to be depreciated however the residual value of such investment properties is considered not to be materially different from that of the carrying value and therefore depreciation is not required.

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.

Amek Investments (Quad Portfolio) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2019 - 0).

Amek Investments (Quad Portfolio) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 April 2019	8,504,391	8,504,391
At 31 March 2020	8,504,391	8,504,391
Depreciation
Carrying amount
At 31 March 2020	8,504,391	8,504,391
At 31 March 2019	8,504,391	8,504,391

Included within the net book value of land and buildings above is £8,504,391 (2019 - £8,504,391) in respect of freehold land and buildings.
 

Amek Investments (Quad Portfolio) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

5

Debtors

	2020 £	2019 £
Trade debtors	64,449	49,381
Other debtors	-	11,125
	64,449	60,506

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Bank loans and overdrafts	8	108,775	48,045
Trade creditors		10,675	50
Amounts owed to group undertakings and undertakings in which the company has a participating interest		6,894,660	7,002,909
Taxation and social security		1,223	-
Accruals and deferred income		72,571	71,000
Other creditors		465,478	464,459
		7,553,382	7,586,463

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	4,262,500	4,262,500

Creditors include bank loans and overdrafts which are secured of £4,262,500 (2017 - £4,262,500). The bank loan is secured on the assets of of the Company by way of a fixed charge.

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

Amek Investments (Quad Portfolio) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

8	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	4,262,500	4,262,500

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	108,775	48,045

9	Parent and ultimate parent undertaking

The Company is part of a small group and is claiming exemption from preparing consolidated accounts.

 The company's immediate parent is Amek Investments (Central London) Ltd, incorporated in England.

 The ultimate controlling party is Mr M Cooper.