ABBEYCLONE_LIMITED - Accounts
ABBEYCLONE_LIMITED - Accounts
Company Registration No. 3529729 (England and Wales)
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
COMPANY INFORMATION
Director
Secretary
Company number
Registered office
Accountants
Business address
189-193 Earls Court Road
London
SW5 9AN
Bankers
Barclays Bank Plc
75 King Street
London
W6 9HY
Solicitors
Cornerstone Law
Building 7
Queens Park
Queensway
Team Valley
Gateshead
NE11 0QD
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 8
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2016
- 1 -
The director presents his report and financial statements for the year ended 30 June 2016.
Principal activities
Director
The following director has held office since 1 July 2015:
Statement of director's responsibilities
The director is responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
By order of the board
Secretary
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2016
- 2 -
2016
2015
Notes
£
£
Turnover
Cost of sales
(5,088 )
(4,258 )
Gross profit
Administrative expenses
(80 )
(109 )
Operating profit
Group company loan written off
125,000
92,048
Profit on ordinary activities before interest
Interest payable and similar charges
(46 )
(223 )
Profit on ordinary activities before taxation
Tax on profit on ordinary activities
2
(157 )
(6,291 )
Profit for the year
9
BALANCE SHEET
AS AT
30 JUNE 2016
- 3 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
4
Investments
5
Current assets
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due within one year
7
(5,802 )
(7,840 )
Net current assets
Total assets less current liabilities
Capital and reserves
Called up share capital
8
Revaluation reserve
9
Profit and loss account
9
Shareholders' funds
Director's responsibilities:
-
-
Approved by the Board for issue on 15 March 2017
Director
Company Registration No. 3529729
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.6
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 248 of the Companies Act 1985 not to prepare group accounts.
1.7
Intercompany loan accounts
All inter-company loan account balances are written off at the end of each accounting period.
2
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
Adjustment for prior years
-
(1 )
Total current tax
3
Dividends
2016
2015
£
£
Ordinary interim paid
130,000
27,500
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 5 -
4
Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 July 2015 & at 30 June 2016
Net book value
At 30 June 2016
At 30 June 2015
The valuations of the investment properties were made as at 30 June 2016 by G T Lever, a director of the company, on an open market basis. No depreciation is provided in respect of these properties.
On an historical cost basis these would have been included at an original cost of £101,200 (2015: £101,200).
On an historical cost basis these would have been included at an original cost of £101,200 (2015: £101,200).
5
Fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 July 2015
5
Disposals
(2)
At 30 June 2016
3
Net book value
At 30 June 2016
At 30 June 2015
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Ordinary
Ordinary
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 6 -
5
FIXED ASSET INVESTMENTS
(Continued)
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit for the year
2016
2016
Principal activity
£
£
756,498
(161,544)
280,948
47,985
6
Debtors
2016
2015
£
£
Trade debtors
Other debtors
7
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
Amounts owed to group undertakings and undertakings in which the company has a participating interest
-
Taxation and social security
Other creditors
8
Share capital
2016
2015
£
£
Allotted, called up and fully paid
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 7 -
9
Statement of movements on reserves
Revaluation reserve
Profit and loss
account
account
£
£
Balance at 1 July 2015
Profit for the year
-
Dividends paid
-
(130,000 )
Balance at 30 June 2016
10
Financial commitments
At 30 June 2016 the company was committed to making the following payments under non-cancellable operating leases in the year to 30 June 2017:
2016
2015
£
£
Operating leases which expire:
In over five years
1
1
11
Control
The ultimate controlling party is Mr G T Lever being the sole director and owner of 100% of the issued share capital.
12
Related party transactions
At 30 June 2016 all inter-company balances with 100% subsidiary undertakings, were written off.
The net credit to the profit and loss account was £125,000 (2015: £92,048). An analysis of the write off is shown below: -
The net credit to the profit and loss account was £125,000 (2015: £92,048). An analysis of the write off is shown below: -
2016
2015
£
£
Gainway Limited
(152,000)
(85,000)
Golden Lion (Harley Street) Limited
27,000
(7,048)
(125,000)
(92,048)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 8 -
13
Related party relationships and transactions
Dividends to Directors
During the year dividends were paid to the director / shareholder.
2016
2015
£
£
130,000
27,500
130,000
27,500