Alycidon Investments Limited Company Accounts

Alycidon Investments Limited Company Accounts


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COMPANY REGISTRATION NUMBER: 01874634
ALYCIDON INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2017
ALYCIDON INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2017
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
ALYCIDON INVESTMENTS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
P S Bennett
G T Marsden
P B Marsden
Company secretary
G T Marsden
Registered office
95 Jermyn Street
London
SW1Y 6JE
Accountants
BSG Valentine
Chartered accountant
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
ALYCIDON INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,903,928
2,200,000
Investments
6
500,000
500,000
------------
------------
4,403,928
2,700,000
Current assets
Debtors
7
51,399
( 3,250)
Cash at bank and in hand
418,649
515,792
---------
---------
470,048
512,542
Creditors: amounts falling due within one year
8
( 79,517)
( 149,510)
---------
---------
Net current assets
390,531
363,032
------------
------------
Total assets less current liabilities
4,794,459
3,063,032
Creditors: amounts falling due after more than one year
9
( 1,571,506)
Provisions
Taxation including deferred tax
( 22,059)
( 22,059)
------------
------------
Net assets
3,200,894
3,040,973
------------
------------
Capital and reserves
Called up share capital
11,153
11,153
Share premium account
251,213
251,213
Capital redemption reserve
618
618
Profit and loss account
2,937,910
2,777,989
------------
------------
Members funds
3,200,894
3,040,973
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2017 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 .
ALYCIDON INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 19 June 2017 , and are signed on behalf of the board by:
G T Marsden
Director
Company registration number: 01874634
ALYCIDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 95 Jermyn Street, London, SW1Y 6JE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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 investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. No cash flow statement has been presented for the company.
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.
Revenue recognition
Turnover represents gross rents receivable from the letting of investment properties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 4 (2016: 4 ).
5. Tangible assets
Freehold property
£
Cost
At 1 April 2016
2,200,000
Additions
1,703,928
------------
At 31 March 2017
3,903,928
------------
Depreciation
At 1 Apr 2016 and 31 Mar 2017
------------
Carrying amount
At 31 March 2017
3,903,928
------------
At 31 March 2016
2,200,000
------------
Tangible assets held at valuation
The company's investment properties were revalued by external professionals as at 31 March 2016. This is reflected in the accounts.
6. Investments
Other investments other than loans
£
Cost
At 1 Apr 2016 and 31 Mar 2017
500,000
---------
Impairment
At 1 Apr 2016 and 31 Mar 2017
---------
Carrying amount
At 31 March 2017
500,000
---------
During 2015 the company invested £500,000 into Astranta Rufus LP for a 15.63% share as a Limited Partner.
The company also received £45,500 (2016: deficit £2,266) share of net losses from Astranta Rufus LP.
7. Debtors
2017
2016
£
£
Trade debtors
37,022
Amounts owed by group undertakings and undertakings in which the company has a participating interest
10,000
10,000
Other debtors
4,377
( 13,250)
--------
--------
51,399
( 3,250)
--------
--------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
8,170
3,125
Social security and other taxes
31,491
16,027
Other creditors
39,856
130,358
--------
---------
79,517
149,510
--------
---------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
1,571,506
------------
----
The bank loans are secured by a legal charge on the investment properties and other tangible assets of the company. A debenture was created between the company Lloyds Bank on 23 August 2016.
10. Directors' advances, credits and guarantees
At the year end the company was owed £10,000 (2016: £10,000) from Bayritz Limited, the 100% shareholder and ultimate parent of the company and where G T Marsden , P B Marsden and P S Bennett are directors and shareholders. During 2015 the company invested £500,000 for a 15.63% share in Astranta Rufus LP. The company received a profit share of £42,500 (2016: loss: £2,266) from Astranta Rufus LP. The General Partner of the Limited Partnership is Astranta General Partner Limited, a company in which G T Marsden is a director. The Nominee Company of the Limited Partnership is Astranta Nominee Limited, a company in which G T Marsden is a director.
11. Controlling party
During the year the company was a 100% subsidiary of Bayritz Limited, a company incorporated in the United Kingdom.
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
Reconciliation of equity
1 April 2015
31 March 2016
As previously stated
Effect of transition
FRS 102 (as restated)
As previously stated
Effect of transition
FRS 102 (as restated)
£
£
£
£
£
£
Fixed assets
1,833,467
1,833,467
2,700,000
2,700,000
Current assets
456,554
456,554
512,542
512,542
Creditors: amounts falling due within one year
( 28,234)
( 28,234)
( 149,510)
( 149,510)
------------
----
------------
------------
----
------------
Net current assets
428,320
428,320
363,032
363,032
------------
----
------------
------------
----
------------
Total assets less current liabilities
2,261,787
2,261,787
3,063,032
3,063,032
Provisions
( 22,059)
( 22,059)
------------
----
------------
------------
--------
------------
Net assets
2,261,787
2,261,787
3,063,032
( 22,059)
3,040,973
------------
----
------------
------------
--------
------------
------------
----
------------
------------
--------
------------
Capital and reserves
2,261,787
2,261,787
3,063,032
( 22,059)
3,040,973
------------
----
------------
------------
--------
------------