Andrew'S Homes (Aberdeen) Limited - Limited company accounts 16.3

REGISTERED NUMBER: SC043273 (Scotland)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Andrew'S Homes (Aberdeen) Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

J B N Harper

Mrs V Harper

REGISTERED OFFICE:

22 Carden Place

Aberdeen

Aberdeenshire

AB10 1UQ

REGISTERED NUMBER:

SC043273 (Scotland)

ACCOUNTANTS:

MacDonald Accountancy Services

12 Allardice Street

Stonehaven

Aberdeenshire

AB39 2BQ

The directors present their report with the financial statements of the company for the year ended 31 December 2016.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this

report.

J B N Harper

Mrs V Harper

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

J B N Harper - Director

8 February 2017

TURNOVER

-

-

Administrative expenses

447,331

839,304

(447,331

)

(839,304

)

Other operating income

1,490,470

1,909,808

OPERATING PROFIT

4

1,043,139

1,070,504

Income from fixed asset investments

1,050,094

786,622

Interest receivable and similar income

3,365

3,437

1,053,459

790,059

2,096,598

1,860,563

Interest payable and similar expenses

505,614

396,705

PROFIT BEFORE TAXATION

1,590,984

1,463,858

Tax on profit

220,565

267,432

PROFIT FOR THE FINANCIAL YEAR

1,370,419

1,196,426

FIXED ASSETS

Tangible assets

5

18,000

20,000

Investments

6

13,750,002

20,740,002

Investment property

7

8,910,000

14,907,000

22,678,002

35,667,002

CURRENT ASSETS

Debtors

8

1,953,660

1,930,504

Cash at bank and in hand

1,957,566

980,088

3,911,226

2,910,592

CREDITORS

Amounts falling due within one year

9

2,140,094

1,000,513

NET CURRENT ASSETS

1,771,132

1,910,079

TOTAL ASSETS LESS CURRENT LIABILITIES

24,449,134

37,577,081

CREDITORS

Amounts falling due after more than one year

10

14,854,000

18,820,000

NET ASSETS

9,595,134

18,757,081

CAPITAL AND RESERVES

Called up share capital

93,000

93,000

Revaluation reserve

12

(1,809,027

)

8,723,339

Retained earnings

11,311,161

9,940,742

SHAREHOLDERS' FUNDS

9,595,134

18,757,081

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 February 2017 and were signed on its behalf by:

J B N Harper - Director

1.	STATUTORY INFORMATION

Andrew'S Homes (Aberdeen) Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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 year 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.

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 year was 2 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.16

31.12.15

£

£

Depreciation - owned assets

5,415

9,739

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

163,688

4,000

167,688

Additions

3,415

-

3,415

At 31 December 2016

167,103

4,000

171,103

DEPRECIATION

At 1 January 2016

143,688

4,000

147,688

Charge for year

5,415

-

5,415

At 31 December 2016

149,103

4,000

153,103

NET BOOK VALUE

At 31 December 2016

18,000

-

18,000

At 31 December 2015

20,000

-

20,000

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 January 2016

2

20,740,000

20,740,002

Revaluations

-

(6,990,000

)

(6,990,000

)

At 31 December 2016

2

13,750,000

13,750,002

NET BOOK VALUE

At 31 December 2016

2

13,750,000

13,750,002

At 31 December 2015

2

20,740,000

20,740,002

Cost or valuation at 31 December 2016 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2014

2

20,740,000

20,740,002

Valuation in 2016

-

(6,990,000

)

(6,990,000

)

2

13,750,000

13,750,002

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

14,907,000

Disposals

(3,267,000

)

Revaluations

(2,730,000

)

At 31 December 2016

8,910,000

NET BOOK VALUE

At 31 December 2016

8,910,000

At 31 December 2015

14,907,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2014

14,907,000

Valuation in 2016

(5,997,000

)

8,910,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

10,056

51,054

Other debtors

1,943,604

1,879,450

1,953,660

1,930,504

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

840,000

840,000

Taxation and social security

147,752

99,608

Other creditors

1,152,342

60,905

2,140,094

1,000,513

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans

14,054,000

18,820,000

Other creditors

800,000

-

14,854,000

18,820,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

10,694,000

15,460,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank loans

14,894,000

19,660,000

12.

RESERVES

Revaluation

reserve

£

At 1 January 2016

8,723,339

Revaluation in year

(9,720,000

)

Disposal of property

(812,366

)

At 31 December 2016

(1,809,027

)