Abbywell Properties Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 09463974 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

ABBYWELL PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R E Johnson

REGISTERED OFFICE:

Unit 205 Thunderhill Business Park

Hickmans Green

Boughton under Blean

Canterbury

Kent

ME13 9NT

REGISTERED NUMBER:

09463974 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Investment property

5

1,445,000

443,973

CURRENT ASSETS

Debtors

6

113,039

17,497

Cash at bank

16,731

8,032

129,770

25,529

CREDITORS

Amounts falling due within one year

7

326,907

72,568

NET CURRENT LIABILITIES

(197,137

)

(47,039

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,247,863

396,934

CREDITORS

Amounts falling due after more than one year

8

(673,690

)

(397,742

)

PROVISIONS FOR LIABILITIES

(104,665

)

-

NET ASSETS/(LIABILITIES)

469,508

(808

)

CAPITAL AND RESERVES

Called up share capital

10

10

Non distributable reserve

10

473,892

-

Retained earnings

10

(4,394

)

(818

)

SHAREHOLDERS' FUNDS

469,508

(808

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 September 2017 and were signed by:

R E Johnson - Director

1.	STATUTORY INFORMATION

Abbywell Properties Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102,

The Financial Reporting Standard applicable in the UK and Republic of Ireland, including Section 1A,

and the Companies Act 2006. There are no material departures from FRS 102.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has transferred from previously extant UK GAAP to FRS 102 Section 1A small entities

as at 2 March 2015. The transition has not resulted in any presentational changes and there has been

no impact on the reported financial position and financial performance.

Transition to FRS 102

This is the first year that the company has presented its financial statements under FRS 102 Section

1A small entities. There were no changes to the previously stated equity at 2 March 2015 as a result of

the transition and no changes to the profit previously reported for the year ended 31 March 2016.

Going concern

No material uncertainties that may cast doubt about the ability of the company to continue as a going

concern have been identified by the director.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts.The policies adopted for the recognition of turnover are as following:

- Rents receivable

Turnover represents rents receivable.

- Rendering of services

Turnover is usually recognised based on the period of occupancy of each property,

- Interest receivable

Interest income is recognised using the effective interest method.

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.

Investment property is included at fair value. Valuations are carried out annually by the directors based

on:

- how the market could be expected to price the asset

- measuring the risk return factors inherent in the asset

Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate

expected to apply when the property is sold. No depreciation is provided in respect of investment

properties.

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 have been

enacted or substantively enacted by the balance sheet date.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

443,973

Additions

422,470

Revaluations

578,557

At 31 March 2017

1,445,000

NET BOOK VALUE

At 31 March 2017

1,445,000

At 31 March 2016

443,973

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2017

578,557

Cost

866,443

1,445,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

113,039

17,497

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,813

6,624

Taxation and social security

1,200

48

Other creditors

323,894

65,896

326,907

72,568

Included in other creditors is £180,000 which relates to the purchase of a property which exchanged

during the year but completed after the year end.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

673,690

397,742

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

315,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

673,690

-

The bank loans are secured by way of a fixed and floating charge over the investment properties or

undertaking of the company.

10.

RESERVES

Non

Retained

distributable

earnings

reserve

Totals

£

£

£

At 1 April 2016

(818

)

-

(818

)

Profit for the year

470,316

-

470,316

Movement in the year

(473,892

)

473,892

-

At 31 March 2017

(4,394

)

473,892

469,498

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2017 and

the period ended 31 March 2016:

2017

2016

£

£

R E Johnson

Balance outstanding at start of year

(64,060

)

-

Amounts advanced

61,223

212,089

Amounts repaid

(72,345

)

(276,149

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(75,182

)

(64,060

)

The loan from the director to the company is unsecured and repayable on demand. Interest is charged

at 10% per annum.

12.	RELATED PARTY DISCLOSURES

During the year the company paid for services amounting to £210,000 (2016 - £151,000) to Deli Verd

Limited a company in which Mr R E Johnson has a controlling interest. These services were purchased

on an arms length basis. The balanced owed from Deli Verd Limited to Abbywell Properties Limited at

the year end was £62,759 (2016 - £17,497).

During the year the company made a loan of £50,000 to Vision Investments Limited, a company in

which director Mr R Johnson, is a director. £50,000 of the loan was outstanding as at 31 March 2017.

The loan is interest free and repayable on demand.