Abodebed Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07599135 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

ABODEBED LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Fieldman

Mrs L Fieldman

REGISTERED OFFICE:

10 London Mews

London

W2 1HY

REGISTERED NUMBER:

07599135 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

Paddington

London

W2 1HY

FIXED ASSETS

Intangible assets

4

-

1

Tangible assets

5

24,183

1,163

Investment property

6

590,000

244,332

614,183

245,496

CURRENT ASSETS

Debtors

7

114,119

97,040

Cash at bank

89,368

7,525

203,487

104,565

CREDITORS

Amounts falling due within one year

8

317,274

122,542

NET CURRENT LIABILITIES

(113,787

)

(17,977

)

TOTAL ASSETS LESS CURRENT LIABILITIES

500,396

227,519

CREDITORS

Amounts falling due after more than one year

9

352,486

171,000

NET ASSETS

147,910

56,519

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

147,810

56,419

SHAREHOLDERS' FUNDS

147,910

56,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 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 Board of Directors on 19 September 2017 and were signed on its behalf by:

M Fieldman - Director

1.	STATUTORY INFORMATION

Abodebed 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.

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.

Turnover

Turnover represents air bed and breakfast income net of VAT and discounts.

Rendering of services

The income included in the accounts is recognised for every completed nights stay.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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% reducing balance

Investment property

In accordance with FRS102, Section 1A, the company's properties are held for long-term investment and are

included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such

properties are transferred to the profit and loss account.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities such as trade and other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at

amortised cost using the effective interest method, less any impairment. An impairment review is undertaken

annually at the balance sheet date.

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2016

and 30 April 2017

59,337

AMORTISATION

At 1 May 2016

59,336

Amortisation for year

1

At 30 April 2017

59,337

NET BOOK VALUE

At 30 April 2017

-

At 30 April 2016

1

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2016

4,900

Additions

31,082

At 30 April 2017

35,982

DEPRECIATION

At 1 May 2016

3,737

Charge for year

8,062

At 30 April 2017

11,799

NET BOOK VALUE

At 30 April 2017

24,183

At 30 April 2016

1,163

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

244,332

Additions

288,432

Revaluations

57,236

At 30 April 2017

590,000

NET BOOK VALUE

At 30 April 2017

590,000

At 30 April 2016

244,332

Fair value at 30 April 2017 is represented by:

£

Valuation in 2017

57,236

Cost

532,764

590,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.17

30.4.16

£

£

Cost

532,764

-

Aggregate depreciation

(10,654

)

-

Investment property was valued on an open market basis on 30 April 2017 by director Martin Fieldman .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

35,642

16,160

Other debtors

78,477

80,880

114,119

97,040

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans and overdrafts

23,725

9,000

Trade creditors

52,450

41,863

Taxation and social security

34,730

17,101

Other creditors

206,369

54,578

317,274

122,542

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans

352,486

171,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

257,585

135,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.17

30.4.16

£

£

Bank loans

376,211

180,000

National Westminster bank holds a 1st legal charge over the leasehold property.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.17

30.4.16

value:

£

£

100

Ordinary

£1

100

100

12.	FIRST YEAR ADOPTION

This the first year that the company has presented its results under FRS 102. The last financial statements under

UK GAAP were for the year ended 30 April 2016. The date of transition to FRS 102 was 1 May 2015. There

was no adjustments arising from the first time adoption of FRS 102.