Annis Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 02892867

Annis Limited

Filleted Unaudited Financial Statements

31 March 2017

Annis Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	11

Annis Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		675,000	552,527

Current assets

Debtors	6	6,125	6,125
Cash at bank and in hand		41,774	42,582
		--------	--------
		47,899	48,707

Creditors: amounts falling due within one year	7	35,439		32,236
		--------		--------
Net current assets			12,460	16,471
			---------	---------
Total assets less current liabilities			687,460	568,998

Creditors: amounts falling due after more than one year	8		226,100	251,644

Provisions

Taxation including deferred tax	30,022	8,700
	---------	---------
Net assets	431,338	308,654
	---------	---------

Annis Limited

Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	73,000	73,000
Other reserves	256,984	–
Profit and loss account	101,354	235,654
	---------	---------
Members funds	431,338	308,654
	---------	---------

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 comprehensive income 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 .

These financial statements were approved by the board of directors and authorised for issue on 24 November 2017 , and are signed on behalf of the board by:

Mr R Farhang

Director

Company registration number: 02892867

Annis Limited

Statement of Changes in Equity

Year ended 31 March 2017

		Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Total
		£	£	£	£	£
At 1 April 2015		73,000	164,520	–	229,699	467,219

Profit for the year					5,955	5,955
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	( 164,520)	–	–	( 164,520)
		--------	---------	----	---------	---------
Total comprehensive income for the year		–	( 164,520)	–	5,955	( 158,565)

At 31 March 2016		73,000	–	–	235,654	308,654

Profit for the year					122,684	122,684
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	–	–	( 256,984)	( 256,984)
	Transfer from profit and loss account (undistributable)	–	–	256,984	–	256,984
		--------	---------	---------	---------	---------
Total comprehensive income for the year		–	–	256,984	( 134,300)	122,684

		--------	---------	---------	---------	---------
At 31 March 2017		73,000	–	256,984	101,354	431,338
		--------	---------	---------	---------	---------

Annis 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 144 Charminster Road, Charminster, Bournemouth, BH8 8UU.

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 13.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) 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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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. Tax on profit

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	5,383	1,014

Deferred tax:

Origination and reversal of timing differences	21,322	( 211)
	--------	----
Tax on profit	26,705	803
	--------	----

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2016: lower than) the standard rate of corporation tax in the UK of 20 % (2016: 20 %).

	2017	2016
	£	£
Profit on ordinary activities before taxation	149,389	6,758
	---------	-------
Profit on ordinary activities by rate of tax	29,878	1,351
Adjustment to tax charge in respect of prior periods	–	( 211)
Effect of capital allowances and depreciation	–	( 337)
Effect of revenue exempt from tax	( 24,495)	–
	---------	-------
Tax on profit	5,383	803
	---------	-------

5. Tangible assets

	Freehold property	Equipment	Total
	£	£	£
Cost or valuation
At 1 April 2016	552,525	539	553,064
Revaluations	122,473	–	122,473
	---------	----	---------
At 31 March 2017	674,998	539	675,537
	---------	----	---------
Depreciation
At 1 April 2016 and 31 March 2017	–	537	537
	---------	----	---------
Carrying amount
At 31 March 2017	674,998	2	675,000
	---------	----	---------
At 31 March 2016	552,525	2	552,527
	---------	----	---------

Included within the above is investment property as follows:

	£
At 1 April 2016	552,525
Fair value adjustments	122,473
	---------
At 31 March 2017	674,998
	---------

The Freehold properties are investment properties stated at market value. The valuation was carried out by Mr T Plenderleith Bsc MRICS for the purposes of the bank loan in January 2010. The valuation is currently based on the knowledge of the directors of the property prices in the locality.

6. Debtors

	2017	2016
	£	£
Other debtors	6,125	6,125
	-------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	26,933	26,933
Corporation tax	5,382	1,013
Other creditors	3,124	4,290
	--------	--------
	35,439	32,236
	--------	--------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	226,100	251,644
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £118,367 (2016: £145,300) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Secured liabilities

The total Bank borrowings secured by the company were £253,033.(2016 £278,577)

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	30,022	8,700
	--------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Fair value adjustment of investment property	287,055	164,580
	---------	---------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R Farhang	( 1,265)	–	1,166	( 99)
	-------	----	-------	----

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R Farhang	( 265)	( 1,000)	–	( 1,265)
	----	-------	----	-------

12. Related party transactions

The company was under the control of the directors throughout the current and previous year. Mr R Farhang is the managing director, and of the issued share capital he controls 43.84% directly and 15.06% indirectly through his majority shareholding in Utrillo Limited . Mr F Heideri controls 41.11% directly and has a further beneficial non-voting interest of 5.01% indirectly via his shareholding in Utrillo Limited. Messrs Farhang and Mr F Heideri are both directors and shareholders in Utrillo Limited which has a 15.06% shareholding in Annis Limited . During the year, the company paid £5,000(2016 £10,000) to Video Addicts, a business owned by Mr R Farhang,for the provision of management services.

13. 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	525,300	–	525,300	552,527	–	552,527
Current assets	95,988	–	95,988	48,707	–	48,707
Creditors: amounts falling due within one year	( 33,343)	–	( 33,343)	( 32,236)	–	( 32,236)
	---------	----	---------	---------	----	---------
Net current assets	62,645	–	62,645	16,471	–	16,471
	---------	----	---------	---------	----	---------
Total assets less current liabilities	587,945	–	587,945	568,998	–	568,998

Creditors: amounts falling due after more than one year	( 276,335)	–	( 276,335)	( 251,644)	–	( 251,644)
Provisions	–	( 8,911)	( 8,911)	–	( 8,700)	( 8,700)
	---------	-------	---------	---------	-------	---------
Net assets	311,610	( 8,911)	302,699	317,354	( 8,700)	308,654
	---------	-------	---------	---------	-------	---------

	---------	-------	---------	---------	-------	---------
Capital and reserves	311,610	( 8,911)	302,699	317,354	( 8,700)	308,654
	---------	-------	---------	---------	-------	---------

The investment property is stated at fair value under S16 of FRS 102. The change in the accounting policy has resulted in the fair value gains and losses tsken to profit and loss account. The revaluation reserve at the date of transition of £164520 less deferred tax of £8911 was transferred to profit and loss account, increasing the retained profit from £74090 to £229,699 The net profit in 2016 was adjusted upwards by release of deferred tax provision by £211 to £5955. The net increase in fair value after deferred tax has been shown as other reserves.(undistributable).

Annis Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the financial statements.

Annis Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Annis Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Annis Limited for the year ended 31 March 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

H B MISTRY & CO Chartered accountant

Tudor House Mill Lane Calcot Reading,Berks RG31 7RS

24 November 2017