ADB Properties Limited - Period Ending 2017-04-30

ADB Properties Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2017

Registration number: 07302387

ADB Properties Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

ADB Properties Limited

Balance Sheet

30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	325,609	317,584
Current assets
Debtors	5	1,834	591
Cash at bank and in hand		5,335	17,224
		7,169	17,815
Creditors: Amounts falling due within one year	6	(218,444)	(194,992)
Net current liabilities		(211,275)	(177,177)
Net assets		114,334	140,407
Capital and reserves
Called up share capital		100	100
Profit and loss account		114,234	140,307
Total equity		114,334	140,407

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

ADB Properties Limited

Balance Sheet

30 April 2017

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 January 2018 and signed on its behalf by:
 

.........................................

M R Denford

Director

Company Registration Number: 07302387

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
The George Business Centre
Christchurch Road
New Milton
Hampshire
BH25 6QJ

The principal place of business is:
42 Elms Crescent
Clapham
London
SW4 8QZ

These financial statements were authorised for issue by the Board on 23 January 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 May 2015. There is no material impact on the reported financial position and financial performance.

Going concern

The financial statements have been prepared on a going concern basis, despite the balance sheet showing a deficit of current assets against current liabilities, due to the continued support of the directors.

Page 3

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2017

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance

Page 4

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.





 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 5

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2017

4	Tangible assets

	Freehold land and buildings £	Fixtures and fittings  £	Improvements to property  £	Total £
Cost or valuation
At 1 May 2016	317,345	617	-	317,962
Additions	-	4,320	4,389	8,709
At 30 April 2017	317,345	4,937	4,389	326,671
Depreciation
At 1 May 2016	-	378	-	378
Charge for the year	-	684	-	684
At 30 April 2017	-	1,062	-	1,062
Carrying amount
At 30 April 2017	317,345	3,875	4,389	325,609
At 30 April 2016	317,345	239	-	317,584

5

Debtors

	2017  £	2016  £
Other debtors	997	591
Prepayments	837	-
	1,834	591

6

Creditors

	2017  £	2016  £
Due within one year
Other creditors	218,444	194,992

7	Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 May 2015.

There were no changes to the previously stated equity as at 1 May 2015 and 30 April 2016 or in the loss for the year ended 30 April 2016 as a result of the transition to FRS 102.

Page 6