Albourne Properties Limited Small abridged accounts

Albourne Properties Limited Small abridged accounts

ALBOURNE PROPERTIES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Albourne Properties Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 06235770
Albourne Properties Limited
Filleted Unaudited Abridged Financial Statements
31 May 2017
Albourne Properties Limited
Abridged Financial Statements
Year ended 31 May 2017
Contents
Page
Abridged statement of financial position
1
Statement of changes in equity
3
Notes to the abridged financial statements
4
Albourne Properties Limited
Abridged Statement of Financial Position
31 May 2017
2017
2016
Note
£
£
£
Fixed assets
Investments
4
113,050
113,050
Current assets
Debtors
50,388
55,367
Creditors: amounts falling due within one year
2,772
2,542
--------
--------
Net current assets
47,616
52,825
---------
---------
Total assets less current liabilities
160,666
165,875
Provisions
Taxation including deferred tax
20,333
–
---------
---------
Net assets
140,333
165,875
---------
---------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
87,397
107,730
Profit and loss account
52,935
58,144
---------
---------
Members funds
140,333
165,875
---------
---------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 May 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 abridged 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 abridged financial statements .
Albourne Properties Limited
Abridged Statement of Financial Position (continued)
31 May 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 22 February 2018 , and are signed on behalf of the board by:
Mr A Badrudin
Director
Company registration number: 06235770
Albourne Properties Limited
Statement of Changes in Equity
Year ended 31 May 2017
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 June 2015
1
107,730
58,501
166,232
Loss for the year
( 357)
( 357)
----
---------
--------
---------
Total comprehensive income for the year
–
–
( 357)
( 357)
At 31 May 2016
1
107,730
58,144
165,875
Loss for the year
( 5,209)
( 5,209)
Other comprehensive income for the year:
Tax relating to components of other comprehensive income
–
( 20,333)
–
( 20,333)
----
---------
--------
---------
Total comprehensive income for the year
–
( 20,333)
( 5,209)
( 25,542)
----
---------
--------
---------
At 31 May 2017
1
87,397
52,935
140,333
----
---------
--------
---------
Albourne Properties Limited
Notes to the Abridged Financial Statements
Year ended 31 May 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 Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
2. Statement of compliance
These abridged 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 abridged 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 abridged 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 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Revenue recognition
The turnover shown in the profit and loss account represents ground rents receivable.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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 abridged 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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Investments
£
Cost
At 1 June 2016 and 31 May 2017
113,050
---------
Impairment
At 1 June 2016 and 31 May 2017
–
---------
Carrying amount
At 31 May 2017
113,050
---------
5. Related party transactions
Control:- The parent company is Grovehurst Properties Limited. The ultimate parent company is Hemphurst Limited. Transactions:- At the year end the amount due from/(to) the parent company Grovehurst Properties Limited was in the sum of £47,460 (2016 - £55,279).
6. Controlling party
The ultimate parent company is Hemphurst Limited a company incorporated in the United Kingdom.
7. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.