AMADIS PROPERTIES LIMITED Company Accounts

AMADIS PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02445217

AMADIS PROPERTIES LIMITED

Filleted Unaudited Financial Statements

31 May 2017

AMADIS PROPERTIES LIMITED

Financial Statements

Year ended 31 May 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Statement of changes in equity	4

Notes to the financial statements	5

AMADIS PROPERTIES LIMITED

Officers and Professional Advisers

The board of directors	Mrs D Horowitz
	Mrs M Bodner

Company secretary	D Horowitz

Registered office	Hallswelle House
	1 Hallswelle Road
	London
	NW11 0DH

Accountants	Gerald Kreditor & Co.
	Chartered accountant
	Hallswelle House
	1 Hallswelle Road
	London
	NW11 0DH

AMADIS PROPERTIES LIMITED

Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		75,000	24,479

Current assets

Debtors	5	6,668	–
Cash at bank and in hand		5,780	9,081
		--------	-------
		12,448	9,081

Creditors: amounts falling due within one year	6	15,777		9,138
		--------		-------
Net current liabilities			3,329	57
			--------	--------
Total assets less current liabilities			71,671	24,422

Provisions

Taxation including deferred tax	6,000	–
	--------	--------
Net assets	65,671	24,422
	--------	--------

AMADIS PROPERTIES LIMITED

Statement of Financial Position (continued)

31 May 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital		2	2
Fair value reserve	7	44,521	–
Profit and loss account	7	21,148	24,420
		--------	--------
Members funds		65,671	24,422
		--------	--------

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 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 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 28 February 2018 , and are signed on behalf of the board by:

Mrs M Bodner

Director

Company registration number: 02445217

AMADIS PROPERTIES LIMITED

Statement of Changes in Equity

Year ended 31 May 2017

		Called up share capital	Fair value reserve	Profit and loss account	Total
		£	£	£	£
At 1 June 2015		2	–	23,166	23,168

Profit for the year				1,254	1,254
		----	----	--------	--------
Total comprehensive income for the year		–	–	1,254	1,254

At 31 May 2016		2	–	24,420	24,422

Profit for the year				46,249	46,249
Other comprehensive income for the year:
	Transfer from profit and loss to fair value reserve	–	44,521	( 44,521)	–
		----	--------	--------	--------
Total comprehensive income for the year		–	44,521	1,728	46,249

Dividends paid and payable		–	–	( 5,000)	( 5,000)
		----	----	-------	-------
Total investments by and distributions to owners		–	–	( 5,000)	( 5,000)

		----	--------	--------	--------
At 31 May 2017		2	44,521	21,148	65,671
		----	--------	--------	--------

AMADIS PROPERTIES LIMITED

Notes to the 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 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 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents stated net 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.

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. Tangible assets

	Land and buildings
	£
Cost or valuation
At 1 June 2016	24,479
Revaluations	50,521
	--------
At 31 May 2017	75,000
	--------
Depreciation
At 1 June 2016 and 31 May 2017	–
	--------
Carrying amount
At 31 May 2017	75,000
	--------
At 31 May 2016	24,479
	--------

The investment property has been revalued by the directors on an open market value for existing use basis as at the balance sheet date.

5. Debtors

	2017	2016
	£	£
Other debtors	6,668	–
	-------	----

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	427	317
Other creditors	15,350	8,821
	--------	-------
	15,777	9,138
	--------	-------

7. Reserves

Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income which are not distributable as they are unrealised. Profit and loss account - This reserve records retained earnings and accumulated losses which are available for distribution.

8. Transition to FRS 102

These are the first 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.