Camflats Ltd Small abridged accounts

false false false false false false false false false true false false false false false false false No description of principal activity 2016-06-01 Sage Accounts Production Advanced 2017 Update 3 - FRS xbrli:pure xbrli:shares iso4217:GBP 02020880 2016-06-01 2017-05-31 02020880 2017-05-31 02020880 2015-06-01 2016-05-31 02020880 2016-05-31 02020880 2015-05-31 02020880 bus:LeadAgentIfApplicable 2016-06-01 2017-05-31 02020880 bus:Director1 2016-06-01 2017-05-31 02020880 core:RevaluationReserve 2015-06-01 2016-05-31 02020880 core:RetainedEarningsAccumulatedLosses 2015-06-01 2016-05-31 02020880 core:RevaluationReserve 2016-06-01 2017-05-31 02020880 core:RetainedEarningsAccumulatedLosses 2016-06-01 2017-05-31 02020880 core:WithinOneYear 2017-05-31 02020880 core:WithinOneYear 2016-05-31 02020880 core:AfterOneYear 2017-05-31 02020880 core:AfterOneYear 2016-05-31 02020880 core:ShareCapital 2017-05-31 02020880 core:ShareCapital 2016-05-31 02020880 core:SharePremium 2017-05-31 02020880 core:SharePremium 2016-05-31 02020880 core:RevaluationReserve 2017-05-31 02020880 core:RevaluationReserve 2016-05-31 02020880 core:RetainedEarningsAccumulatedLosses 2017-05-31 02020880 core:RetainedEarningsAccumulatedLosses 2016-05-31 02020880 core:ShareCapital 2015-05-31 02020880 core:SharePremium 2015-05-31 02020880 core:RevaluationReserve 2015-05-31 02020880 core:RetainedEarningsAccumulatedLosses 2015-05-31 02020880 core:RestatedAmount core:ShareCapital 2015-05-31 02020880 core:RestatedAmount core:SharePremium 2015-05-31 02020880 core:RestatedAmount core:RevaluationReserve 2015-05-31 02020880 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2015-05-31 02020880 core:RestatedAmount 2015-05-31 02020880 core:RestatedAmount 2016-05-31 02020880 core:CostValuation core:Non-currentFinancialInstruments 2016-05-31 02020880 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2017-05-31 02020880 core:CostValuation core:Non-currentFinancialInstruments 2017-05-31 02020880 core:Non-currentFinancialInstruments 2017-05-31 02020880 core:Non-currentFinancialInstruments 2016-05-31 02020880 bus:FRS102 2016-06-01 2017-05-31 02020880 bus:AuditExemptWithAccountantsReport 2016-06-01 2017-05-31 02020880 bus:AbridgedAccounts 2016-06-01 2017-05-31 02020880 bus:SmallCompaniesRegimeForAccounts 2016-06-01 2017-05-31 02020880 bus:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Camflats Ltd 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: 02020880

Camflats Ltd

Filleted Unaudited Abridged Financial Statements

31 May 2017

Camflats Ltd

Abridged Financial Statements

Year ended 31 May 2017

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Statement of changes in equity	4

Notes to the abridged financial statements	5

Camflats Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Camflats Ltd

Year ended 31 May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Camflats Ltd for the year ended 31 May 2017, which comprise the abridged 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.

REARDON & CO LTD Chartered accountant

Ash House Breckenwood Road Fulbourn Cambridge CB21 5DQ

28 February 2018

Camflats Ltd

Abridged Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	5		5,347,343	5,319,081

Current assets

Debtors	4,665,340	4,813,910
Cash at bank and in hand	24,824	15,334
	------------	------------
	4,690,164	4,829,244

Creditors: amounts falling due within one year	1,992,960		2,577,989
	------------		------------
Net current assets		2,697,204	2,251,255
		------------	------------
Total assets less current liabilities		8,044,547	7,570,336

Creditors: amounts falling due after more than one year	707,076	511,635
	------------	------------
Net assets	7,337,471	7,058,701
	------------	------------

Capital and reserves

Called up share capital	181,000	181,000
Share premium account	88,584	88,584
Revaluation reserve	4,836,180	4,807,816
Profit and loss account	2,231,707	1,981,301
	------------	------------
Shareholders funds	7,337,471	7,058,701
	------------	------------

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 .

Camflats Ltd

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

Mr C R Dyason

Director

Company registration number: 02020880

Camflats Ltd

Statement of Changes in Equity

Year ended 31 May 2017

		Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 June 2015 (as previously reported)		181,000	88,584	5,276,547	1,939,408	7,485,539
Effects of changes in accounting policies		–	–	(1,006,500)	–	(1,006,500)
		---------	--------	------------	------------	------------
At 1 June 2015 (restated)		181,000	88,584	4,270,047	1,939,408	6,479,039
		---------	--------	------------	------------	------------

Profit for the year					541,893	541,893
Other comprehensive income for the year:
	Revaluation of tangible assets	–	–	537,769	–	537,769
		---------	--------	------------	------------	------------
Total comprehensive income for the year		–	–	537,769	541,893	1,079,662

Dividends paid and payable		–	–	–	( 500,000)	( 500,000)
		---------	--------	------------	------------	------------
Total investments by and distributions to owners		–	–	–	( 500,000)	( 500,000)

At 31 May 2016		181,000	88,584	4,807,816	1,981,301	7,058,701

Profit for the year					700,406	700,406
Other comprehensive income for the year:
	Revaluation of tangible assets	–	–	28,364	–	28,364
		---------	--------	------------	------------	------------
Total comprehensive income for the year		–	–	28,364	700,406	728,770

Dividends paid and payable		–	–	–	( 450,000)	( 450,000)
		----	----	----	---------	---------
Total investments by and distributions to owners		–	–	–	( 450,000)	( 450,000)

		---------	--------	------------	------------	------------
At 31 May 2017		181,000	88,584	4,836,180	2,231,707	7,337,471
		---------	--------	------------	------------	------------

Camflats Ltd

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 2 Primes Corner, Histon, Cambridge, CB24 9AG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

Changes in accounting policies

Due to a change in the accounting policy in Devantier Properties Limited, the revaluation of the Investments reflects the provison for deferred tax in the subsidiary. Devantier Properties Limited now makes provison for the deferred taxation which is potentially payable if the underlying investment properties were sold at their revalued amounts .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently revalued to reflect the underlying net asset position.

Investments in associates

Investments in associates are stated at original cost less any accumulated impairment losses.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Investments

	£
Cost
At 1 June 2016	5,318,979
Revaluations	28,364
	------------
At 31 May 2017	5,347,343
	------------
Impairment
At 1 June 2016 and 31 May 2017	–
	------------
Carrying amount
At 31 May 2017	5,347,343
	------------
At 31 May 2016	5,318,979
	------------

6. Related party transactions

All related party transactions are considered to be on normal commercial terms and therefore no disclosure is considered necessary.

7. Controlling party

The immediate and ultimate parent undertaking is Devantier Group Limited