ESSJAY PROPERTIES (HAMPSTEAD) LIMITED Company Accounts
ESSJAY PROPERTIES (HAMPSTEAD) LIMITED Company Accounts
COMPANY REGISTRATION NUMBER:
00639498
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Financial Statements |
Year ended 31 August 2017
Contents |
Page |
Statement of financial position |
1 |
Statement of changes in equity |
3 |
Notes to the financial statements |
4 |
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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-------- |
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Net current liabilities |
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-------- |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
(
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– |
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Net assets |
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Capital and reserves
Called up share capital |
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Fair value reserve |
8 |
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– |
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Profit and loss account |
8 |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Directors' responsibilities:
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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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
8 March 2018
, and are signed on behalf of the board by:
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Director |
Company registration number:
00639498
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Statement of Changes in Equity |
Year ended 31 August 2017
Called up share capital |
Fair value reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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At 1 September 2015 |
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– |
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Profit for the year |
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Total comprehensive income for the year |
– |
– |
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Dividends paid and payable |
– |
– |
(
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(
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Total investments by and distributions to owners |
– |
– |
(
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(
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At 31 August 2016 |
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– |
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Profit for the year |
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Other comprehensive income for the year: |
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Transfer from profit and loss account to fair value reserve |
– |
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(1,350,862)
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– |
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
– |
– |
(
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(
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Total investments by and distributions to owners |
– |
– |
(
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(
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---- |
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At 31 August 2017 |
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Notes to the Financial Statements |
Year ended 31 August 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, United Kingdom.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Income tax
Tangible assets
Investment property
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
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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2016:
2
).
5.
Tangible assets
Land and buildings |
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£ |
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Cost or valuation |
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At 1 September 2016 |
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Revaluations |
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At 31 August 2017 |
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Depreciation |
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At 1 September 2016 and 31 August 2017 |
– |
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Carrying amount |
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At 31 August 2017 |
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At 31 August 2016 |
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Included within the above is investment property as follows:
£ |
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At 1 September 2016 |
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Fair value adjustments |
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At 31 August 2017 |
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The investment property was revalued by the directors as at 31 August 2017 having considered the open market value of the property. No independent valuation was undertaken.
6.
Debtors
2017 |
2016 |
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£ |
£ |
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Other debtors |
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7.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Corporation tax |
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Other creditors |
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8.
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 available for distribution. Profit and loss account - This reserve records retained earnings and accumulated losses which are available for distribution.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.
1. Fair value adjustments On the adoption of FRS 102 the carrying value of the company's investment properties has been adjusted to fair value with the resultant surplus of £1,487,862 being recognised within the Statement of Comprehensive Income. 2. Deferred taxation Prior to the adoption of FRS 102, deferred taxation on the revaluation of investment properties was not provided on the basis that there was no intention to dispose of the properties. Under FRS 102, deferred taxation is provided in full on such revaluation gains. 3. Revaluation reserve Prior to the adoption of FRS 102, revaluation gains on investment properties were recognised in the Statement of Total Gains and Losses and included in a revaluation reserve. Under FRS 102, such gains are recognised within the Statement of Comprehensive Income. In addition, the revaluation reserve has been renamed to the fair value reserve.