| A.M.B Developments Limited |
| Registered number: |
03854695 |
| Balance Sheet |
| as at 30 September 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
768,931 |
|
|
764,384 |
|
| Current assets |
| Stocks |
|
|
1,862,801 |
|
|
473,125 |
| Debtors |
5 |
|
28,688 |
|
|
10,722 |
| Cash at bank and in hand |
|
|
51,101 |
|
|
263,943 |
|
|
|
1,942,590 |
|
|
747,790 |
|
| Creditors: amounts falling due within one year |
6 |
|
(1,623,110) |
|
|
(287,877) |
|
| Net current assets |
|
|
|
319,480 |
|
|
459,913 |
|
| Total assets less current liabilities |
|
|
|
1,088,411 |
|
|
1,224,297 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(421,885) |
|
|
(452,025) |
|
| Provisions for liabilities |
|
|
|
(15,360) |
|
|
(22,624) |
|
|
| Net assets |
|
|
|
651,166 |
|
|
749,648 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
110 |
|
|
110 |
| Fair value reserve |
9 |
|
|
237,427 |
|
|
231,039 |
| Profit and loss account |
|
|
|
413,629 |
|
|
518,499 |
|
| Shareholders' funds |
|
|
|
651,166 |
|
|
749,648 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Mr A M Burke |
| Director |
| Approved by the board on 27 June 2018 |
|
| A.M.B Developments Limited |
| Notes to the Accounts |
| for the year ended 30 September 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover from land and property is in respect of total proceeds at legal completion and represents amounts receivable, net of discounts and VAT. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% on reducing balance |
|
Office equipment and fittings |
25% on reducing balance |
|
Computer equipment |
25% on cost |
|
Motor vehicles |
25% on reducing balance |
|
Investment property |
Market value determined by directors |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Employee Benefit Trust |
|
The company has purchased a trust for the benefit of employees and certain of their dependants. Monies held in this trust are held by independent trustees and managed at their discretion.
Where the company retains future economic benefit from and has defacto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that assets of the date an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.
Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from these monies, whether in trust or accrued for by the company are charged to the profit and loss account in the period to which they relate. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Transition to FRS102 |
At 01/10/2015 |
At 30/09/2016 |
|
|
Capital and reserves (as previously stated) |
976,885 |
|
771,396 |
|
Deferred tax on investment property revaluation |
(23,777) |
|
(21,748) |
|
|
Capital and reserves as stated |
|
|
|
|
953,108 |
|
749,648 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
Investment property |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost/ Valuation |
|
At 1 October 2016 |
760,000 |
|
27,493 |
|
13,981 |
|
801,474 |
|
Additions |
- |
|
1,524 |
|
6,000 |
|
7,524 |
|
At 30 September 2017 |
760,000 |
|
29,017 |
|
19,981 |
|
808,998 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2016 |
- |
|
23,386 |
|
13,704 |
|
37,090 |
|
Charge for the year |
- |
|
1,407 |
|
1,570 |
|
2,977 |
|
At 30 September 2017 |
- |
|
24,793 |
|
15,274 |
|
40,067 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2017 |
760,000 |
|
4,224 |
|
4,707 |
|
768,931 |
|
At 30 September 2016 |
760,000 |
|
4,107 |
|
277 |
|
764,384 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2017 |
|
2016 |
| £ |
£ |
|
Historical cost |
507,213 |
|
507,213 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
507,213 |
|
507,213 |
|
The investment properties have been revalued on a open market basis by the directors |
|
on 30 September 2017 at £760,000. |
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
1,680 |
|
- |
|
Other debtors |
27,008 |
|
10,722 |
|
|
|
|
|
|
28,688 |
|
10,722 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
1,200,474 |
|
27,984 |
|
Trade creditors |
60,784 |
|
68,737 |
|
Taxation and social security costs |
4,419 |
|
14,446 |
|
Other creditors |
357,433 |
|
176,710 |
|
|
|
|
|
|
1,623,110 |
|
287,877 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
421,885 |
|
452,025 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2017 |
|
2016 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
1,622,359 |
|
452,025 |
|
|
|
|
|
|
|
|
|
|
Bank loans are secured against property. |
|
|
| 9 |
Fair value reserve |
2017 |
|
2016 |
| £ |
£ |
|
|
At 1 October 2016 |
231,039 |
|
229,010 |
|
Transfer from profit and loss account |
6,388 |
|
2,029 |
|
|
At 30 September 2017 |
237,427 |
|
231,039 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Presentation currency |
|
|
The Financial Statements are presented in £ sterling which is the functional currency of the company. |
|
|
| 11 |
Other information |
|
|
A.M.B Developments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Keysworth House |
|
Keysworth House |
|
Wareham |
|
Dorset |
|
BH20 7BH |
