C.I.D Investments Limited 31/12/2017 iXBRL

C.I.D Investments Limited 31/12/2017 iXBRL

C.I.D. INVESTMENTS LIMITED - Company Information

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Company registration number: 03897378
C.I.D Investments Limited
Unaudited filleted abridged financial statements
31 December 2017
C.I.D Investments Limited
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
C.I.D Investments Limited
Directors and other information
Directors A Demosthenous
M Ioannou
Y Demetriou (Resigned 1 January 2017)
Secretary D Chrysanthou
Company number 03897378
Registered office 1 Kings Avenue
Wnchmore Hill
London
N21 3NA
Accountants Alpha Omega Group
1 Kings Avenue
Winchmore Hill
London
N21 3NA
C.I.D Investments Limited
Abridged statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 3,393,365 3,383,909
_______ _______
3,393,365 3,383,909
Current assets
Debtors 1,078 3,271
_______ _______
1,078 3,271
Creditors: amounts falling due
within one year ( 321,828) ( 225,457)
_______ _______
Net current liabilities ( 320,750) ( 222,186)
_______ _______
Total assets less current liabilities 3,072,615 3,161,723
Creditors: amounts falling due
after more than one year ( 2,359,203) ( 2,416,241)
_______ _______
Net assets 713,412 745,482
_______ _______
Capital and reserves
Called up share capital 9,996 9,996
Share premium account 218,283 218,283
Profit and loss account 485,133 517,203
_______ _______
Shareholders funds 713,412 745,482
_______ _______
For the year ending 31 December 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 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.
These financial statements were approved by the board of directors and authorised for issue on 07 September 2018 , and are signed on behalf of the board by:
A Demosthenous
Director
Company registration number: 03897378
C.I.D Investments Limited
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1 Kings Avenue, Wnchmore Hill, London, N21 3NA.
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 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 3 ).
5. Tangible assets
£
Cost
At 1 January 2017 3,383,909
Additions 9,456
_______
At 31 December 2017 3,393,365
_______
Depreciation
At 1 January 2017 and 31 December 2017 -
_______
Carrying amount
At 31 December 2017 3,393,365
_______
At 31 December 2016 3,383,909
_______
Investment property
Included within the above is investment property as follows:
£
At 1 January 2017 3,383,909
Additions 9,456
_______
At 31 December 2017 3,393,365
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 December 2017
Aggregate cost 3,393,365
Aggregate depreciation -
_______
Carrying amount 3,393,365
_______
At 31 December 2016
Aggregate cost 3,383,909
Aggregate depreciation -
_______
Carrying amount 3,383,909
_______
6. Related party transactions
As at the year end the company owed the directors £1,841 (2016 - £4,268). No interest is charged on the directors' loan balance.
7. Controlling party
There is no single ultimate controlling party.
Statement of consent to prepare abridged financial statements
All of the members of C.I.D Investments Limited have consented to the preparation of the abridged statement of financial position for the current year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.