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Registered number: 7627406
AMSTONE PROPERTY MANAGEMENT LIMITED
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2018
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AMSTONE PROPERTY MANAGEMENT LIMITED
Registered number: 7627406
Balance sheet
As at 31 March 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Page 1
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AMSTONE PROPERTY MANAGEMENT LIMITED
Registered number: 7627406
Balance sheet (continued)
As at 31 March 2018
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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AMSTONE PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
Amstone Property Management Limited (company number 07627406) is a private company limted by shares, registered in England and Wales. Its registered office address is 3 Hollins House, 331 Hale Road, Hale Barns, Cheshire, WA15 8TS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.
Page 3
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AMSTONE PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market
Page 4
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AMSTONE PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
2.Accounting policies (continued)
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Financial instruments (continued)
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rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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The average monthly number of employees, including directors, during the year was 2 (2017 - 2).
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Prepayments and accrued income
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Cash and cash equivalents
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Page 5
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AMSTONE PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise of cash at bank.
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Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise….
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Page 6
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AMSTONE PROPERTY MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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Related party transactions
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Included within the profit and loss account are the following management fees receivable from non UK companies partially owned by the Amanat Trust. Mr A Siddiqi, the Managing Director, is the settlor of the Amanat Trust which is registered and managed in Guernsey: -
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Management fees receivable 2018
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Management fees receivable 2017
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Included within the profit and loss account are management charges payable of £176,000 (2017: £139,500) to the company's parent undertaking, Amstone Developments Limited a company registered in England and Wales.
Included within the profit and loss account are management charges receivable of £120,000 (2017: £90,000) from Amstone Ventures II LLP a company registered in England and Wales. Amstone Ventures II LLP is owned 50% by Amstone Residential Limited. Amstone Residential Limited is owned by the director Mr A Siddiqi, and is registered in Guernsey.
Included within other creditors is an amount due to Amstone Developments Limited of £22,736 (2017: £71,692). The loan is interest free with no fixed repayment terms. Amstone Developments Limited is wholly owned by the director Mr A Siddiqi.
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The ultimate parent undertaking is Amstone Developments Limited. Amstone Developments Limited is wholly owned by Mr A Siddiqi, the managing director. The company number is 2402369.
Page 7
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