Addition (Southwark) Limited Filleted accounts for Companies House (small and micro)

ADDITION (SOUTHWARK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06903989

ADDITION (SOUTHWARK) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2018

ADDITION (SOUTHWARK) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 5

ADDITION (SOUTHWARK) LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	C M Fulford
	K W M Fulford
	C Shaw

Registered office	Lynton House
	7-12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine
	Chartered Accountants
	Lynton House
	7-12 Tavistock Square
	London
	WC1H 9BQ

ADDITION (SOUTHWARK) LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	4		2,175,000		–

Current assets

Debtors	5	140,152		9,131

Creditors: amounts falling due within one year	6	( 443,569)		( 30,200)
		---------		--------
Net current liabilities			( 303,417)		( 21,069)
			------------		--------
Total assets less current liabilities			1,871,583		( 21,069)
			------------		--------
Net assets/(liabilities)			1,871,583		( 21,069)
			------------		--------

Capital and reserves

Called up share capital	1,200	1,200
Profit and loss account	1,870,383	( 22,269)
	------------	--------
Shareholders funds/(deficit)	1,871,583	( 21,069)
	------------	--------

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 income and retained earnings has not been delivered.

For the year ending 28 February 2018 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 were approved by the board of directors and authorised for issue on 23 November 2018 , and are signed on behalf of the board by:

C M Fulford

Director

Company registration number: 06903989

ADDITION (SOUTHWARK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These 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 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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19. Deferred tax assets are recognised to the extent that it is regarded more likely than not that they will be recovered.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings
	£
Cost or valuation
At 1 March 2017	–
Additions	727,498
Revaluations	1,447,502
	------------
At 28 February 2018	2,175,000
	------------
Depreciation
At 1 March 2017 and 28 February 2018	–
	------------
Carrying amount
At 28 February 2018	2,175,000
	------------
At 28 February 2017	–
	------------

5. Debtors

	2018	2017
	£	£
Trade debtors	6,000	–
Other debtors	134,152	9,131
	---------	-------
	140,152	9,131
	---------	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	6,355	5,450
Amounts owed to group undertakings and undertakings in which the company has a participating interest	310,874	21,750
Corporation tax	119,340	–
Other creditors	7,000	3,000
	---------	--------
	443,569	30,200
	---------	--------

7. Related party transactions

Included within creditors is the amount of £310,771 (2017:£21,647) owing to Addition Land limited, the parent company. Included within creditors is the amount of £103 (2017:£103) owing to Trac 2 Properties Limited, the ultimate parent company.