ADB Properties Limited - Period Ending 2018-04-30

ADB Properties Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2018

Registration number: 07302387

ADB Properties Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

ADB Properties Limited

Balance Sheet

30 April 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	325,028	325,609
Current assets
Debtors	5	1,500	1,834
Cash at bank and in hand		1,501	5,335
		3,001	7,169
Creditors: Amounts falling due within one year	6	(234,157)	(218,444)
Net current liabilities		(231,156)	(211,275)
Net assets		93,872	114,334
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		93,772	114,234
Total equity		93,872	114,334

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

ADB Properties Limited

Balance Sheet

30 April 2018

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 January 2019 and signed on its behalf by:
 

......................................... M R Denford Director

Company Registration Number: 07302387

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
42 Elms Crescent
Clapham
London
SW4 8QZ

These financial statements were authorised for issue by the Board on 28 January 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, despite the balance sheet showing a deficit of current assets against current liabilities, due to the continued support of the directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 3

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2018

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance

Page 4

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.





 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 5

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2018

4	Tangible assets

	Freehold land and buildings £	Fixtures and fittings  £	Improvements to property  £	Total £
Cost or valuation
At 1 May 2017	317,345	4,937	4,389	326,671
At 30 April 2018	317,345	4,937	4,389	326,671
Depreciation
At 1 May 2017	-	1,062	-	1,062
Charge for the year	-	581	-	581
At 30 April 2018	-	1,643	-	1,643
Carrying amount
At 30 April 2018	317,345	3,294	4,389	325,028
At 30 April 2017	317,345	3,875	4,389	325,609

5

Debtors

	2018  £	2017  £
Other debtors	620	997
Prepayments	880	837
	1,500	1,834

6

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Other creditors	234,157	218,444

Page 6

ADB Properties Limited

Notes to the Financial Statements

Year Ended 30 April 2018

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

Turnover includes £4,200 (2017 : nil) in respect of the market value of the use of the holiday accommodation by the directors.

Page 7