REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
FOR |
ABACUS PROPERTY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
FOR |
ABACUS PROPERTY LIMITED |
ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ABACUS PROPERTY LIMITED |
COMPANY INFORMATION |
For The Year Ended 30 September 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Argyll Square |
Oban |
Argyll |
PA34 4AZ |
ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434) |
BALANCE SHEET |
30 September 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434) |
BALANCE SHEET - continued |
30 September 2017 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2017 |
1. | STATUTORY INFORMATION |
Abacus Property Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Heritable property has not been depreciated since it is the asset of a property investment company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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. |
ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2017 |
3. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2016 |
and 30 September 2017 |
AMORTISATION |
At 1 October 2016 |
and 30 September 2017 |
NET BOOK VALUE |
At 30 September 2017 |
At 30 September 2016 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2016 |
and 30 September 2017 |
DEPRECIATION |
At 1 October 2016 |
and 30 September 2017 |
NET BOOK VALUE |
At 30 September 2017 |
At 30 September 2016 |
Cost or valuation at 30 September 2017 is represented by: |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 2014 | 434,412 | - | 434,412 |
Cost | 1,170,588 | 131,014 | 1,301,602 |
1,605,000 | 131,014 | 1,736,014 |
Heritable property was valued on an open market basis on by D M Hall & Co . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
ABACUS PROPERTY LIMITED (REGISTERED NUMBER: SC124434) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2017 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
R A Clement Associates loan over 5 years | 277,815 | 325,632 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
R A Clement Associates loan |
The R A Clement Associates loan, is secured by a standard security over the heritable property and floating |
charge over all the assets of the company. |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2016 |
and 30 September 2017 |
10. | CONTINGENT LIABILITIES |
The company has provided a guarantee to The Clydesdale Bank Plc, with regard to all borrowings of R A |
Clement Associates with the bank. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
G Anderson , Mrs F M McGlynn, D J Grout and A G Newiss are partners in the firm of R A Clement Associates |
which rents premises and trades with the company on a normal commercial basis. |
R A Clement Associates advanced a loan of £642,000 to the company with an interest rate of 2.55% over base |
per annum in September 2014. |
As at the 30th September 2017 there is an outstanding balance of £502,815. |