REGISTERED NUMBER: 05890178 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

ABLESIDE LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B W Ritchie

Mr B A Palos

Mr J S D A Rust

SECRETARY:

Mr J S D A Rust

REGISTERED OFFICE:

59-60 Grosvenor Street

Mayfair

London

W1K 3HZ

REGISTERED NUMBER:

05890178 (England and Wales)

AUDITORS:

Raffingers LLP

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

CURRENT ASSETS

Stocks of property

1,628,412

1,785,165

Debtors

2,310,552

2,747,877

3,938,964

4,533,042

CREDITORS

Amounts falling due within one year

13,290

38,010

NET CURRENT ASSETS

3,925,674

4,495,032

TOTAL ASSETS LESS CURRENT LIABILITIES

3,925,674

4,495,032

CREDITORS

Amounts falling due after more than one year

3,626,128

3,900,000

NET ASSETS

299,546

595,032

CAPITAL AND RESERVES

Called up share capital

2

2

Share premium

8,398

8,398

Retained earnings

291,146

586,632

SHAREHOLDER FUNDS

299,546

595,032

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 9 January 2018 and were signed on its behalf by:

Mr B W Ritchie - Director

1.	STATUTORY INFORMATION

Ableside Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and on the going

concern basis.

They have been drawn up to comply with the applicable Financial Reporting Standards 102 (FRS 102),

which have been applied consistently throughout the current year.

There were no material adjustments on adoption of FRS102 that required restatement of the prior year

adjustments.

Ableside Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken

advantage of the disclosure exemptions available. Exemptions have been taken in relation to financial

instruments, presentation of a cash flow statement and intra-group transactions.

Going concern

The directors have a reasonable expectation that the company and the group have adequate resources to

continue in operational existence for the forseeable future. Thus they continue to adopt the going concern

basis in preparing financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

Stock of properties

Stocks are stated at the lower of cost and net realisable value. Net realisable value is based upon estimated

selling price, less costs to be incurred to completion and disposal.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or

recovered) 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

statement of financial position 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.

Turnover

Turnover comprises income in relation to the sale of properties and is recognised on the point of

completion and originated in the United Kingdom.

Rental income

Rental income is measured at the fair value of the consideration received or receivable on an accruals

basis and is stated net of discounts and VAT.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses

arising from impairment are recognised in the profit and loss.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently, they are measured at amortised cost using the effective interest rate method, less

impairment.

4.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

3,626,128

3,900,000

The bank loan outstanding at 30 April 2017 is secured by a fixed charge over the company's assets,

interest bearing and repayable on 31 August 2020.

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Adam Howard Moody FCCA (Senior Statutory Auditor)

for and on behalf of Raffingers LLP

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Prime London Residential Limited by virtue of its ownership of the entire

issued share capital.

The smallest and largest group in which the results of the company will be consolidated is Prime London

Residential Limited whose accounts will be obtainable from 59-60 Grosvenor Street, Mayfair, London,

W1K 3HZ.

7.	TRANSITION TO FRS 102

This is the first year that the Company has presented its financial statements under Financial Reporting

Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under

previous UK GAAP were for the period ended 30 April 2016 and the date of transition to FRS 102 was

therefore 1 May 2015 and is reflected in the comparatives.

No transitional adjustments were required in equity reported or profit or loss for the previous financial

year.