REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2018 |
for |
A & M Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2018 |
for |
A & M Investments Limited |
A & M Investments Limited (Registered number: 03500154) |
Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
A & M Investments Limited |
Company Information |
for the Year Ended 31 March 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
A & M Investments Limited (Registered number: 03500154) |
Balance Sheet |
31 March 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
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. |
A & M Investments Limited (Registered number: 03500154) |
Balance Sheet - continued |
31 March 2018 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors on |
A & M Investments Limited (Registered number: 03500154) |
Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
1. | STATUTORY INFORMATION |
A & M Investments Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. The financial statements have been prepared under the |
historical cost convention as modified by the revaluation of certain assets. |
Monetary amounts in these financial statements are rounded to the nearest £. |
The principal accounting policies adopted are set out below. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from |
other sources. The estimates and associated assumptions are based on historical experience and other factors |
that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that |
period, or in the period of the revision and future periods where the revision affects both current and future |
periods. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors |
continue to adopt the going concern basis of accounting in preparing the financial statements. |
Revenue recognition |
Revenue is measured as the fair value of the consideration received or receivable and represents amounts |
receivable for goods supplied and services provided including rental income on properties in the normal course |
of business net of value added tax where applicable. |
Investment property |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation |
is provided on these gains at the rate expected to apply when the property is sold. |
A & M Investments Limited (Registered number: 03500154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a |
result of a past event and it is probable that an outflow of economic benefits will be required to settle the |
obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at |
the current time value of money. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when |
there is a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net |
basis or to realise the net asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised costs using the effective interest |
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial assets classified as |
receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or |
joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that |
investments in equity instruments that are not publically traded and whose fair values cannot be measured |
reliably are measured at cost less impairment. |
A & M Investments Limited (Registered number: 03500154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. |
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value |
of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or |
are settled, or when the company transfers the financial asset and substantially all the risks and rewards of |
ownership to another entity, or if some significant risks and rewards of ownership are retained but control of |
the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets |
of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, |
loans from fellow group companies and preference shares that are classified as debt, are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities |
classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year |
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at |
transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion |
of the company. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement |
is recognised in the period in which the employee's services are received. Termination benefits are recognised |
immediately as an expense when the company is demonstrably committed to terminate the employment of an |
employee or to provide termination benefits. |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Current tax |
A & M Investments Limited (Registered number: 03500154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as |
reported in the profit and loss account because it excludes items of income and expense that are taxable or |
deductible in other years and it further excludes items that are never taxable or deductible. The company's |
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the |
reporting end date. |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised |
to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from |
goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax |
profit nor the accounting profit. |
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent |
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be |
recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability |
is settled or the asset is realised. Deferred tax is charged or credited in the profit or loss account, except when it |
relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in |
equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset |
current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax |
authority. |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
and 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
Fair value at 31 March 2018 is represented by: |
£ |
Valuation in 2013 | 2,577,122 |
Valuation in 2014 | 127,878 |
2,705,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2018 | 2017 |
£ | £ |
Cost | 2,577,122 | 2,577,122 |
Investment properties were valued on an open market basis basis on 31 March 2014 by Fisher German, Chartered Surveyors |
. |
The directors have reviewed the market value at the year end date and no adjustment is considered necessary. |
A & M Investments Limited (Registered number: 03500154) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Corporation tax |
Social security and other taxes |
Shareholder loan | 490,338 | 528,338 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to participating interests | 100,000 | 100,000 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £1 | 500,000 | 500,000 |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2017 |
and 31 March 2018 |