REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2017 |
for |
AAD Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2017 |
for |
AAD Properties Limited |
AAD Properties Limited (Registered number: 05822855) |
Contents of the Financial Statements |
for the year ended 30 September 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
AAD Properties Limited |
Company Information |
for the year ended 30 September 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
AAD Properties Limited (Registered number: 05822855) |
Statement of Financial Position |
30 September 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
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 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
AAD Properties Limited (Registered number: 05822855) |
Statement of Financial Position - continued |
30 September 2017 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors on |
AAD Properties Limited (Registered number: 05822855) |
Notes to the Financial Statements |
for the year ended 30 September 2017 |
1. | STATUTORY INFORMATION |
AAD Properties Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis ,which assumes that the company will |
continue in operational existence for the foreseeable future, which the directors consider to be appropriate. |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 September 2017 are the first that are prepared in accordance |
with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the |
date of transition to FRS 102 Section 1A is 1 October 2015. |
In preparing the financial statements, the directors have considered whether in applying the accounting policies |
required by FRS102 Section 1a "Small Entities", the restatement of comparative items was required. The |
transition to FRS102 Section 1a "Small Entities" has not resulted in any changes to accounting policies used. |
Upon adoption of FRS102 Section 1A there were no transitional adjustments required and the company did not |
take advantage of any transitional reliefs. |
Investment property |
Investment property is shown at cost and is currently being depreciated at 2% per annum. The directors consider |
that not to depreciate would not give a true representation of the current market value of the property. |
Stocks |
Stocks include property acquired for re-sale and are valued at the lower of cost or net realisable value. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their |
settlement value. |
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 statement of financial position date. |
AAD Properties Limited (Registered number: 05822855) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2017 |
2. | ACCOUNTING POLICIES - continued |
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. |
Other income |
Other income represents rents, excluding valued added tax. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2016 |
Additions |
At 30 September 2017 |
DEPRECIATION |
At 1 October 2016 | 90,516 |
Charge for year | 13,064 |
At 30 September 2017 | 103,580 |
NET BOOK VALUE |
At 30 September 2017 |
At 30 September 2016 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
Bar Luma Limited | 7,000 | 7,000 |
Prepayments |
AAD Properties Limited (Registered number: 05822855) |
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 |
Corporation tax |
Taprich Limited |
Beaumont Garage Limited | 116,466 | 80,750 |
Kings Jewellers Limited | 16,207 | 1,267 |
Directors' current accounts | 394,195 | 347,325 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank loans |
Bank borrowings were secured by way of legal mortgages and fixed charges dated from July 2006 to June 2009, |
over the company's properties and all other current and future assets. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr A Dobbing and Mrs M Dobbing. |