REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2016 |
FOR |
A A.MICHAELIDES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2016 |
FOR |
A A.MICHAELIDES LIMITED |
A A.MICHAELIDES LIMITED (REGISTERED NUMBER: 00755252) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2016 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
A A.MICHAELIDES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
A A.MICHAELIDES LIMITED (REGISTERED NUMBER: 00755252) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2016 |
30.6.16 | 30.6.15 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 4 |
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. |
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 |
A A.MICHAELIDES LIMITED (REGISTERED NUMBER: 00755252) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2016 |
1. | STATUTORY INFORMATION |
A A.Michaelides 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 |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Freehold buildings are not depreciated over their useful economic life in accordance with FRS 15 and it is also a |
departure from the general requirement of the Companies Act 2006. The directors have always adopted a policy of |
continued maintenance and upkeep of its buildings which extends the useful economic life of its assets to over 50 |
years. This is evidenced by the fact that the company has been operating its trade for almost 50 years and intends |
to continue to do so. |
In any case, due to the high residual value and the very long useful economic life no depreciation is charged due to |
immateriality. |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2015 |
Revaluations |
At 30 June 2016 |
DEPRECIATION |
At 1 July 2015 |
and 30 June 2016 |
NET BOOK VALUE |
At 30 June 2016 |
At 30 June 2015 |
A A.MICHAELIDES LIMITED (REGISTERED NUMBER: 00755252) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2016 |
3. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 June 2016 is represented by: |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 2016 | 600,000 | - | 600,000 |
Valuation in 2013 | 3,265,221 | - | 3,265,221 |
Valuation in 2003 | 503,335 | - | 503,335 |
Cost | 431,444 | 36,357 | 467,801 |
4,800,000 | 36,357 | 4,836,357 |
If freehold properties had not been revalued they would have been included at the following historical cost: |
30.6.16 | 30.6.15 |
£ | £ |
Cost | 431,444 | 431,444 |
Freehold properties were valued on an open market basis on 30 June 2016 by the company directors . |
4. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2015 |
Freehold properties | 480,000 |
At 30 June 2016 |
5. | FIRST YEAR ADOPTION |
These financial statements for the year ended 30 June 2016 are the first financial statements that comply with FRS |
102. The date of transition is 1 July 2015. The transition to FRS 102 has resulted in a small number of changes in |
accounting policies to those used previously. The nature of these changes and their impact on opening equity and |
profit for the comparative period are explained in the reconciliation notes. |