Aboveboard Property Limited - Filleted accounts

Registered number

03602874

Aboveboard Property Limited

Unaudited Filleted Accounts

31 July 2017

Aboveboard Property Limited
Registered number:		03602874
Balance Sheet
as at 31 July 2017

Notes			2017			2016
£				£
Fixed assets
Investments	2		174,982			174,982

Current assets
Debtors	3	200			50
Cash at bank and in hand		4,870			2,082
		5,070			2,132

Creditors: amounts falling due within one year	4	(166,080)			(115,907)

Net current liabilities			(161,010)			(113,775)

Total assets less current liabilities			13,972			61,207

Creditors: amounts falling due after more than one year	5		(10,399)			(10,955)



Net assets			3,573			50,252

Capital and reserves
Called up share capital			10			2
Revaluation reserve	7		-			69,079
Profit and loss account			3,563			(18,829)

Shareholders' funds			3,573			50,252

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




D A Ashworth
Director
Approved by the board on 13 March 2018

Aboveboard Property Limited
Notes to the Accounts
for the year ended 31 July 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Investments

Other
investments
£
	Cost
	At 1 August 2016			174,982

	At 31 July 2017			174,982

	Historical cost
	At 1 August 2016			105,903
	At 31 July 2017			105,903



3	Debtors	2017		2016
£			£

	Other debtors	200		50


4	Creditors: amounts falling due within one year	2017		2016
£			£

	Bank loans and overdrafts	1,500		2,400
	Directors' loan accounts	163,800		112,817
	Other creditors	780		690
		166,080		115,907


5	Creditors: amounts falling due after one year	2017		2016
£			£

	Bank loans	10,399		10,955


6	Loans	2017		2016
£			£
	Creditors include:

	Secured bank loans	11,899		13,355

	The bank loan is a mortgage secured upon the freehoild property which is included within investments on the balance sheet.


7	Revaluation reserve	2017		2016
£			£

	At 1 August 2016	69,079		69,079
	Transfer to distributable reserves	(69,079)		-

	At 31 July 2017	-		69,079


8	Other information

	Aboveboard Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
	24 Princes Crescent
	Lyndhurst
	Hampshire
	SO43 7BS