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Company registration number: 05850322
A & A Property Services Ltd
Unaudited filleted financial statements
30 June 2018
A & A PROPERTY SERVICES LTD
Contents
Statement of financial position
Notes to the financial statements
A & A PROPERTY SERVICES LTD
STATEMENT OF FINANCIAL POSITION
30 JUNE 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 16,880 17,515
_______ _______
16,880 17,515
Current assets
Debtors 7 26,210 25,243
Cash at bank and in hand 3,362 2,683
_______ _______
29,572 27,926
Creditors: amounts falling due
within one year 8 ( 82,504) ( 76,982)
_______ _______
Net current liabilities ( 52,932) ( 49,056)
_______ _______
Total assets less current liabilities ( 36,052) ( 31,541)
_______ _______
Net liabilities ( 36,052) ( 31,541)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 9 ( 36,054) ( 31,543)
_______ _______
Shareholders deficit ( 36,052) ( 31,541)
_______ _______
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 March 2019 , and are signed on behalf of the board by:
Mrs Ana Luisa Hendy
Director
Company registration number: 05850322
A & A PROPERTY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is A & A Property Services Ltd , 54 Bampton Street, Tiverton, Devon, EX16 6AH.
Principal activity
The principal activity of the company in the year under review was that of residential lettings and property management.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Over 25 years
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Property improvements - Over 10 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2017 and 30 June 2018 17,000 17,000
_______ _______
Amortisation
At 1 July 2017 and 30 June 2018 17,000 17,000
_______ _______
Carrying amount
At 30 June 2018 - -
_______ _______
At 30 June 2017 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Property Improvements Total
£ £ £ £ £
Cost
At 1 July 2017 20,000 3,230 8,639 30,002 61,871
Additions - 250 - 1,300 1,550
_______ _______ _______ _______ _______
At 30 June 2018 20,000 3,480 8,639 31,302 63,421
_______ _______ _______ _______ _______
Depreciation
At 1 July 2017 7,200 3,026 7,752 26,378 44,356
Charge for the year 800 113 417 855 2,185
_______ _______ _______ _______ _______
At 30 June 2018 8,000 3,139 8,169 27,233 46,541
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2018 12,000 341 470 4,069 16,880
_______ _______ _______ _______ _______
At 30 June 2017 12,800 204 887 3,624 17,515
_______ _______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 3,476 4,548
Other debtors 22,734 20,695
_______ _______
26,210 25,243
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 6,732 2,078
Trade creditors 15,263 9,596
Accruals and deferred income 1,103 891
Social security and other taxes 1,270 908
Other creditors 58,136 63,509
_______ _______
82,504 76,982
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 July 2017 Loans to / (from) the directors Balance at 30 June 2018
£ £ £
Director ( 25,977) 4,602 ( 21,375)
_______ _______ _______
Loans to / (from) directors at 1 July 2016 Loans to / (from) the directors Balance at 30 June 2017
£ £ £
Director ( 5,991) ( 19,986) ( 25,977)
_______ _______ _______
11. Related party transactions
The directors own the offices used by the company for which rent is paid. Rent paid in the year was £9,600 (2017: £9,600).
12. Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.