Abington Court Investments Limited Company Accounts

COMPANY REGISTRATION NUMBER: 02785677

ABINGTON COURT INVESTMENTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 April 2017

ABINGTON COURT INVESTMENTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

Contents	Pages

Statement of financial position	1 to 2

Statement of changes in equity	3

Notes to the financial statements	4 to 7

ABINGTON COURT INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2017

	2017		2016
			(restated)
Note	£	£	£

FIXED ASSETS

Tangible assets	4		508,291	471,217

CREDITORS: amounts falling due within one year	5	97,724		85,086
		--------		--------
NET CURRENT LIABILITIES			97,724	85,086
			----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES			410,567	386,131

CREDITORS: amounts falling due after more than one year	6		21,452	38,106

PROVISIONS

Taxation including deferred tax	14,784	8,494
	----------	----------
NET ASSETS	374,331	339,531
	----------	----------

CAPITAL AND RESERVES

Called up share capital	4	4
Revaluation reserve	93,631	93,631
Other reserves	( 25,841)	( 62,841)
Profit and loss account	306,537	308,737
	----------	----------
SHAREHOLDERS FUNDS	374,331	339,531
	----------	----------

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.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ABINGTON COURT INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 20 January 2018 , and are signed on behalf of the board by:

N A Preston
Director

Company registration number: 02785677

ABINGTON COURT INVESTMENTS LIMITED

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 30 APRIL 2017

			Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Total
Note			£	£	£	£	£
AT 1 MAY 2015			4	112,808	–	294,108	406,920

Profit for the year						14,629	14,629
Other comprehensive income for the year:
	Revaluation of tangible assets	4	–	( 19,177)	–	–	( 19,177)
	User defined other comprehensive income movement 5		–	–	( 62,841)	–	( 62,841)
			----	----------	--------	----------	----------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR			–	( 19,177)	( 62,841)	14,629	( 67,389)

AT 30 APRIL 2016			4	93,631	( 62,841)	308,737	339,531

Profit for the year						2,800	2,800
Other comprehensive income for the year:
	User defined other comprehensive income movement 5		–	–	37,000	–	37,000
			----	----------	--------	----------	----------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR			–	–	37,000	2,800	39,800

Dividends paid and payable			–	–	–	( 5,000)	( 5,000)
			----	----	----	-------	-------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS			–	–	–	( 5,000)	( 5,000)

			----	--------	--------	----------	----------
AT 30 APRIL 2017			4	93,631	( 25,841)	306,537	374,331
			----	--------	--------	----------	----------

ABINGTON COURT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stonelea, 5 Cherry Lane, Great Houghton, NN4 7AT, Northampton.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Plant & Machinery	-	15% Reducing Balance
Office equipment	-	20% Straight Line

Impairment of fixed assets

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. TANGIBLE ASSETS

	Land and buildings	Plant and machinery	Equipment	Total
	£	£	£	£
Cost or valuation
At 1 May 2016 (as restated)	467,000	29,324	–	496,324
Additions	–	–	816	816
Revaluations	37,000	–	–	37,000
	----------	--------	----	----------
At 30 April 2017	504,000	29,324	816	534,140
	----------	--------	----	----------
Depreciation
At 1 May 2016	–	25,107	–	25,107
Charge for the year	–	633	109	742
	----------	--------	----	----------
At 30 April 2017	–	25,740	109	25,849
	----------	--------	----	----------
Carrying amount
At 30 April 2017	504,000	3,584	707	508,291
	----------	--------	----	----------
At 30 April 2016	467,000	4,217	–	471,217
	----------	--------	----	----------

5. CREDITORS: amounts falling due within one year

	2017	2016
		(restated)
	£	£
Bank loans and overdrafts	39,541	44,675
Corporation tax	419	2,725
Other creditors	57,764	37,686
	--------	--------
	97,724	85,086
	--------	--------

6. CREDITORS: amounts falling due after more than one year

	2017	2016
		(restated)
	£	£
Bank loans and overdrafts	21,452	38,106
	--------	--------

7. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

Reconciliation of equity

	1 May 2015			30 April 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	534,802	–	534,802	471,217	–	471,217
Creditors: amounts falling due within one year	( 61,391)	–	( 61,391)	( 85,086)	–	( 85,086)
	----------	----	----------	----------	----	----------
Net current liabilities	( 61,391)	–	( 61,391)	( 85,086)	–	( 85,086)
	----------	----	----------	----------	----	----------
Total assets less current liabilities	473,411	–	473,411	386,131	–	386,131

Creditors: amounts falling due after more than one year	( 66,491)	–	( 66,491)	( 38,106)	–	( 38,106)
Provisions	–	–	–	–	( 8,494)	( 8,494)
	----------	----	----------	----------	-------	----------
Net assets	406,920	–	406,920	348,025	( 8,494)	339,531
	----------	----	----------	----------	-------	----------

	----------	----	----------	----------	-------	----------
Capital and reserves	406,920	–	406,920	348,025	( 8,494)	339,531
	----------	----	----------	----------	-------	----------

Adjustments were made on transition to FRS102 to recognise the deferred tax liability arising on investment properties held at market value, that was not required under previous UK GAAP.