REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2017 |
FOR |
ABEL PROPERTY DEVELOPMENT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2017 |
FOR |
ABEL PROPERTY DEVELOPMENT LIMITED |
ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
ABEL PROPERTY DEVELOPMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Blacklands Crescent |
Forest Row |
East Sussex |
RH18 5NN |
ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894) |
STATEMENT OF FINANCIAL POSITION |
31 JULY 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
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. |
ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894) |
STATEMENT OF FINANCIAL POSITION - continued |
31 JULY 2017 |
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 by: |
ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2017 |
1. | STATUTORY INFORMATION |
Abel Property Development Limited is a |
The 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 |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2016 |
Disposals | ( |
) |
Revaluations | 600,750 |
At 31 July 2017 |
NET BOOK VALUE |
At 31 July 2017 |
At 31 July 2016 |
ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 July 2017 is represented by: |
£ |
Valuation in 2009 | 2,100,231 |
Valuation in 2010 | 19,769 |
Valuation in 2014 | 30,000 |
Valuation in 2015 | 765,000 |
Valuation in 2017 | 597,000 |
3,512,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2017 | 2016 |
£ | £ |
Cost | 712,758 | 712,758 |
The investment properties were valued on an open market basis on 31 July 2017 by J D Abel, a director of the company |
. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
ABEL PROPERTY DEVELOPMENT LIMITED (REGISTERED NUMBER: 03242894) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank loans |
The bank loan is secured by a first charge over one of the company's investment properties and by a debenture |
over the company's whole assets and undertaking. |
9. | RELATED PARTY DISCLOSURES |
Included in amounts owed by group undertakings are amounts of £1,015,435 due from Abel Holdings Limited |
and £89,180 due from Abel Property Group Limited. The amounts due are unsecured, interest free and |
repayable on demand. |
During the year, the company charged Abel Crescent Estates Limited £2,850 and Abel Holdings Limited £450 |
for overhead and general running expenses. Abel Crescent Estates Limited is a company incorporated in the UK, |
which is 49.5% owned by Abel Holdings Limited, the immediate holding company. |
Included in other creditors are loans from M Reilly of £75,000, DJ Abel of £100,000, HD Abel of £160,000 and |
H Abrahams of £400,000, which are unsecured and repayable on demand. M Reilly is the wife of JD Abel, a |
director of the company. Interest is charged on the loans at 3% over Barclays bank base rate. Interest of |
£22,203 was charged in the year. |