Company Registration No. 3529729 (England and Wales)
ABBEYCLONE LIMITED
DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
ABBEYCLONE LIMITED
COMPANY INFORMATION
Director
G T Lever
Secretary
T J Prosser
Company number
3529729
Registered office
189-193 Earls Court Road
London
SW5 9AN
Accountants
Terry Prosser Accounting Solutions Limited
2 Hopkins Mead
Chelmsford
Essex
CM2 6SS
Business address
189-193 Earls Court Road
London
SW5 9AN
Bankers
Barclays Bank Plc
75 King Street
London
W6 9HY
Solicitors
Cornerstone Law
Building 7
Queens Park
Queensway
Team Valley
Gateshead
NE11 0QD
ABBEYCLONE LIMITED
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 8
ABBEYCLONE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2016
- 1 -
The director presents his report and financial statements for the year ended 30 June 2016.
Principal activities
The principal activity of the company continued to be that of property development. The company also operated as an investment holding company.
Director
The following director has held office since 1 July 2015:
G T Lever
Statement of director's responsibilities
The director is responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
By order of the board
T J Prosser
Secretary
15 March 2017
ABBEYCLONE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2016
- 2 -
2016
2015
Notes
£
£
Turnover
6,000
36,050
Cost of sales
(5,088)
(4,258)
Gross profit
912
31,792
Administrative expenses
(80)
(109)
Operating profit
832
31,683
Group company loan written off
125,000
92,048
Profit on ordinary activities before interest
125,832
123,731
Interest payable and similar charges
(46)
(223)
Profit on ordinary activities before taxation
125,786
123,508
Tax on profit on ordinary activities
2
(157)
(6,291)
Profit for the year
9
125,629
117,217
ABBEYCLONE LIMITED
BALANCE SHEET
- 3 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
4
250,000
250,000
Investments
5
3
5
250,003
250,005
Current assets
Debtors
6
6,151
6,117
Cash at bank and in hand
835
7,276
6,986
13,393
Creditors: amounts falling due within one year
7
(5,802)
(7,840)
Net current assets
1,184
5,553
Total assets less current liabilities
251,187
255,558
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
9
148,900
148,900
Profit and loss account
9
102,285
106,656
Shareholders' funds
251,187
255,558
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has 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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 15 March 2017
G T Lever
Director
Company Registration No. 3529729
ABBEYCLONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents rents and other charges receivable.
1.3
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.6
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 248 of the Companies Act 1985 not to prepare group accounts.
1.7
Intercompany loan accounts
All inter-company loan account balances are written off at the end of each accounting period.
2
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
157
6,292
Adjustment for prior years
(1)
Total current tax
157
6,291
3
Dividends
2016
2015
£
£
Ordinary interim paid
130,000
27,500
ABBEYCLONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 5 -
4
Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 July 2015 & at 30 June 2016
250,000
Net book value
At 30 June 2016
250,000
At 30 June 2015
250,000
The valuations of the investment properties were made as at 30 June 2016 by G T Lever, a director of the company, on an open market basis. No depreciation is provided in respect of these properties.
On an historical cost basis these would have been included at an original cost of £101,200 (2015: £101,200).
5
Fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 July 2015
5
Disposals
(2)
At 30 June 2016
3
Net book value
At 30 June 2016
3
At 30 June 2015
5
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Gainway Limited
England & Wales
Ordinary
100.00
Golden Lion (Harley Street) Limited
England & Wales
Ordinary
100.00
ABBEYCLONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 6 -
5
FIXED ASSET INVESTMENTS
(Continued)
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit for the year
2016
2016
Principal activity
£
£
Gainway Limited
Property investment
756,498
(161,544)
Golden Lion (Harley Street) Limited
Property Investment
280,948
47,985
6
Debtors
2016
2015
£
£
Trade debtors
5,000
5,000
Other debtors
1,151
1,117
6,151
6,117
7
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
751
1,444
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2
Taxation and social security
4,995
6,292
Other creditors
56
102
5,802
7,840
8
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
ABBEYCLONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 7 -
9
Statement of movements on reserves
Revaluation reserve
Profit and loss
account
£
£
Balance at 1 July 2015
148,900
106,656
Profit for the year
-
125,629
Dividends paid
-
(130,000)
Balance at 30 June 2016
148,900
102,285
10
Financial commitments
At 30 June 2016 the company was committed to making the following payments under non-cancellable operating leases in the year to 30 June 2017:
2016
2015
£
£
Operating leases which expire:
In over five years
1
1
11
Control
The ultimate controlling party is Mr G T Lever being the sole director and owner of 100% of the issued share capital.
12
Related party transactions
At 30 June 2016 all inter-company balances with 100% subsidiary undertakings, were written off.
The net credit to the profit and loss account was £125,000 (2015: £92,048). An analysis of the write off is shown below: -
2016
2015
£
£
Gainway Limited
(152,000)
(85,000)
Golden Lion (Harley Street) Limited
27,000
(7,048)
(125,000)
(92,048)
ABBEYCLONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 8 -
13
Related party relationships and transactions
Dividends to Directors
During the year dividends were paid to the director / shareholder.
2016
2015
£
£
G T Lever
130,000
27,500
130,000
27,500
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