REGISTERED NUMBER: 05083288

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

ABACUS RESIDENTIAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms K Zychova

Ms A Khosla

SECRETARY:

N Khosla

REGISTERED OFFICE:

7 St John's Road

Harrow

Middlesex

HAI 2EY

REGISTERED NUMBER:

05083288

ACCOUNTANTS:

Macalvins Limited

Chartered Accountants

7 St John's Road

Harrow

Middlesex

HA1 2EY

FIXED ASSETS

Tangible assets

4

1,298

279

Investment property

5

2,100,000

1,730,000

2,101,298

1,730,279

CURRENT ASSETS

Cash at bank

35,467

82,442

CREDITORS

Amounts falling due within one year

6

67,924

49,429

NET CURRENT (LIABILITIES)/ASSETS

(32,457

)

33,013

TOTAL ASSETS LESS CURRENT LIABILITIES

2,068,841

1,763,292

CREDITORS

Amounts falling due after more than one year

7

(1,203,496

)

(1,203,496

)

PROVISIONS FOR LIABILITIES

(161,726

)

(92,781

)

NET ASSETS

703,619

467,015

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

8

689,466

395,539

Retained earnings

8

14,053

71,376

SHAREHOLDERS' FUNDS

703,619

467,015

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 29 December 2017 and were signed on its behalf by:

Ms A Khosla - Director

1.	STATUTORY INFORMATION

Abacus Residential Limited is a private company, limited by shares , registered in Not specified/Other. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Changes in accounting policies

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102

Section 1A small entities. The date of transition is 1 April 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting policies to

those used previously.

The nature of these changes and their impact on opening equity and results for the comparative period are explained in note

11.

Turnover

Turnover represents the gross rent receivable in the normal course of company's business.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% Straight line

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2016

7,671

Additions

1,731

At 31 March 2017

9,402

DEPRECIATION

At 1 April 2016

7,392

Charge for year

712

At 31 March 2017

8,104

NET BOOK VALUE

At 31 March 2017

1,298

At 31 March 2016

279

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

1,730,000

Additions

7,128

Revaluations

362,872

At 31 March 2017

2,100,000

NET BOOK VALUE

At 31 March 2017

2,100,000

At 31 March 2016

1,730,000

Investment properties of the company were valued by the directors on an open market basis.

Fair value at 31 March 2017 is represented by:

£

Valuation in 2017

362,872

Valuation in 2014

488,320

Cost

1,248,808

2,100,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

820

3,992

Social security and other taxes

-

305

Other creditors

5,229

5,229

Directors' current accounts

58,495

36,547

Accrued expenses

3,380

3,356

67,924

49,429

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Long term bank loan

1,203,496

1,203,496

Bank loans are secured by way of legal charge over the company's investment properties.

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2016

71,376

395,539

466,915

Profit for the year

296,604

-

296,604

Dividends

(60,000

)

-

(60,000

)

Reclassification

(293,927

)

293,927

-

At 31 March 2017

14,053

689,466

703,519

9.	RELATED PARTY DISCLOSURES

The directors have granted interest free loans to the company. As at 31 March 2017 the company owed £58,495 (2016:

£36,547) to the directors. There is no fixed repayments term for this loan.

During the year, the company paid dividends of £60,000 to the directors, who are also the shareholders.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of holding 100% of the issued share capital of the company.

11.	FIRST YEAR ADOPTION

Abacus Residential Limited was not previously required to provide for deferred tax on the surplus on revaluation of the

investment properties.

Under FRS 102, the investment properties are to be stated at a fair value and any surplus or deficit on revaluation is to be

recognised in the income statement. The company is required to provide for deferred tax on the surplus.

On the adoption of the requirements of FRS 102, deferred tax liability of £115,650 has been recognised on the balance

sheet as at the transition date, 1 April 2015.