Abbeymews Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03149292

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2017

FOR

ABBEYMEWS PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Davies

A E Davies

SECRETARY:

L Hall

REGISTERED OFFICE:

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

03149292

ACCOUNTANTS:

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

-

56

Investments

5

628,976

629,032

CURRENT ASSETS

Stocks

-

256,307

Debtors

6

440,000

Cash at bank

17,190

25,898

457,190

722,205

CREDITORS

Amounts falling due within one year

7

1,177,585

1,080,549

NET CURRENT LIABILITIES

(720,395

)

(358,344

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(91,419

)

270,688

CREDITORS

Amounts falling due after more than one
year

8

457,514

664,554

NET LIABILITIES

(548,933

)

(393,866

)

CAPITAL AND RESERVES

Called up share capital

1,000

Share premium

138,000

Retained earnings

(687,933

)

(532,866

)

SHAREHOLDERS' FUNDS

(548,933

)

(393,866

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 22nd February 2018 and were signed on its
behalf by:

P J Davies - Director

1.	STATUTORY INFORMATION

Abbeymews Properties Limited is a private company, limited by shares, registered in England and Wales,

registration number 03149292. The address of the registered office and principal place of business is 1 City

Road East, Manchester, M15 4PN.

2.	CONSOLIDATION

The company and its subsidiary form a small group. The company is therefore not required to produce

consolidated financial statements and has not done so. These financial statements presents information about

the company as a single entity.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for

estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:

-

the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the company; and

-

the costs incurred or too be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on plant and equipment is charged to the profit and loss so as to write off their value, over their

estimated useful lives, using the following methods:

Computer Equipment

-

33% on cost

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment

to determine whether there is any indication that any items of property, plant and equipment have suffered

an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to

determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable

amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the

asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of

the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised

estimate of its recoverable amount, to the extent that the increased carrying amount that would have been

determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A

reversal of an impairment loss is recognised as income immediately.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions

of the financial instrument. The company holds basic financial instruments, which comprise cash at bank and in

hand, trade and other debtors, borrowings, and trade and other creditors. The company has chosen to apply

the measurement and recognition provisions of Section 11 Basic Financial Instruments.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they are stated

at cost.

Investment property

Investment properties are included in the financial statements at current market value in accordance with the

Statement of Standard Accounting Policy 19. No depreciation is provided in respect of freehold properties

held as investments. This is a departure from the requirements of the Companies Act 1985 which requires all

properties to be depreciated. Such properties are held for investment and not for consumption and the

directors consider that to depreciate them would not give a true and fair view.

Going concern

These accounts have been prepared on a going concern basis.The company is dependent on the continuing

financial support of the company's bankers, shareholders and directors.The directors are of the opinion that

with the support of the bankers, shareholders and directors, the company will be able to continue to operate

within their facilities and as a result the directors are of the opinion that the going concern basis is therefore

believed to be appropriate in respect of the preparation of the financial statements.

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st June 2016

and 31st May 2017

299

DEPRECIATION

At 1st June 2016

243

Charge for year

56

At 31st May 2017

299

NET BOOK VALUE

At 31st May 2017

-

At 31st May 2016

56

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST OR VALUATION

At 1st June 2016

and 31st May 2017

4

628,972

628,976

NET BOOK VALUE

At 31st May 2017

4

628,972

628,976

At 31st May 2016

4

628,972

628,976

Cost or valuation at 31st May 2017 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

Valuation in 2014

-

628,972

Cost

4

-

4

628,972

628,976

If freehold properties had not been revalued they would have been included at the following historical cost:

2017

2016

£

Cost

628,972

Fixed assets investments were valued on an open market basis on 31st May 2017 by GVA Grimley Limited .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Other debtors

440,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Bank loans and overdrafts

839,100

737,948

Trade creditors

2,558

5,154

Taxation and social security

12,861

14,382

Other creditors

323,066

323,065

1,177,585

1,080,549

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

Other creditors

457,514

664,554

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

Bank loans

839,100

737,948

10.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial statements

under UK GAAP were for the year ended 31st July 2016. The date of transition to FRS 102 was 1st August 2015.

There are no transitional adjustments arising from the first time adoption of FRS 102.