Registered Number 05940170

ABASYN PROPERTY MANAGEMENT LTD

Abbreviated Accounts

30 September 2013

ABASYN PROPERTY MANAGEMENT LTD Registered Number 05940170

Abbreviated Balance Sheet as at 30 September 2013

Notes 2013 2012
£ £
Fixed assets
Tangible assets 2 8,179 8,179
8,179 8,179
Current assets
Debtors 10,570 10,570
Cash at bank and in hand - 762
10,570 11,332
Creditors: amounts falling due within one year (48,844) (49,607)
Net current assets (liabilities) (38,274) (38,275)
Total assets less current liabilities (30,095) (30,096)
Creditors: amounts falling due after more than one year (554) (554)
Total net assets (liabilities) (30,649) (30,650)
Capital and reserves
Called up share capital 100 100
Profit and loss account (30,749) (30,750)
Shareholders' funds (30,649) (30,650)
  • For the year ending 30 September 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 July 2014

And signed on their behalf by:
Muhammad Zarrar, Director

ABASYN PROPERTY MANAGEMENT LTD Registered Number 05940170

Notes to the Abbreviated Accounts for the period ended 30 September 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.
As explained in Directors report, the Directors do not consider Abasyn Property Management Ltd to be a going concern, and have therefore prepared the financial statements on a break up basis. There has been no financial impairment of assets as a result of a break up basis of valuation. The company has ceased trading on 30 September 2012. The Accounts contain figures on provisional basis and an amendement will be filed with Companies House as soon as possible.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and machinery - 15% Reducing Balance Method
Fixtures, fittings
and equipment - 15% Reducing Balance Method

Other accounting policies
Going concern
Last Year in the Director's Report it was mentioned that in our opinion, Abasyn Property Management Ltd 'the Company' will not have adequate resources available to finance its trading and other obligations during the course of the twelve months from the year ending 30-09-2012 as it has been in litigation to defend two Accidents and Injury Claims at two properties owned by Our Client. The claims for accident and injury are in access of circa £50,000 in addition to the litigation costs. We have disputed such claims with the landlords of those properties (our Client) as 'the Company' should be covered against such claims as per the agreement with the Client and as per the landlord's insurance. The Landlord (our Client) also dispute and contend our position by denying any responsibility.
The only Client for whom we manage the service charge properties has now indicated and notified us their intent to dis-instruct 'the Company' from managing their entire portfolio of properties and will take over during next year. This has affected the Company to lose 95% of its turnover and the business. It is important to note that there are material uncertainties related to events or conditions that may cast significant doubt about the ability of 'the Company' to continue as a going concern mainly due to the significant liabilities arising due to injury claims, which 'the Company' is finding it difficult to pay at any stage.
The Directors believe that the company will not be able to maintain positive cash flows for the payment of these liabilities. As result the Financial Statements have not been prepared on a Going Concern Basis.

2Tangible fixed assets
£
Cost
At 1 October 2012 22,031
Additions -
Disposals -
Revaluations -
Transfers -
At 30 September 2013 22,031
Depreciation
At 1 October 2012 13,852
Charge for the year -
On disposals -
At 30 September 2013 13,852
Net book values
At 30 September 2013 8,179
At 30 September 2012 8,179