Registered Number 05940170
ABASYN PROPERTY MANAGEMENT LTD
Abbreviated Accounts
30 September 2013
Notes | 2013 | 2012 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
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
Tangible assets depreciation policy
Plant and machinery - 15% Reducing Balance Method
Fixtures, fittings
and equipment - 15% Reducing Balance Method
Other accounting policies
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.
£ | |
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Cost | |
At 1 October 2012 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 September 2013 |
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Depreciation | |
At 1 October 2012 |
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Charge for the year |
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On disposals |
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At 30 September 2013 |
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Net book values | |
At 30 September 2013 | 8,179 |
At 30 September 2012 | 8,179 |