Company Registration No. 01374293 (England and Wales)
ABRANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
ABRANT LIMITED
COMPANY INFORMATION
Directors
Ms J Hodgkin
Ms J James
A Jones
S Kaszubowski
I Logan
P Marber
Ms D Morrow
Ms S Roux
R Whitaker
R Wentworth
Company number
01374293
Registered office
Westbury
2nd Floor
145-157 St John Street
London
EC1V 4PY
Accountants
Westbury Incorporating KC Partners
145-157 St. John Street
London
EC1V 4PY
ABRANT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ABRANT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
132
176
Investment properties
3
1,100,000
1,567,549
1,100,132
1,567,725
Current assets
Debtors
4
25,921
5,729
Cash at bank and in hand
418,223
112,208
444,144
117,937
Creditors: amounts falling due within one year
5
(96,626)
(610,701)
Net current assets/(liabilities)
347,518
(492,764)
Total assets less current liabilities
1,447,650
1,074,961
Provisions for liabilities
(206,126)
(187,126)
Net assets
1,241,524
887,835
Capital and reserves
Called up share capital
6
14
13
Capital redemption reserve
-
1
Profit and loss reserves
1,241,510
887,821
Total equity
1,241,524
887,835

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

ABRANT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 December 2017 and are signed on its behalf by:
Ms J Hodgkin
Director
Company Registration No. 01374293
ABRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information

Abrant Limited is a private company limited by shares incorporated in England and Wales. The registered office is Westbury, 2nd Floor, 145-157 St John Street, London, EC1V 4PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 March 2017 are the first financial statements of Abrant Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

ABRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

ABRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
6,647
Depreciation and impairment
At 1 April 2016
6,471
Depreciation charged in the year
44
At 31 March 2017
6,515
Carrying amount
At 31 March 2017
132
At 31 March 2016
176
3
Investment property
2017
£
Fair value
At 1 April 2016
582,676
Disposals
(567,549)
Revaluations
1,084,873
At 31 March 2017
1,100,000

Investment property is stated at fair value as determined by the Directors. This was on the basis of open market value for current use. The fair value represent the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation, in accordance with FRS102. In determining the fair value of investment property, the directors make use of historical and current market data as well as existing lease agreements.

 

As a result of the level of judgement used in arriving at the market valuations, the amount which may ultimately be realised in respect of any given property may differ from the valuations shown in the statement of financial position.

 

On a historical cost basis these would have been included at an original cost of £15,127 (2016 - £15,127)

ABRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,276
1,276
Other debtors
24,645
4,453
25,921
5,729
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
93,206
-
Other creditors
3,420
610,701
96,626
610,701
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
14 Ordinary shares of £1 each
14
13
14
13
ABRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
7
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
114,927
90,088
Adjustments arising from transition to FRS 102:
Fair value gains on revaluation of investment properties
1
884,873
984,873
Deferred tax on fair value gains on revaluation of investment properties
1
(168,126)
(187,126)
Equity reported under FRS 102
831,674
887,835
Reconciliation of (loss)/profit for the financial period
2016
Notes
£
Loss as reported under previous UK GAAP
(24,839)
Adjustments arising from transition to FRS 102:
Fair value gains on revaluation of investment properties
1
100,000
Deferred tax on fair value gains on revaluation of investment properties
1
(19,000)
Profit reported under FRS 102
56,161
Notes to reconciliations on adoption of FRS 102
Investment properties

The investment property was previously accounted for at historic cost, The property is being measured at fair value under FRS 102 and fair value gains of £884,873 at 1 April 2015 and £984,873 at 31 March 2016 are reported in profit or loss. FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, deferred tax of £168,126 at 1 April 2015 and £187,126 at 31 March 2016 was recognised to reflect the provisions of FRS 102.

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