Company Registration No. 00533134 (England and Wales)
A P LAST & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
A P LAST & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A P LAST & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
3
1,409,672
1,173,061
Current assets
Debtors
4
1,057
490
Cash at bank and in hand
10,785
56,699
11,842
57,189
Creditors: amounts falling due within one year
5
(7,541)
(5,151)
Net current assets
4,301
52,038
Total assets less current liabilities
1,413,973
1,225,099
Provisions for liabilities
(171,145)
(148,495)
Net assets
1,242,828
1,076,604
Capital and reserves
Called up share capital
6
325,000
325,000
Profit and loss reserves
917,828
751,604
Total equity
1,242,828
1,076,604
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.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he 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.
A P LAST & SONS 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 26 August 2017 and are signed on its behalf by:
Mr K Last
Mrs J Kieran
Director
Director
Company Registration No. 00533134
A P LAST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
A P Last & Sons Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
13/15 Carteret Street, London, SW1H 9DJ.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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 A P Last & Sons 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 comprises investment income derived from listed investments.
1.3
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.
1.4
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.
A P LAST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.8
In
vestments in listed companies
are initially measured at cost, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in
the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
A P LAST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Fixed asset investments
2017
2016
£
£
Investments
1,409,672
1,173,061
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2016
1,173,061
Additions
156,115
Valuation changes
185,668
Disposals
(105,172)
At 31 March 2017
1,409,672
Carrying amount
At 31 March 2017
1,409,672
At 31 March 2016
1,173,061
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
1,057
490
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
2,488
51
Other creditors
5,053
5,100
7,541
5,151
A P LAST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
221,000 Ordinary Shares of £1 each
221,000
221,000
221,000
221,000
Preference share capital
Issued and fully paid
104,000 7% cumulative preference shares of £1 each
104,000
104,000
104,000
104,000
7
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
1,280,492
1,225,099
Adjustments arising from transition to FRS 102:
Change in the fair value for the year
1
-
-
Restatement of deferred tax
2
(155,891)
(148,495)
Equity reported under FRS 102
1,124,601
1,076,604
Reconciliation of profit/(loss) for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
24,058
Adjustments arising from transition to FRS 102:
Change in the fair value for the year
1
(40,861)
Restatement of deferred tax
2
7,396
Loss reported under FRS 102
(9,407)
Notes to reconciliations on adoption of FRS 102
1.Change in fair value of listed investment for the year:
In accordance with FRS 102 1A, the change in fair value of the listed investments is recognised in the Profit & Loss account to show the effect in the comparative year.
A P LAST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
7
Reconciliations on adoption of FRS 102
(Continued)
- 7 -
2.Restatement of deferred tax:
In accordance with FRS 102 1A, the equity is reconciled with adjustment for revaluation for the beginning and the end of the comparative year. Movement in deferred tax recognised in the Profit & Loss account.