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ANGELVIEW LIMITED |
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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REGISTERED NUMBER:
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ANGELVIEW LIMITED |
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Chartered Certified Accountants' Report | 3 |
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Income Statement | 4 |
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Other Comprehensive Income | 5 |
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Balance Sheet | 6 |
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Statement of Changes in Equity | 7 |
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Notes to the Financial Statements | 8 |
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Reconciliation of Equity | 12 |
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Reconciliation of Profit | 14 |
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ANGELVIEW LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Sterling House |
Fulbourne Road |
Walthamstow |
London |
E17 4EE |
ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of property investment. |
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REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
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DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £ |
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The total distribution of dividends for the year ended 31 March 2017 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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The directors are responsible for the maintenance and integrity of the corporate and financial information included on |
the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial |
statements may differ from legislation in other jurisdictions. |
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ON BEHALF OF THE BOARD: |
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CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ANGELVIEW LIMITED |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Angelview Limited for the year ended 31 March 2017 which comprise the Income Statement, |
Other Comprehensive Income, Balance Sheet, and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the Board of Directors of Angelview Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Angelview Limited and state those matters that we have agreed to state to the Board of Directors of Angelview Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Angelview Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Angelview Limited. You consider that Angelview Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Angelview Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Certified Accountants |
Sterling House |
Fulbourne Road |
Walthamstow |
London |
E17 4EE |
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Date: ............................................. |
ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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36,331 | 38,512 |
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Other operating income |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit | 4 |
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PROFIT FOR THE FINANCIAL YEAR |
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ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Fair value reserve | 9 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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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 |
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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. |
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The financial statements were approved by the Board of Directors on
by: |
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ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 April 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2017 |
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ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Angelview Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis |
under the historical cost convention, modified to include certain items at fair value. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. The company |
adopted FRS 102 1A in the current year and an explanation of how transition of FRS 102 1A has affected the |
reported financial position and performance is given in the notes. |
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Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
including expectations of future events that are believed to be reasonable under the circumstances. |
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The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, |
by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk |
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are |
discussed below: |
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Corporation tax |
Significant judgement is required in determining the provision for corporation tax. There are transactions and |
calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The |
Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be |
due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such |
differences will impact the corporation tax and deferred tax provisions in the period in which such determination |
is made. |
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Turnover |
Turnover represents the net rents receivable, excluding value added tax. Turnover is recognised when rent |
becomes due under the lease agreement. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and |
are measured subsequently at amortised cost using the effective interest method. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance |
sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is |
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an |
impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the |
impairment loss is a revaluation decrease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit |
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Tax effects relating to effects of other comprehensive income |
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2016 |
Gross | Tax | Net |
£ | £ | £ |
Fair value adjustment |
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- | 30,000 |
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DEFERRED TAX: |
The deferred tax due on fair value of investment properties as at the year ended are calculated as £Nil (2016: |
Nil). |
ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2016 |
and 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Fair value at 31 March 2017 is represented by: |
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£ |
Valuation in 2016 | 257,685 |
Cost | 372,315 |
630,000 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Corporation tax |
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Other creditors |
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Directors' loan accounts | 139,180 | 9,051 |
Accrued expenses |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 April 2016 |
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453,965 |
Profit for the year |
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Dividends | ( |
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At 31 March 2017 |
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473,053 |
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10. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £7,100 (2016 - £17,040) were paid to the directors . |
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11. | ULTIMATE CONTROLLING PARTY |
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There is no overall control of the company by any one person. |
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12. | FIRST YEAR ADOPTION |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
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• | to measure fair value at date of transition to FRS 102 and use as deemed cost on an investment property. |
ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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RECONCILIATION OF EQUITY |
1 APRIL 2015 |
(DATE OF TRANSITION TO FRS 102) |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Investment property | 600,000 |
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600,000 |
CURRENT ASSETS |
Debtors | 5,500 |
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5,500 |
Cash at bank | 11,004 |
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11,004 |
16,504 |
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16,504 |
CREDITORS |
Amounts falling due within one year | (199,271 | ) |
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(199,271 | ) |
NET CURRENT LIABILITIES | (182,767 | ) |
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(182,767 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
417,233 |
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417,233 |
NET ASSETS | 417,233 |
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417,233 |
CAPITAL AND RESERVES |
Called up share capital | 100 |
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100 |
Revaluation reserve | 227,685 | ( |
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Fair value reserve | - |
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227,685 |
Retained earnings | 189,448 |
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189,448 |
SHAREHOLDERS' FUNDS | 417,233 |
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417,233 |
ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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RECONCILIATION OF EQUITY - continued |
31 MARCH 2016 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Investment property | 630,000 |
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630,000 |
CURRENT ASSETS |
Debtors | 1,508 |
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1,508 |
Cash at bank | 22,147 |
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22,147 |
23,655 |
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23,655 |
CREDITORS |
Amounts falling due within one year | (199,590 | ) |
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(199,590 | ) |
NET CURRENT LIABILITIES | (175,935 | ) |
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(175,935 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
454,065 |
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454,065 |
NET ASSETS | 454,065 |
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454,065 |
CAPITAL AND RESERVES |
Called up share capital | 100 |
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100 |
Revaluation reserve | 257,685 | ( |
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Fair value reserve | - |
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257,685 |
Retained earnings | 196,280 |
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196,280 |
SHAREHOLDERS' FUNDS | 454,065 |
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454,065 |
ANGELVIEW LIMITED (REGISTERED NUMBER: 01732463) |
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RECONCILIATION OF PROFIT |
FOR THE YEAR ENDED 31 MARCH 2016 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
TURNOVER | 45,710 |
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45,710 |
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Administrative expenses | (7,198 | ) |
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(7,198 | ) |
Other operating income | 29 |
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29 |
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OPERATING PROFIT | 38,541 |
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38,541 |
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PROFIT BEFORE TAXATION | 38,541 |
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38,541 |
Tax on profit | (7,709 | ) |
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(7,709 | ) |
PROFIT FOR THE FINANCIAL YEAR | 30,832 |
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30,832 |