Company Registration No. 02584435 (England and Wales)
AGENTDOUBLE LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
AGENTDOUBLE LIMITED
COMPANY INFORMATION
Directors
Mr B G Newman
Mr D S Mitchell
Company number
02584435
Registered office
Woodfalls
Sherfield English
Romsey
Hampshire
SO51 6FS
Accountants
Wilkins Kennedy LLP
Athenia House
10-14 Andover Road
Winchester
Hampshire
SO23 7BS
AGENTDOUBLE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
AGENTDOUBLE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present their report and financial statements for the year ended 31 March 2016.
Directors
The following directors have held office since 1 April 2015:
Mr B G Newman
Mr D S Mitchell
Mr R D L Thomas
(Resigned 11 September 2015)
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mr B G Newman
Director
21 December 2016
AGENTDOUBLE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AGENTDOUBLE LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Agentdouble Limited for the year ended 31 March 2016 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Agentdouble Limited, as a body, in accordance with the terms of our engagement letter dated 2 December 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Agentdouble Limited and state those matters that we have agreed to state to the Board of Directors of Agentdouble Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Agentdouble Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Agentdouble 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 loss of Agentdouble Limited. You consider that Agentdouble Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Agentdouble 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.
Wilkins Kennedy LLP
23 December 2016
Chartered Accountants
Athenia House
10-14 Andover Road
Winchester
Hampshire
SO23 7BS
AGENTDOUBLE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2016
2015
Notes
£
£
Turnover
69,413
70,098
Administrative expenses
(73,817)
(17,790)
(Loss)/profit on ordinary activities before taxation
(4,404)
52,308
Tax on (loss)/profit on ordinary activities
2
(4,908)
-
(Loss)/profit for the year
7
(9,312)
52,308
AGENTDOUBLE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,800,000
1,800,000
Current assets
Debtors
4
23,245
27,124
Cash at bank and in hand
11,051
10,060
34,296
37,184
Creditors: amounts falling due within one year
5
(463,256)
(456,832)
Net current liabilities
(428,960)
(419,648)
Total assets less current liabilities
1,371,040
1,380,352
Capital and reserves
Called up share capital
6
18,999
18,999
Revaluation reserve
7
1,375,609
1,375,609
Profit and loss account
7
(23,568)
(14,256)
Shareholders' funds
1,371,040
1,380,352
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 22 December 2016
Mr D S Mitchell
Director
Company Registration No. 02584435
AGENTDOUBLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Turnover
Turnover comprises rents receivable by the company from third parties during the year.
1.3
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.4
All properties are held for their investment potential and are included at valuation. They are not depreciated, except where the unexpired term on a leasehold property is less than twenty years. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. These properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one amongst many factors reflected in the valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.
1.5
Surpluses and deficits, to the extent that any deficit is regarded as temporary, arising from the valuations of properties are taken direct to the revaluation reserve. Where a permanent diminution in value of an individual property is identified, the deficit is eliminated first against any revaluation reserve in respect of that property with any excess being charged to the profit and loss account. Valuation surpluses or deficits realised on sale are transferred from the revaluation reserve to the profit and loss account.
2
Taxation
2016
2015
£
£
Domestic current year tax
UK corporation tax
4,908
-
Total current tax
4,908
-
The company has estimated losses of £- (2015 - £26,605) available for carry forward against future trading profits.
AGENTDOUBLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
3
Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 April 2015 & at 31 March 2016
1,800,000
Net book value
At 31 March 2016
1,800,000
At 31 March 2015
1,800,000
Comparable historical cost for the investment properties included at valuation:
£
Cost
At 1 April 2015 & at 31 March 2016
424,391
Net book value
At 31 March 2016
424,391
At 31 March 2015
424,391
Cost or valuation at the balance sheet date is represented by:
£
Cost
424,391
Revaluation in 2010
(9,391)
Revaluation in 2011
1,385,000
1,800,000
Fixed assets comprise land at Whitehouse Farm, Rotherwick Farm and farm land and woods at Roke. The land and woods at Roke will be sold to Mitchell Properties Limited, a company in which former director, Mr A S Mitchell, is a shareholder and director, with the completion date deferred until 2038 at the earliest. The land at Whitehouse Farm will be sold to Tylney Investments Limited, a company in which former director, Mrs M G Thomas, is a shareholder and director, with the completion date deferred until 2036 at the earliest.
The valuation of the investment properties was considered by the directors as at 31 March 2016.
One such property, included at a valuation of £850,000 in the above, has not been valued at an open market value this year and remains at the value attributed by the directors at 31 March 2013. A mineral extraction agreement on the land has been activated and the site is now fully operational, however, the directors consider the value to be unchanged.
AGENTDOUBLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 7 -
4
Debtors
2016
2015
£
£
Other debtors
23,245
27,124
5
Creditors: amounts falling due within one year
2016
2015
£
£
Taxation and social security
4,908
-
Other creditors
458,348
456,832
463,256
456,832
6
Share capital
2016
2015
£
£
Allotted, called up and fully paid
6,333 Ordinary A shares of £1 each
6,333
6,333
6,333 Ordinary B shares of £1 each
6,333
6,333
6,333 Ordinary C shares of £1 each
6,333
6,333
18,999
18,999
The company also has authorised but not issued share capital of one unclassified ordinary share of £1.
7
Statement of movements on reserves
Revaluation reserve
Profit
and loss
account
£
£
Balance at 1 April 2015
1,375,609
(14,256)
Loss for the year
-
(9,312)
Balance at 31 March 2016
1,375,609
(23,568)
If the investment properties were disposed of at their revalued amounts the estimated corporation tax payable at 19% (2015 - 20%) would be £162,000 (2015 - £173,413).
8
Control
No party has overall control of the company.
AGENTDOUBLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 8 -
9
Related party relationships and transactions
The
company
had interest free loans during the year
from the following:
Director
Mr D S Mitchell £50,631 (2015 - £18,964)
Other shareholders
In aggregate £419,772 (2015 - £388,105)
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