REGISTERED NUMBER:
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ADAMS & STYLES PROPERTIES LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 31 DECEMBER 2015 |
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REGISTERED NUMBER:
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ADAMS & STYLES PROPERTIES LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 31 DECEMBER 2015 |
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ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
ADAMS & STYLES PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
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ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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ABBREVIATED BALANCE SHEET |
31 DECEMBER 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 2 |
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Investment property | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
4 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Revaluation reserve |
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Retained earnings |
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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 |
(b) |
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. |
ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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ABBREVIATED BALANCE SHEET - continued |
31 DECEMBER 2015 |
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The financial statements were approved by the Board of Directors on
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ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
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Turnover |
Turnover represents gross rents receivable and sale of shares for the year. Turnover is recognised when rent |
becomes due under the lease agreement and income recognised on sale of shares when the sale is agreed. |
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Investment income |
Investment income comprises of dividends receivable on shares held as stocks. |
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Investment property |
The company's investment properties are held for long term investment and are included in the balance sheet at |
their open market values. No depreciation is provided in respect of Freehold and long leasehold investment |
properties. An investment property on short leasehold where the remaining life is less than 20 years is mortised |
over the life of the lease. |
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This policy represents a departure from statutory accounting principles, which require depreciation to be |
provided on all fixed assets. The directors consider that this policy is necessary in order that the accounts may |
give a true and fair view because current values and changes in current values are of prime importance rather |
than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the |
valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified. |
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All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties |
are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the |
opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss |
account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred |
to the profit and loss account as a movement in reserves. |
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Stocks |
The Company stock of listed shares are included in the balance sheet at their open market value. The change in |
valuation of these listed shares is shown in the profit and loss account. |
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Deferred tax |
The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, 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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However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
than not that there will be suitable taxable profits from which the future reversal of the underlying timing |
differences can be deducted. Deferred tax is not recognised on revaluation gains. Deferred taxation is measured |
on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences |
reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
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No provisions has been made for deferred tax arising on the revaluation of the Investment properties . An amount |
would become liable in the event of the properties being sold, but there are no plans to sell in the foreseeable |
future. |
ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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2. | FIXED ASSET INVESTMENTS |
Investments |
other |
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loans |
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COST |
At 1 January 2015 |
and 31 December 2015 | 10,050 |
NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Country of incorporation: United Kingdom |
Nature of business:
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Class of shares: | holding |
Ordinary | 100.00 |
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£ | £ |
Aggregate capital and reserves | (524,726 | ) | (603,232 | ) |
Profit/(loss) for the year | 78,506 | (16,603 | ) |
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3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2015 |
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Additions |
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At 31 December 2015 |
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NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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4. | CREDITORS |
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Creditors include an amount of £
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They also include the following debts falling due in more than five years: |
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2015 | 2014 |
£ | £ |
Repayable by instalments | 1,621,149 | 1,705,917 |
ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary | £1 |
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6. | TRANSACTIONS WITH DIRECTORS |
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During the year the company received rent of £242,485 (2014 : £242,402) from a partnership where the |
directors, Mr C.Stylianou and Mr P. Adamou are partners. The rent is charged on a third party open market rate |
basis. |