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REGISTERED NUMBER:
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ADAMS & STYLES PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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REGISTERED NUMBER:
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ADAMS & STYLES PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ADAMS & STYLES PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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 |
Sterling House |
Fulbourne Road |
Walthamstow |
London |
E17 4EE |
ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Revaluation reserve | 14 |
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Fair value reserve | 14 |
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Retained earnings | 14 |
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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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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Adams & Styles Properties Limited is a
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The company's 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 |
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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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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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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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Registered office: |
Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves | ( |
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Profit for the year |
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ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Cost or valuation at 31 December 2016 is represented by: |
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£ |
Valuation in 2001 | 1,141,889 |
Cost | 3,157,112 |
4,299,001 |
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Investment properties have not been revalued during the year, because in the directors opinion the market value |
of the properties at the balance sheet date is not different from that shown above. |
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6. | STOCKS |
2016 | 2015 |
£ | £ |
Stock of listed shares |
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The market value of the stock of shares held, listed on the London Stock Exchange at 31st December 2016 was |
£33,388 (2015 : £42,925). |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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Amounts owed from related undertakings | 553,306 | - |
Amount owed by group undertakings | 2,038,052 | 2,038,052 |
Prepayments and accrued income |
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ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Trade creditors |
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Corporation tax |
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Other creditors |
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Amounts owed to related undertakings | 2,257,560 | 1,647,560 |
Directors' loan accounts | 427,977 | 447,977 |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Bank loans (see note 10) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank and financial institution loans more
than 5 years |
1,584,124 |
1,621,149 |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2016 | 2015 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank and financial institution loans |
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Amounts falling due between one and two years: |
Bank and financial institution loans - 1 - 2
years |
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Amounts falling due between two and five years: |
Bank and financial institution loans - 2 - 5
years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank and financial institution loans more
than 5 years |
1,584,124 |
1,621,149 |
ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Bank loans |
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The bank loans and amounts due to financial institutions are secured by fixed and floating charges over the |
company's assets. |
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12. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax | 57,069 | - |
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Deferred |
tax |
£ |
Provided during year |
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Balance at 31 December 2016 |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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14. | RESERVES |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
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At 1 January 2016 |
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2,829,315 |
Profit for the year |
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Transfer on revaluation | - | (1,141,889 | ) | 1,084,820 | (57,069 | ) |
At 31 December 2016 |
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2,916,709 |
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15. | TRANSACTIONS WITH DIRECTORS |
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During the year the company received rent of £281,085 (2015 : £242,485) 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. |
ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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16. | RELATED PARTY DISCLOSURES |
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Mr C Stylianou and Mr P Adamou the directors and shareholders of the company, are also directors and |
shareholders of Adams & Styles Developments Limited. At the balance sheet date the amount due to Adams & |
Styles Developments Limited was £811,608 (2015 : £821,608). |
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Mr C Stylianou and Mr P Adamou the directors and shareholders of the company are also the directors and |
shareholders of Allison Lodge Limited. During the year the company had received rent and management fees in |
the sum of £140,969 (2015 : £137,872) and £20,000 (2015 : £20,000) from Allison Lodge Limited. The rent and |
management fees charged was normal market rate. At the balance sheet date the amount due to Allison Lodge |
Limited was £540,952 (2015 : £370,952). |
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Mr C Stylianou the director and shareholder of the company is also a director and a shareholder of Powerchain |
Limited and Mr P Adamou the director and shareholder of the company, is also a director of Powerchain |
Limited. At the balance sheet date the amount due to Powerchain Limited was £470,000 (2015 : £110,000). |
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Mr P Adamou the director and shareholder of the company is also a director and a shareholder of Eurocrest |
Ventures Limited and Mr C Stylianou the director and shareholder of the company, is also a Shareholder of |
Eurocrest Ventures Limited. At the balance sheet date the amount due to Eurocrest Ventures Limited was £nil |
(2015 : £185,000). |
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Mr C Stylianou the director and shareholder of the company is also a director and a shareholder of Real |
Properties Limited. At the balance sheet date the amount due to Real Properties Limited was £70,000 |
( 2015 : £70,000). |
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Mr C Stylianou and Mr P Adamou the directors and shareholders of the company are also the directors and |
shareholders of Adams & Styles Limited. At the balance sheet date the amount due to Adams & Styles Limited |
was £180,000 (2015 : £90,000). |
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Mr P Adamou the directors and shareholders of the company are also the directors and shareholders of Eurocrest |
Sub2 Limited. At the balance sheet date the amount due to Eurocrest Sub2 Limited was £92,500 (2015 : £nil). |
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Mr C Stylianou the directors and shareholder of the company are also the directors and shareholders of Eurocrest |
Sub5 Lodge Limited. At the balance sheet date the amount due to Eurocrest Sub5 Limited was £92,500 (2015 : |
£nil). |
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Mr C Stylianou and Mr P Adamou the directors and shareholders of the company, are also directors of Saphire |
Homes Limited. The company also owns 50% of the ordinary share capital of Saphire Homes Limited. At the |
balance sheet date the amount due from Saphire Homes Limited was £2,038,052 (2015 : 2,038,052). |
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Miss Andrianou Adamou the shareholder of the company is also a directors and shareholder of Centum |
Investments Limited. At the balance sheet date the amount due from Centum Investments Limited was £150,000 |
(2015 : £nil). |
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Mr C Adamou the shareholder of the company is also a directors and shareholder of Centum Properties Limited. |
At the balance sheet date the amount due from Centum Properties Limited was £93,306 (2015 : £nil). |
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Mrs Andrea Constantinides the shareholder of the company is also a directors and shareholder of Patrum |
Properties Limited. At the balance sheet date the amount due from Patrum Properties Limited was £155,000 |
(2015 : £nil). |
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Miss Georgina Stylianou the shareholder of the company is also a directors and shareholder of Patrum |
Investments Limited. At the balance sheet date the amount due from Patrum Investments Limited was £155,000 |
(2015 : £nil). |
ADAMS & STYLES PROPERTIES LIMITED (REGISTERED NUMBER: 03123738) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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17. | ULTIMATE CONTROLLING PARTY |
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There is no overall control of the company by any one person. |