Company Registration No. 03458895 (England and Wales)
LITTLE ADELPHI FREEHOLD COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
ACCOUNTS FOR FILING WITH REGISTRAR
LITTLE ADELPHI FREEHOLD COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LITTLE ADELPHI FREEHOLD COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
112,500
112,500
Current assets
Debtors
4
285
286
Cash at bank and in hand
2
60,007
56,546
60,292
56,832
Creditors: amounts falling due within one year
5
(1,822)
(1,185)
Net current assets
58,470
55,647
Total assets less current liabilities
170,970
168,147
Capital and reserves
Called up share capital
6
50
50
Share premium account
129,950
129,950
Profit and loss reserves
40,970
38,147
Total equity
170,970
168,147
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 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2018 and are signed on its behalf by:
A Jones
Director
Company Registration No. 03458895
LITTLE ADELPHI FREEHOLD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Little Adelphi Freehold Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Bunhill Row, London, EC1Y 8YZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents grounds rents and income from locker rentals.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation has been charged on property assets.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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
.
LITTLE ADELPHI FREEHOLD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans,
other
loans and preference shares that are classified as debt, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
During the year the company has acted as agent for the lessees of the property at The Little Adelphi, 10-14 John Adam Street, London WC2N 6HA. The funds in relation to the maintenance of the property are held in trust.
The income and expenditure in relation to the maintenance of the common parts of the property held in accordance with the governing leases are shown in separate service charge accounts. These do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Little Adelphi Freehold Company Limited.
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2017 and 31 December 2017
112,500
Depreciation and impairment
At 1 January 2017 and 31 December 2017
-
Carrying amount
At 31 December 2017
112,500
At 31 December 2016
112,500
LITTLE ADELPHI FREEHOLD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
2
Balance at Bank
2017
2016
£
£
Held by the Company
53,991
56,287
Held by Managing Agent
6,016
259
60,007
56,546
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
1
Other debtors
285
285
285
286
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
672
710
Other creditors
1,150
475
1,822
1,185
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary shares of £1 each
50
50
50
50
LITTLE ADELPHI FREEHOLD COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
7
Prior period adjustment
The purpose of the freehold property is to protect the interest of the lessees and not for investment, therefore the cost of the original purchase has been reclassified from investment properties to land and buildings.
During the year there was a prior year adjustment undertaken to correct share premium. The directors agreed that the share premium account needed to be brought in line with the statement of capital registered with Companies House.
Changes to the balance sheet
At 31 December 2016
As previously reported
Adjustment at 1 Jan 2016
Adjustment at 31 Dec 2016
As restated
£
£
£
£
Fixed assets
Tangible assets
-
112,500
-
112,500
Investment properties
112,500
(112,500)
-
-
Capital and reserves
Share premium
123,997
5,953
-
129,950
Profit and loss
44,100
(5,953)
-
38,147
Changes to the profit and loss account
Period ended 31 December 2016
As previously reported
Adjustment
As restated
£
£
£
Profit for the financial period
2,840
-
2,840