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REGISTERED NUMBER:
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NET AFFINITY LTD |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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REGISTERED NUMBER:
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NET AFFINITY LTD |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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NET AFFINITY LTD (REGISTERED NUMBER: 03849705) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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NET AFFINITY LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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DIRECTOR: |
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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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First Floor |
94 Stamford Hill |
London |
N16 6XS |
NET AFFINITY LTD (REGISTERED NUMBER: 03849705) |
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BALANCE SHEET |
30 SEPTEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 10 |
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Retained earnings |
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The director acknowledges his 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. |
NET AFFINITY LTD (REGISTERED NUMBER: 03849705) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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NET AFFINITY LTD (REGISTERED NUMBER: 03849705) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Net Affinity Ltd is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified to include |
investment properties measured at fair value through profit or loss. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 September 2017 are the first that are prepared in |
accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance |
with UK GAAP, the date of transition to FRS 102 Section 1A is 1 October 2015. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors that are considered to be relevant. The estimates and underlying |
assumptions are reviewed on an ongoing basis. |
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Turnover |
Turnover is recognised at the fair value of the consideration receivable in respect of services provided |
in the normal course of business. The turnover of the company is represented by rents and charges |
receivable in respect of the company's investment portfolio. Rental income is accounted for on an |
accruals basis. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially |
recorded at cost, which includes purchase price and any directly attributable expenditure. |
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Investment property is revalued to its fair value at each reporting date and any changes in fair value |
are recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss |
Account, 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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NET AFFINITY LTD (REGISTERED NUMBER: 03849705) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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3. | 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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - NIL). |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 October 2016 |
and 30 September 2017 |
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DEPRECIATION |
At 1 October 2016 |
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Charge for year |
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At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 October 2016 |
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Additions |
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At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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The fair value of the investment properties has been arrived at on the basis of a valuation carried out |
by the company's director who has the experience and expertise required to undertake such an |
exercise. The valuation was made on an open market value basis by reference to market evidence of |
transaction prices for similar properties in the same location. |
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The historical cost of investment properties at 30 September 2017 is £4,483,133. |
NET AFFINITY LTD (REGISTERED NUMBER: 03849705) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Taxation and social security |
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Other creditors |
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9. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 2,868 | 4,386 |
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Deferred |
tax |
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Balance at 1 October 2016 |
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Credit to Income Statement during year | ( |
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Balance at 30 September 2017 |
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Deferred tax arises from the revaluation of investment properties. |
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10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 October 2016 |
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Transfer deferred tax from retained
earnings |
1,518 |
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At 30 September 2017 |
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11. | RELATED PARTY DISCLOSURES |
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Included in other debtors are amounts aggregating £172,000 (2016: £272,000) due from companies of |
which the director of this company is also a director. |
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Included in other creditors are amounts aggregating £47,650 (2016: £1,128,632) due to companies of |
which the director of this company is also a director. |
NET AFFINITY LTD (REGISTERED NUMBER: 03849705) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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12. | FIRST YEAR ADOPTION |
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These are the first financial statements that comply with FRS 102. The company transitioned to FRS |
102 on 1 October 2015. |
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The following were changes in accounting policies arising from the transition to FRS 102: |
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Investment properties: |
Previously, the company's investment properties were shown at market value, with aggregate surplus |
or deficit being recorded in the revaluation reserve. Under FRS 102, these properties are shown at fair |
value, with changes in fair value being recorded in the profit and loss account. |
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Deferred tax on unrealised investment property gains and losses: |
Previously, no deferred tax was recognised on the timing differences between the accounting and tax |
treatment of the revaluation of the company's investment property. Under FRS 102, deferred tax is |
recognised on the difference between the cost for tax purposes and the fair value of the company's |
investment properties, with movements recorded in the profit and loss account. |