REGISTERED NUMBER:
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ANGLO ITALIAN PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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REGISTERED NUMBER:
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ANGLO ITALIAN PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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ANGLO ITALIAN PROPERTIES LIMITED (REGISTERED NUMBER: 04500352) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 SEPTEMBER 2019 |
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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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ANGLO ITALIAN PROPERTIES LIMITED |
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COMPANY INFORMATION |
For The Year Ended 30 SEPTEMBER 2019 |
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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 |
and Statutory Auditors |
8 Church Green East |
Redditch |
Worcestershire |
B98 8BP |
ANGLO ITALIAN PROPERTIES LIMITED (REGISTERED NUMBER: 04500352) |
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BALANCE SHEET |
30 SEPTEMBER 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 | 7 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 9 |
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429,242 |
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. |
ANGLO ITALIAN PROPERTIES LIMITED (REGISTERED NUMBER: 04500352) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2019 |
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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 and authorised for issue on
on its behalf by: |
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ANGLO ITALIAN PROPERTIES LIMITED (REGISTERED NUMBER: 04500352) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Anglo Italian Properties Limited 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. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of |
the future payments is treated as a liability. |
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Income from operating leases |
Income from operating leases represents net invoiced rent receiveable. Where an invoice covers a period that |
extends over the balance sheet date, the income recognised represents the proportion of the invoice to the balance |
sheet date and the balance is recorded as deferred income. |
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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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ANGLO ITALIAN PROPERTIES LIMITED (REGISTERED NUMBER: 04500352) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 SEPTEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2018 |
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Revaluations |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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Revaluation adjustments | ( |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2018 |
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Revaluations |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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Revaluation adjustments |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Included in cost or valuation of land and buildings is freehold land of £537,500 (2018 £537,500) which is not |
depreciated. |
ANGLO ITALIAN PROPERTIES LIMITED (REGISTERED NUMBER: 04500352) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 SEPTEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 30 September 2019 is represented by: |
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Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2011 | 306,836 | - | - |
Valuation in 2013 | 74,549 | - | - |
Valuation in 2016 | 80,000 | - | - |
Valuation in 2019 | 143,333 | - | - |
Cost | 613,615 | 40,764 | 5,665 |
1,218,333 | 40,764 | 5,665 |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2011 | - | - | - | 306,836 |
Valuation in 2013 | - | - | - | 74,549 |
Valuation in 2016 | - | - | - | 80,000 |
Valuation in 2019 | - | - | - | 143,333 |
Cost | 21,089 | 11,760 | 4,973 | 697,866 |
21,089 | 11,760 | 4,973 | 1,302,584 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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30.9.19 | 30.9.18 |
£ | £ |
Cost | 613,615 | 613,615 |
Aggregate depreciation | 74,332 | 67,670 |
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Value of land in freehold land and buildings | 280,507 | 280,507 |
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Freehold land and buildings were valued on an open market basis on 30 September 2019 by the Directors . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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ANGLO ITALIAN PROPERTIES LIMITED (REGISTERED NUMBER: 04500352) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 SEPTEMBER 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 614,342 | 642,438 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.9.19 | 30.9.18 |
£ | £ |
Bank loans |
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A legal charge was created on 9 September 2016 in favour of The Royal Bank of Scotland plc, over the property 71 |
Alcester Road, Hollywood, Birmingham, B47 5PN. |
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9. | RESERVES |
Fair |
value |
reserve |
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At 1 October 2018 | 429,242 |
Change in year | 175,582 |
Transfer | (106 | ) |
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At 30 September 2019 |
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10. | RELATED PARTY DISCLOSURES |
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The company bank borrowings are secured by an all moneys guarantee from the directors, dated 14/08/2007, for a |
principal amount of £200,000 plus interest and other costs, as detailed in the guarantee together with such security |
as the Bank may from time to time hold in respect of the debts and liabilities of the guarantors to the Bank. |
ANGLO ITALIAN PROPERTIES LIMITED (REGISTERED NUMBER: 04500352) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 SEPTEMBER 2019 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party are the directors of the parent company Anglo Italian Holdings Inc Limited, M Elwell |
and M Elwell acting in concert. |