Company Registration No. 08128906 (England and Wales)
A.I.M. PROPERTIES (WOODLEY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
A.I.M. PROPERTIES (WOODLEY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
A.I.M. PROPERTIES (WOODLEY) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,680,000
1,301,000
Current assets
Debtors
4
895
336
Cash at bank and in hand
1,864
6,864
2,759
7,200
Creditors: amounts falling due within one year
5
(416,742)
(315,928)
Net current liabilities
(413,983)
(308,728)
Total assets less current liabilities
1,266,017
992,272
Creditors: amounts falling due after more than one year
6
(1,147,279)
(882,924)
Provisions for liabilities
(16,942)
(17,354)
Net assets
101,796
91,994
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
101,794
91,992
Total equity
101,796
91,994
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 30 September 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.
A.I.M. PROPERTIES (WOODLEY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 June 2018 and are signed on its behalf by:
Ms J L Kite
Director
Company Registration No. 08128906
A.I.M. PROPERTIES (WOODLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information
A.I.M. Properties (Woodley) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
91 Reading Road, Woodley, Reading, RG5 3AE.
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 £.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of A.I.M. Properties (Woodley) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
Turnover
Turnover represents rents receivable for the year.
1.3
Investment properties
Investment property
is shown at its fair value as estimated by the directors. Any movements in fair value are recognised in arriving at the profit before tax.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Deferred taxation has also been accounted for in respect of unrestricted taxable losses incurred during the year.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2016 - 0).
The directors are not remunerated.
A.I.M. PROPERTIES (WOODLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 4 -
3
Investment property
2017
£
Fair value
At 1 October 2016
1,301,000
Additions
359,228
Revaluations
19,772
At 30 September 2017
1,680,000
The fair value of the investment properties has been arrived at on the basis of a valuation carried out on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
700
-
Other debtors
195
336
895
336
5
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
416,742
315,928
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
1,147,279
882,924
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
8
Related party transactions
A.I.M. PROPERTIES (WOODLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
8
Related party transactions
(Continued)
- 5 -
The company is related to A.I.M. Consulting Limited, which is controlled by the director, Ms J L Kite. Creditors include a loan from A.I.M. Consulting Limited of £300,034 (2016: £210,034). No interest is charged on the loan.
Creditors include a loan from the director, Ms J L Kite, of £90,434 (2016: £79,648) and a loan from the director, R G Barker, of £25,019 (2016: £25,019); the loans are repayable on demand and no interest is charged.
9
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
Adjustments on adoption of FRS 102
FRS 102 requires deferred tax to be provided for on the difference between the cost and the fair value of the investment property. This difference was £109,678 as at 1 October 2015 (the date of transition) and £91,339 as at 30 September 2016. Deferred tax has been provided at 19% resulting in a reductions in equity of £20,839 as at 1 October 2015 and £17,354 as at 30 September 2016.
The profit for the year ended 30 September 2016 was increased by the deferred tax credit for the year of £3,485.