Registration number:
Another Perfect Development Limited
for the Year Ended 31 May 2018
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
Another Perfect Development Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Financial Position |
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Notes to the Financial Statements |
Another Perfect Development Limited
Company Information
Directors |
Mr D J F Salisbury Mrs V J Salisbury Mr G H Reed |
Company secretary |
Mr D J F Salisbury |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Another Perfect Development Limited
for the Year Ended 31 May 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Another Perfect Development Limited for the year ended 31 May 2018 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Another Perfect Development Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Another Perfect Development Limited and state those matters that we have agreed to state to the Board of Directors of Another Perfect Development Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Another Perfect Development Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Another Perfect Development Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Another Perfect Development Limited. You consider that Another Perfect Development Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Another Perfect Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Knoll Road
Camberley
Surrey
GU15 3SY
Page 2 |
Another Perfect Development Limited
(Registration number: 06238309)
Statement of Financial Position as at 31 May 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Page 3 |
Another Perfect Development Limited
(Registration number: 06238309)
Statement of Financial Position as at 31 May 2018
Approved and authorised by the
.........................................
Company secretary and director
Page 4 |
Another Perfect Development Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for rental income received and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 5 |
Another Perfect Development Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold property |
50 years |
Investment property
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade creditors
Short term creditors are measured at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Another Perfect Development Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Tangible assets |
Long leasehold land and buildings |
Total |
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Cost or valuation |
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At 1 June 2017 |
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Transfers to/from investment property |
( |
( |
At 31 May 2018 |
- |
- |
Depreciation |
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At 1 June 2017 |
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Transfers |
( |
( |
At 31 May 2018 |
- |
- |
Carrying amount |
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At 31 May 2018 |
- |
- |
At 31 May 2017 |
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Investment properties |
2018 |
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Transfers to and from owner-occupied property |
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Fair value adjustments |
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At 31 May 2018 |
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The company's investment property has not been independently valued by a professional valuer, however in the opinion of the directors their valuation represents a figure which could reasonably be expected to be obtained on the open market, given the nature and condition of the building and the unexpired lease term.
Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Page 7 |
Another Perfect Development Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Loans and borrowings |
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Other non-current financial liabilities |
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153,516 |
169,701 |
Creditors include a bank loan with a total of £110,050 outstanding as at the balance sheet date (2017 - £120,898), which is secured by a legal mortgage on the company's property.
Creditors include bank loans repayable by instalments of £52,743 (2017 - £65,553) due after more than five years.
Creditors include other loans not repayable by instalments of £54,500 (2017 - £59,500) due after more than five years.
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Page 8 |