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Registration number: 06238309

Another Perfect Development Limited

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 31 May 2018

Stewart & Co
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

 

Another Perfect Development Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Financial Statements

5 to 8

 

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

Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

Accountants

Stewart & Co
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

 

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.

......................................

Stewart & Co
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

5 November 2018

 

Another Perfect Development Limited

(Registration number: 06238309)
Statement of Financial Position as at 31 May 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

-

245,979

Investment property

5

255,000

-

 

255,000

245,979

Current assets

 

Debtors

6

3,071

2,338

Cash at bank and in hand

 

7,426

6,913

 

10,497

9,251

Creditors: Amounts falling due within one year

7

(22,590)

(21,437)

Net current liabilities

 

(12,093)

(12,186)

Total assets less current liabilities

 

242,907

233,793

Creditors: Amounts falling due after more than one year

7

(153,516)

(169,701)

Net assets

 

89,391

64,092

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

89,388

64,089

Total equity

 

89,391

64,092

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

 

Another Perfect Development Limited

(Registration number: 06238309)
Statement of Financial Position as at 31 May 2018

Approved and authorised by the Board on 5 November 2018 and signed on its behalf by:
 

.........................................

Mr D J F Salisbury
Company secretary and director

 

Another Perfect Development Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
United Kingdom

2

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.

 

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2017 - 0).

 

Another Perfect Development Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

4

Tangible assets

Long leasehold land and buildings
£

Total
£

Cost or valuation

At 1 June 2017

307,469

307,469

Transfers to/from investment property

(307,469)

(307,469)

At 31 May 2018

-

-

Depreciation

At 1 June 2017

61,490

61,490

Transfers

(61,490)

(61,490)

At 31 May 2018

-

-

Carrying amount

At 31 May 2018

-

-

At 31 May 2017

245,979

245,979

5

Investment properties

2018
£

Transfers to and from owner-occupied property

245,979

Fair value adjustments

9,021

At 31 May 2018

255,000

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.

6

Debtors

2018
£

2017
£

Trade debtors

1,628

1,094

Prepayments

1,443

1,244

3,071

2,338

 

Another Perfect Development Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Bank loans and overdrafts

8

11,034

10,612

Trade creditors

 

1,391

1,094

Taxation and social security

 

5,018

5,178

Accruals and deferred income

 

4,165

3,941

Other creditors

 

982

612

 

22,590

21,437

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Loans and borrowings

8

99,016

110,201

Other non-current financial liabilities

 

54,500

59,500

 

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.

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

99,016

110,201

2018
£

2017
£

Current loans and borrowings

Bank borrowings

11,034

10,612