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COMPANY REGISTRATION NUMBER: 00687653
ASTRAGAL PROPERTIES LIMITED
Filleted Unaudited Financial Statements
31 March 2018
ASTRAGAL PROPERTIES LIMITED
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
1,000,000
17,532
Current assets
Debtors
6
1,333
1,686
Cash at bank and in hand
23,205
40,241
--------
--------
24,538
41,927
Creditors: amounts falling due within one year
7
28,304
20,788
--------
--------
Net current (liabilities)/assets
( 3,766)
21,139
------------
--------
Total assets less current liabilities
996,234
38,671
Provisions
Taxation including deferred tax
123,000
---------
--------
Net assets
873,234
38,671
---------
--------
Capital and reserves
Called up share capital
100
100
Fair value reserve
861,331
Profit and loss account
11,803
38,571
---------
--------
Shareholders funds
873,234
38,671
---------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ASTRAGAL PROPERTIES LIMITED
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 8 November 2018 , and are signed on behalf of the board by:
R Rottenberg Director
Company registration number: 00687653
ASTRAGAL PROPERTIES LIMITED
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Halleswelle House, Hallswelle Road, NW11 0DH, London.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss accounts represents Rent receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 April 2017
15,669
14,831
30,500
Revaluations
984,331
984,331
------------
--------
------------
At 31 March 2018
1,000,000
14,831
1,014,831
------------
--------
------------
Depreciation
At 1 April 2017
12,968
12,968
Charge for the year
1,863
1,863
------------
--------
------------
At 31 March 2018
14,831
14,831
------------
--------
------------
Carrying amount
At 31 March 2018
1,000,000
1,000,000
------------
--------
------------
At 31 March 2017
15,669
1,863
17,532
------------
--------
------------
Included within the above is investment property as follows:
£
At 1 April 2017
15,669
Fair value adjustments
984,331
------------
At 31 March 2018
1,000,000
------------
6. Debtors
2018
2017
£
£
Other debtors
1,333
1,686
-------
-------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
3,570
Other creditors
28,304
17,218
--------
--------
28,304
20,788
--------
--------