Company Registration No. 05134961 (England and Wales)
ANGELSIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
ANGELSIGN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
35,007
46,866
Investment properties
3
13,906,039
13,900,000
13,941,046
13,946,866
Current assets
Debtors
4
78,553
99,478
Cash at bank and in hand
281,627
263,586
360,180
363,064
Creditors: amounts falling due within one year
5
(6,917,215)
(6,559,946)
Net current liabilities
(6,557,035)
(6,196,882)
Total assets less current liabilities
7,384,011
7,749,984
Creditors: amounts falling due after more than one year
6
(6,475,000)
(6,475,000)
Net assets
909,011
1,274,984
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
2,024,000
2,024,000
Profit and loss reserves
(1,115,089)
(749,116)
Total equity
909,011
1,274,984

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 12 November 2018
Mr B Angel
Director
ANGELSIGN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
Company Registration No. 05134961
ANGELSIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

Angelsign Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50 Sheldon Avenue, London, N6 4ND.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis despite net current liabilities of £6,557,035, which is dependent upon the company's lenders continuing to provide the necessary financial facilities, to enable the company to continue in operation for the foreseeable future. The financial statements do not include any adjustment that would result from a failure to obtain continued support.

1.3
Turnover
Turnover represents amounts rent receivable on an accrual basis net of vat.
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

ANGELSIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ANGELSIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2017 and 31 March 2018
65,559
Depreciation and impairment
At 1 April 2017
18,692
Depreciation charged in the year
11,860
At 31 March 2018
30,552
Carrying amount
At 31 March 2018
35,007
At 31 March 2017
46,866
3
Investment property
2018
£
Fair value
At 1 April 2017
13,900,000
Additions
6,039
At 31 March 2018
13,906,039

Investment property comprises units 3,4 & 10 Jack Straws Castle, North End Lane, Hampstead and Albany Court, Brentford, London. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

ANGELSIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
78,553
99,478
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
3,540,000
3,540,000
Trade creditors
3,159
20,043
Amounts owed to group undertakings
3,278,894
2,858,974
Other creditors
95,162
140,929
6,917,215
6,559,946

The bank loan is secured by a first legal charge over the investment properties. A guarantee from Albany Homes Developments Limited, a connected company, in respect of all interest due on the indebtedness.

6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
6,475,000
6,475,000

The bank loan is secured by a first legal charge over the investment properties. A guarantee from Albany Homes Developments Limited, a connected company, in respect of all interest due on the indebtedness.

7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
2018-03-312017-04-01falseCCH SoftwareCCH Accounts Production 2018.300No description of principal activity12 November 2018Mr B AngelMrs S Angel051349612017-04-012018-03-31051349612018-03-31051349612017-03-3105134961core:FurnitureFittings2018-03-3105134961core:FurnitureFittings2017-03-3105134961core:CurrentFinancialInstruments2018-03-3105134961core:CurrentFinancialInstruments2017-03-3105134961core:Non-currentFinancialInstruments2018-03-3105134961core:Non-currentFinancialInstruments2017-03-3105134961core:ShareCapital2018-03-3105134961core:ShareCapital2017-03-3105134961core:RevaluationReserve2018-03-3105134961core:RevaluationReserve2017-03-3105134961core:RetainedEarningsAccumulatedLosses2018-03-3105134961core:RetainedEarningsAccumulatedLosses2017-03-3105134961bus:Director12017-04-012018-03-3105134961core:FurnitureFittings2017-04-012018-03-3105134961core:FurnitureFittings2017-03-3105134961bus:OrdinaryShareClass12017-04-012018-03-3105134961bus:OrdinaryShareClass12018-03-3105134961bus:PrivateLimitedCompanyLtd2017-04-012018-03-3105134961bus:FRS1022017-04-012018-03-3105134961bus:AuditExemptWithAccountantsReport2017-04-012018-03-3105134961bus:SmallCompaniesRegimeForAccounts2017-04-012018-03-3105134961bus:CompanySecretary12017-04-012018-03-3105134961bus:FullAccounts2017-04-012018-03-31xbrli:purexbrli:sharesiso4217:GBP