Athenaeum Developments (Fulwell) Limited Filleted accounts for Companies House (small and micro)

ATHENAEUM DEVELOPMENTS (FULWELL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02093197

ATHENAEUM DEVELOPMENTS (FULWELL) LIMITED

Filleted Unaudited Financial Statements

For the year ended

30 September 2018

ATHENAEUM DEVELOPMENTS (FULWELL) LIMITED

Statement of Financial Position

30 September 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		2,595,109	2,595,109

Current assets

Debtors	5	13,965	83,994
Cash at bank and in hand		206,516	230,777
		---------	---------
		220,481	314,771

Creditors: amounts falling due within one year	6	1,087,175		1,077,590
		------------		------------
Net current liabilities			866,694	762,819
			------------	------------
Total assets less current liabilities			1,728,415	1,832,290

Creditors: amounts falling due after more than one year	7	1,216,911	1,318,800
		------------	------------
Net assets		511,504	513,490
		------------	------------

Capital and reserves

Called up share capital	8	111,100	111,100
Profit and loss account		400,404	402,390
		---------	---------
Shareholders funds		511,504	513,490
		---------	---------

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 30 September 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 .

ATHENAEUM DEVELOPMENTS (FULWELL) LIMITED

Statement of Financial Position (continued)

30 September 2018

These financial statements were approved by the board of directors and authorised for issue on 14 June 2019 , and are signed on behalf of the board by:

E C Wright

Director

Company registration number: 02093197

ATHENAEUM DEVELOPMENTS (FULWELL) LIMITED

Notes to the Financial Statements

Year ended 30 September 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 The Annexe, The Garden House, Stelling Hall, Newton, Stocksfield, NE43 7UR, Northumberland.

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.

Going concern

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

Revenue recognition

The turnover shown in the profit and loss represents amounts receivable for rents, building maintenance and service charges during the period, exclusive of value added tax.

Income tax

The accounting policy in respect of deferred tax has been changed to reflect the requirements of FRS 19. Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Deferred tax assets are recognised when it is more likely than not that they will be recovered. The company has not adopted a policy of discounting deferred tax assets and liabilities. Deferred tax is measured using rates of tax that have been enacted or substantively enacted by the balance sheet date.

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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 October 2017 and 30 September 2018	2,595,109
	------------
Depreciation
At 1 October 2017 and 30 September 2018	–
	------------
Carrying amount
At 30 September 2018	2,595,109
	------------
At 30 September 2017	2,595,109
	------------

The Investment property was completed during 2009. In the opinion of the directors, the current market value is not materially different to the cost.

5. Debtors

	2018	2017
	£	£
Trade debtors	6,978	67,848
Other debtors	6,987	16,146
	--------	--------
	13,965	83,994
	--------	--------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	101,889	99,600
Trade creditors	193	2,928
Amounts owed to group undertakings and undertakings in which the company has a participating interest	884,076	856,744
Corporation tax	–	12,467
Social security and other taxes	–	9,940
Other creditors	101,017	95,911
	------------	------------
	1,087,175	1,077,590
	------------	------------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	1,216,911	1,318,800
	------------	------------

Bank borrowings are secured by a legal charge over the company's property.

Analysis of loans

	2018	2017
	£	£
Not wholly repayable within five years other than by instalments	1,216,911	1,216,911
Wholly repayable within five years	201,489	298,289
	------------	------------
	1,418,400	1,515,200
	------------	------------

8. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	111,100	111,100	111,100	111,100
	---------	---------	---------	---------

9. Related party transactions

The associated company loan shown in creditors relate to the following company which is under common control, which are unsecured, interest charged at 2% per annum and repayable on demand. Creditors: due within one year

	2018	2017
	£	£
Athenaeum Developments Limited	884,076	856,744

Included in the profit and loss are management charges of £17,968 (2017: £17,968) relating to Athenaeum Developments Limited.