Asgard Property Development Limited - Period Ending 2016-08-31

Asgard Property Development Limited - Period Ending 2016-08-31


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Registration number: 05203268

Asgard Property Development Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

James Worley & Sons
Chartered Accountants
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

 

Asgard Property Development Limited
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 3) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Asgard Property Development Limited
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Asgard Property Development Limited for the year ended 31 August 2016 set out on pages 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 Asgard Property 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 Asgard Property Development Limited and state those matters that we have agreed to state to them, 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 Asgard Property Development Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Asgard Property 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 Asgard Property Development Limited. You consider that Asgard Property 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 Asgard Property 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.

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

James Worley & Sons
Chartered Accountants
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

31 May 2017

 

Asgard Property Development Limited
(Registration number: 05203268)
Abbreviated Balance Sheet at 31 August 2016

   

Note

   

2016
£

   

2015
£

 

Current assets

 

             

Debtors

 

   

406,551

   

984,764

 

Cash at bank and in hand

 

   

16,427

   

11,441

 
   

   

422,978

   

996,205

 

Creditors: Amounts falling due within one year

 

   

(718,275)

   

(1,478,590)

 

Net liabilities

 

   

(295,297)

   

(482,385)

 

Capital and reserves

 

             

Called up share capital

 

2

   

151

   

151

 

Profit and loss account

 

   

(295,448)

   

(482,536)

 

Shareholders' deficit

 

   

(295,297)

   

(482,385)

 

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 31 May 2017 and signed on its behalf by:

.........................................
Mr Kevin Mitchell
Director

The notes on page 3 form an integral part of these financial statements.
Page 2

 

Asgard Property Development Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis in view of the financial support provided by the directors by way of loans to the company. The directors have agreed not to seek repayment of the loans provided to the company until other creditors have been settled.

Turnover

Turnover represents income from property development based on the value of work carried out for customers in the period, excluding VAT.

Stocks of land and property under development are valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary £1 shares of £1 each

 

150

   

150

   

150

   

150

 

Ordinary A £1 shares of £1 each

 

1

   

1

   

1

   

1

 
   

151

   

151

   

151

   

151

 

3

Control

The company is controlled by Asgard Cleanroom Solutions Ltda company incorporated in the Republic of Ireland, by virtue of its ownership of the single issued Ordinary A £1 share which provides the right to the holder to appoint and remove directors.