ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2016.0.181 2016.0.1812017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalsemanaging serviced accomodationfalse2016-04-01084669022016-04-012017-03-31084669022017-03-31084669022016-03-31084669022015-04-0108466902 c:Director1 2016-04-012017-03-3108466902 d:CurrentFinancialInstruments 2017-03-3108466902 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-3108466902 d:ShareCapital 2017-03-3108466902 d:ShareCapital 2016-03-3108466902 d:ShareCapital 2015-04-0108466902 d:RetainedEarningsAccumulatedLosses 2016-04-012017-03-3108466902 d:RetainedEarningsAccumulatedLosses 2017-03-3108466902 c:OrdinaryShareClass1 2016-04-012017-03-3108466902 c:OrdinaryShareClass1 2017-03-3108466902 c:OrdinaryShareClass2 2016-04-012017-03-3108466902 c:OrdinaryShareClass2 2017-03-3108466902 c:FRS102 2016-04-012017-03-3108466902 c:AuditExempt-NoAccountantsReport 2016-04-012017-03-3108466902 c:FullAccounts 2016-04-012017-03-3108466902 c:PrivateLimitedCompanyLtd 2016-04-012017-03-31xbrli:sharesiso4217:GBPxbrli:pure

Registered number: 08466902









1001 APARTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

 
1001 APARTMENTS LIMITED
REGISTERED NUMBER: 08466902

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017

2017
2016
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
  
123,645
-

Cash at bank and in hand
  
103,374
1

  
227,019
1

Creditors: amounts falling due within one year
  
(207,878)
-

Net current assets
  
 
 
19,141
 
 
1

Total assets less current liabilities
  
19,141
1

  

Net assets
  
19,141
1


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
19,140
-

  
19,141
1


The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2017.



H Alrubaei
Director
The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
1001 APARTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2016
1
-
1



Profit for the year
-
29,140
29,140

Dividends: Equity capital
-
(10,000)
(10,000)


At 31 March 2017
1
19,140
19,141


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2016


Called up share capital
Total equity

£
£

At 1 April 2015
1
1


At 31 March 2016
1
1


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
1001 APARTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
1.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.5

Creditors

Short term creditors are measured at the transaction price. 

Page 3

 
1001 APARTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

1.Accounting policies (continued)

 
1.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
1.8

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
1.9

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 1, management is required to make judgments, estimates and assumptions about the carrying value of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. 

Page 4

 
1001 APARTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

3.


Debtors

2017
2016
£
£


Trade debtors
123,645
-

123,645
-



4.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
103,374
1

103,374
1



5.


Creditors: Amounts falling due within one year

2017
2016
£
£

Corporation tax
7,317
-

Other taxation and social security
15,710
-

Other creditors
115,222
-

Accruals and deferred income
69,629
-

207,878
-


Page 5

 
1001 APARTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

6.


Share capital

2017
2016
£
£
Shares classified as equity

Allotted, called up and fully paid



1 Ordinary share of £1
-
1
100 Ordinary A & Ordinary B shares of £0.01 each
1
-

1

1

During the year 1 Ordinary share of £1 each was subdivided into 50 Ordinary A shares of £0.01 each and 50 Ordinary B shares of £0.01 each. 


7.


Related party transactions

At the year end, included within other creditors are the following amounts: 
- £23,095 (2016: £nil) due to the Directors and Shareholders of the Company.
- £24,353 (2016: £nil) due to a connected Company. 


8.


Controlling party

There is no ultimate controlling party.


9.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 6