Old Apple Property Ltd Company Accounts

OLD APPLE PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07300724

Old Apple Property Ltd

Filleted Unaudited Financial Statements

30 November 2017

Old Apple Property Ltd

Financial Statements

Year ended 30 November 2017

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Statement of changes in equity	4

Notes to the financial statements	5

Old Apple Property Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Old Apple Property Ltd

Year ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Old Apple Property Ltd for the year ended 30 November 2017, which comprise the statement of financial position, statement of changes in equity and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Old Apple Property Ltd, as a body, in accordance with the terms of our engagement letter dated 15 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Old Apple Property Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Old Apple Property Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Old Apple Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Old Apple Property Ltd. You consider that Old Apple Property Ltd 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 financial statements of Old Apple Property Ltd. 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 financial statements.

CERI MILLAR & CO Chartered accountant

8 Well Street Porthcawl Mid Glamorgan CF36 3BE

5 March 2018

Old Apple Property Ltd

Statement of Financial Position

30 November 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		595,326	565,434

Current assets

Debtors	5	3,172	3,147
Cash at bank and in hand		7,069	9,348
		--------	--------
		10,241	12,495

Creditors: amounts falling due within one year	6	17,917		22,981
		--------		--------
Net current liabilities			7,676	10,486
			---------	---------
Total assets less current liabilities			587,650	554,948

Creditors: amounts falling due after more than one year	7		472,254	483,054

Provisions

Taxation including deferred tax	13,033	7,719
	---------	---------
Net assets	102,363	64,175
	---------	---------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	55,564	30,878
Profit and loss account	46,699	33,197
	---------	--------
Shareholders funds	102,363	64,175
	---------	--------

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 November 2017 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 .

Old Apple Property Ltd

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 24 February 2018 , and are signed on behalf of the board by:

PJV Trimmer	Mrs SM Trimmer
Director	Director

Company registration number: 07300724

Old Apple Property Ltd

Statement of Changes in Equity

Year ended 30 November 2017

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 December 2015			100	30,878	23,320	54,298

Profit for the year					9,877	9,877
			----	--------	--------	--------
Total comprehensive income for the year			–	–	9,877	9,877

At 30 November 2016			100	30,878	33,197	64,175

Profit for the year					38,188	38,188
Other comprehensive income for the year:
	Revaluation of tangible assets	4	–	24,686	–	24,686
	Transfer to revaluation reserve		–	–	(24,686)	(24,686)
			----	--------	--------	--------
Total comprehensive income for the year			–	24,686	13,502	38,188

			----	--------	--------	---------
At 30 November 2017			100	55,564	46,699	102,363
			----	--------	--------	---------

Old Apple Property Ltd

Notes to the Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Apple, Bathwick Hill, Bath, BA2 6LA.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

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 & Fittings	-	25% reducing balance

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 December 2016	565,000	1,556	566,556
Revaluations	30,000	–	30,000
	---------	-------	---------
At 30 November 2017	595,000	1,556	596,556
	---------	-------	---------
Depreciation
At 1 December 2016	–	1,122	1,122
Charge for the year	–	108	108
	---------	-------	---------
At 30 November 2017	–	1,230	1,230
	---------	-------	---------
Carrying amount
At 30 November 2017	595,000	326	595,326
	---------	-------	---------
At 30 November 2016	565,000	434	565,434
	---------	-------	---------

No depreciation is provided in respect of the investment property. In view of the fact that the property needs to continue to attract tenants to maintain the rental income, it is likely that sufficient improvements will be carried out to maintain its value. It is likely therefore that the residual value of the property at the end of its estimated useful life will be at least equal to its cost. The property was valued as at 30th November by the directors.

5. Debtors

	2017	2016
	£	£
Other debtors	3,172	3,147
	-------	-------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	3,282	2,505
Other creditors	14,635	20,476
	--------	--------
	17,917	22,981
	--------	--------

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

	2017	2016
	£	£
Other creditors	472,254	483,054
	---------	---------

This relates to a loan which was legally transferred from the directors into the names of their children. The loan is to be repaid as and when funds permit.No interest is being charged.

8. Related party transactions

The company was under the joint control of Mr and Mrs Trimmer throughout the current year.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.

Reconciliation of equity

	1 December 2015			30 November 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	565,578	–	565,578	565,434	–	565,434
Current assets	6,465	–	6,465	12,495	–	12,495
Creditors: amounts falling due within one year	( 510,026)	–	( 510,026)	( 22,981)	–	( 22,981)
	---------	----	---------	---------	----	---------
Net current liabilities	( 503,561)	–	( 503,561)	( 10,486)	–	( 10,486)
	---------	----	---------	---------	----	---------
Total assets less current liabilities	62,017	–	62,017	554,948	–	554,948

Creditors: amounts falling due after more than one year	–	–	–	( 483,054)	–	( 483,054)
Provisions	–	–	–	–	( 7,719)	( 7,719)
	---------	----	---------	---------	-------	---------
Net assets	62,017	–	62,017	71,894	( 7,719)	64,175
	---------	----	---------	---------	-------	---------

	---------	----	---------	---------	-------	---------
Capital and reserves	62,017	–	62,017	71,894	( 7,719)	64,175
	---------	----	---------	---------	-------	---------

FRS 102 requires that investment property is accounted for at fair value, with gains and losses passing through the profit and loss account, not the revaluation reserve. In previous years, there was no requirement to provide for deferred tax until there was a binding agreement to sell the property and the resulting gain was recognised in the financial statements. FRS 102 requires deferred tax to be provided on all revaluation movements. The results of both the current and preceding year have been re-stated to reflect the new treatment.