Asgard Property Development Limited - Period Ending 2017-08-31

Asgard Property Development Limited - Period Ending 2017-08-31


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Registration number: 05203268

Asgard Property Development Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

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

 

Asgard Property Development Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Asgard Property Development Limited

Company Information

Directors

Mr K Mitchell

Mr A Moss

Company secretary

Mr K Mitchell

Registered office

9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW

Accountants

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

 

Asgard Property Development Limited

(Registration number: 05203268)
Balance Sheet as at 31 August 2017

Note

2017
£

2016
£

Current assets

 

Debtors

3

101,850

406,551

Cash at bank and in hand

 

4,889

16,427

 

106,739

422,978

Creditors: Amounts falling due within one year

4

(245,837)

(718,275)

Net liabilities

 

(139,098)

(295,297)

Capital and reserves

 

Called up share capital

5

151

151

Profit and loss account

(139,249)

(295,448)

Total equity

 

(139,098)

(295,297)

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 May 2018 and signed on its behalf by:
 

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

Mr K Mitchell
Company secretary and director

 

Asgard Property Development Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Bridle Close
Surbiton Road
Kingston Upon Thames
Surrey
KT1 2JW
Great Britain

These financial statements were authorised for issue by the Board on 30 May 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Asgard Property Development Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Debtors

Note

2017
£

2016
£

Trade debtors

 

101,850

101,850

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

304,701

 

101,850

406,551

4

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

1,738

1,738

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7,471

-

Taxation and social security

 

9,753

8,407

Accruals and deferred income

 

17,500

17,500

Other creditors

 

209,375

690,630

 

245,837

718,275

5

Share capital

Allotted, called up and fully paid shares

 

Asgard Property Development Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

 

2017

2016

 

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