Abora Properties Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02214297 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

ABORA PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J Smith

C A W Smith

REGISTERED OFFICE:

6b Calpe Yard

St. Thomas Street

Winchester

Hampshire

SO23 9HE

REGISTERED NUMBER:

02214297 (England and Wales)

ACCOUNTANTS:

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

FIXED ASSETS

Investment property

3

2,245,000

2,040,000

CURRENT ASSETS

Debtors

4

70,998

5,051

Cash at bank

168,461

-

239,459

5,051

CREDITORS

Amounts falling due within one year

5

22,747

20,234

NET CURRENT ASSETS/(LIABILITIES)

216,712

(15,183

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,461,712

2,024,817

CREDITORS

Amounts falling due after more than one year

6

(948,000

)

(722,084

)

PROVISIONS FOR LIABILITIES

(228,898

)

(189,948

)

NET ASSETS

1,284,814

1,112,785

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

7

975,829

809,779

Retained earnings

7

308,983

303,004

SHAREHOLDERS' FUNDS

1,284,814

1,112,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 July 2018 and were signed on its behalf by:

C A W Smith - Director

1.	STATUTORY INFORMATION

Abora Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 October 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 November 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

2,040,000

Revaluations

205,000

At 31 October 2017

2,245,000

NET BOOK VALUE

At 31 October 2017

2,245,000

At 31 October 2016

2,040,000

The company confirm that the properties they own are investment properties. Andrew Smith, a Director and

qualified Surveyor and Valuer has undertaken an open market valuation of these properties as at 31st October

2017. The valuation of these properties is £2,245,000. The difference of £1,204,728 between this figure and the

original cost has been taken to the fair value reserve, net of deferred tax amounting to £228,898.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

352

352

Other debtors

70,646

4,699

70,998

5,051

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

12,574

10,786

Taxation and social security

1,750

6,145

Other creditors

8,423

3,303

22,747

20,234

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Other creditors

948,000

722,084

7.

RESERVES

The Fair value reserve is made up of the cumulative surplus and deficit on revaluation of investment property,

net of deferred tax.

8.	FIRST YEAR ADOPTION

1.11.15

31.10.16

Notes

£

£

Equity as reported under UK GAAP

1,302,734

1,302,734

Revaluation reserve

-

(999,728

)

Fair value reserve

7

-

999,728

Deferred tax on investment property revaluation

-

(189,949

)

Equity as restated under FRS 102

1,302,734

1,112,785