Currentasset Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03224186

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Currentasset Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P I H Pressland

J E Pressland

SECRETARY:

J R Gayner

REGISTERED OFFICE:

14 Church Street

Whitchurch

Basingstoke

Hampshire

RG28 7AB

REGISTERED NUMBER:

03224186

ACCOUNTANTS:

Wheeler & Co Ltd

Chartered Accountants

The Shrubbery

14 Church Street

Whitchurch

Hampshire

RG28 7AB

FIXED ASSETS

Tangible assets

4

5,738

7,650

Investment property

5

8,886,653

8,020,000

8,892,391

8,027,650

CURRENT ASSETS

Debtors

6

624,761

693,814

Cash at bank

356,503

67,082

981,264

760,896

CREDITORS

Amounts falling due within one year

7

3,341,646

2,484,060

NET CURRENT LIABILITIES

(2,360,382

)

(1,723,164

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,532,009

6,304,486

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

412,175

412,175

Retained earnings

6,119,734

5,892,211

SHAREHOLDERS' FUNDS

6,532,009

6,304,486

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 18 October 2018 and were signed on its behalf by:

J E Pressland - Director

1.	STATUTORY INFORMATION

Currentasset Limited is a private company, limited by shares , registered in Not specified/Other. 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.

Turnover

Turnover represents rents receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

and 31 December 2017

10,200

DEPRECIATION

At 1 January 2017

2,550

Charge for year

1,912

At 31 December 2017

4,462

NET BOOK VALUE

At 31 December 2017

5,738

At 31 December 2016

7,650

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

8,020,000

Additions

866,653

At 31 December 2017

8,886,653

NET BOOK VALUE

At 31 December 2017

8,886,653

At 31 December 2016

8,020,000

Fair value at 31 December 2017 is represented by:

£

Valuation in 2011

556,429

Valuation in 2012

(302,819

)

Valuation in 2013

158,566

Valuation in 2014

146,563

Valuation in 2016

2,835,045

Cost

5,492,869

8,886,653

If investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

4,479,745

4,479,745

investment property was valued on an open market basis on 27 September 2017 by the directors .

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Other debtors

581,962

651,015

Amounts falling due after more than one year:

Other debtors

42,799

42,799

Aggregate amounts

624,761

693,814

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

2,846,887

1,580,344

Taxation and social security

51,620

43,738

Other creditors

443,139

859,978

3,341,646

2,484,060

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

2,846,887

1,580,344

9.

RESERVES

Revaluation

reserve

£

At 1 January 2017

and 31 December 2017

412,175