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COMPANY REGISTRATION NUMBER: 01242571
Andra Sales (Gems) Limited
Filleted Unaudited Financial Statements
31 March 2017
Andra Sales (Gems) Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Statement of financial position
1
Statement of changes in equity
3
Notes to the financial statements
4
Andra Sales (Gems) Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
1,000,000
883,872
Current assets
Debtors
6
36,714
38,133
Cash at bank and in hand
50,832
45,530
--------
--------
87,546
83,663
Creditors: amounts falling due within one year
7
932,300
942,411
---------
---------
Net current liabilities
844,754
858,748
------------
---------
Total assets less current liabilities
155,246
25,124
---------
--------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
168,426
52,298
Profit and loss account
( 13,280)
( 27,274)
---------
--------
Shareholders funds
155,246
25,124
---------
--------
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 31 March 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 .
Andra Sales (Gems) Limited
Statement of Financial Position (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 15 June 2018 , and are signed on behalf of the board by:
Mr E Tajtelbaum
Director
Company registration number: 01242571
Andra Sales (Gems) Limited
Statement of Changes in Equity
Year ended 31 March 2017
Called up share capital
Revaluation reserve
Profit and loss account
Total
Note
£
£
£
£
At 1 April 2015
100
52,298
( 27,850)
24,548
Profit for the year
576
576
----
--------
--------
--------
Total comprehensive income for the year
576
576
At 31 March 2016
100
52,298
( 27,274)
25,124
Profit for the year
13,994
13,994
Other comprehensive income for the year:
Revaluation of tangible assets
5
116,128
116,128
----
---------
--------
---------
Total comprehensive income for the year
116,128
13,994
130,122
----
---------
--------
---------
At 31 March 2017
100
168,426
( 13,280)
155,246
----
---------
--------
---------
Andra Sales (Gems) Limited
Notes to the Financial Statements
Year ended 31 March 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 Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1 April 2016
883,872
Revaluations
116,128
------------
At 31 March 2017
1,000,000
------------
Depreciation
At 1 April 2016 and 31 March 2017
------------
Carrying amount
At 31 March 2017
1,000,000
------------
At 31 March 2016
883,872
------------
Included within the above is investment property as follows:
£
At 1 April 2016
883,872
Fair value adjustments
116,128
------------
At 31 March 2017
1,000,000
------------
The company's investment properties were revalued by the director at open market value.
6. Debtors
2017
2016
£
£
Trade debtors
36,714
38,133
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Amount owed to related undertakings
932,300
942,411
---------
---------
8. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
9. Parent company
The company is a wholly owned subsidiary of The Tajtelbaum Charitable Trust, a UK registered company.