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Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse2016-04-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 01253145 2016-04-01 2017-03-31 01253145 2015-04-01 2016-03-31 01253145 2017-03-31 01253145 2016-03-31 01253145 2015-04-01 01253145 c:PriorPeriodIncreaseDecrease 2015-04-01 2016-03-31 01253145 c:RestatedAmount 2015-04-01 01253145 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-04-01 01253145 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2016-03-31 01253145 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-04-01 2016-03-31 01253145 6 2016-04-01 2017-03-31 01253145 6 2015-04-01 2016-03-31 01253145 e:Director1 2016-04-01 2017-03-31 01253145 c:FreeholdInvestmentProperty 2016-04-01 2017-03-31 01253145 c:FreeholdInvestmentProperty 2017-03-31 01253145 c:FreeholdInvestmentProperty 2016-03-31 01253145 c:FreeholdInvestmentProperty 2 2016-04-01 2017-03-31 01253145 c:Non-currentFinancialInstruments c:UnlistedNon-exchangeTraded 2017-03-31 01253145 c:Non-currentFinancialInstruments c:UnlistedNon-exchangeTraded 2016-03-31 01253145 c:CurrentFinancialInstruments 2017-03-31 01253145 c:CurrentFinancialInstruments 2016-03-31 01253145 c:Non-currentFinancialInstruments 2017-03-31 01253145 c:Non-currentFinancialInstruments 2016-03-31 01253145 c:CurrentFinancialInstruments c:WithinOneYear 2017-03-31 01253145 c:CurrentFinancialInstruments c:WithinOneYear 2016-03-31 01253145 c:Non-currentFinancialInstruments c:AfterOneYear 2017-03-31 01253145 c:Non-currentFinancialInstruments c:AfterOneYear 2016-03-31 01253145 c:UKTax 2016-04-01 2017-03-31 01253145 c:UKTax 2015-04-01 2016-03-31 01253145 c:ForeignTax 2016-04-01 2017-03-31 01253145 c:ForeignTax 2015-04-01 2016-03-31 01253145 c:ShareCapital 2017-03-31 01253145 c:ShareCapital 2016-03-31 01253145 c:ShareCapital 2015-04-01 01253145 c:RevaluationReserve 2016-04-01 2017-03-31 01253145 c:RevaluationReserve 2017-03-31 01253145 c:RevaluationReserve 2015-04-01 2016-03-31 01253145 c:RevaluationReserve 2016-03-31 01253145 c:RevaluationReserve c:PriorPeriodIncreaseDecrease 2015-04-01 2016-03-31 01253145 c:RevaluationReserve 2015-04-01 01253145 c:RevaluationReserve c:RestatedAmount 2015-04-01 01253145 c:RetainedEarningsAccumulatedLosses 2016-04-01 2017-03-31 01253145 c:RetainedEarningsAccumulatedLosses 2017-03-31 01253145 c:RetainedEarningsAccumulatedLosses 2015-04-01 2016-03-31 01253145 c:RetainedEarningsAccumulatedLosses 2016-03-31 01253145 c:RetainedEarningsAccumulatedLosses 2015-04-01 01253145 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2015-04-01 01253145 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-03-31 01253145 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-03-31 01253145 c:OtherDeferredTax 2017-03-31 01253145 e:FRS102 2016-04-01 2017-03-31 01253145 e:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 01253145 e:FullAccounts 2016-04-01 2017-03-31 01253145 e:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 01253145 e:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 01253145 e:ConsolidatedGroupCompanyAccounts 2016-04-01 2017-03-31 iso4217:GBP xbrli:pure

Registered number: 01253145









AMBERCROFT PROPERTIES LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

 
AMBERCROFT PROPERTIES LIMITED
REGISTERED NUMBER: 01253145

BALANCE SHEET
AS AT 31 MARCH 2017

2017
As restated 2016
Note
£
£

Fixed assets
  

Investments
 5 
554,252
572,173

Investment property
 6 
6,594,557
6,474,104

  
7,148,809
7,046,277

Current assets
  

Stocks
 7 
107,070
107,070

Debtors: amounts falling due within one year
 8 
34,729
38,111

Current asset investments
 9 
13,930
6,045

Cash at bank and in hand
 10 
161,926
147,219

  
317,655
298,445

Creditors: amounts falling due within one year
 11 
(552,683)
(211,119)

Net current (liabilities)/assets
  
 
 
(235,028)
 
 
87,326

Total assets less current liabilities
  
6,913,781
7,133,603

Creditors: amounts falling due after more than one year
 12 
(300,000)
(1,103,303)

Provisions for liabilities
  

Deferred tax
 14 
(7,681)
(168,105)

  
 
 
(7,681)
 
 
(168,105)

Net assets
  
6,606,100
5,862,195


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 15 
1,645,807
1,797,826

Profit and loss account
 15 
4,960,193
4,064,269

  
6,606,100
5,862,195


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1

 
AMBERCROFT PROPERTIES LIMITED
REGISTERED NUMBER: 01253145

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2017


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



B I Leaver
Director

Date: 13 December 2017
The notes on pages 5 to 16 form part of these financial statements.

Page 2

 
AMBERCROFT PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2016
100
1,797,826
4,064,269
5,862,195


Comprehensive income for the year

Profit for the year

-
-
688,288
688,288

Surplus on revaluation of leasehold property
-
-
230,617
230,617


Other comprehensive income for the year
-
-
230,617
230,617


Total comprehensive income for the year
-
-
918,905
918,905

Dividends: Equity capital
-
-
(175,000)
(175,000)

Transfer to/from profit and loss account
-
(152,019)
152,019
-


Total transactions with owners
-
(152,019)
(22,981)
(175,000)


At 31 March 2017
100
1,645,807
4,960,193
6,606,100

Page 3

 
AMBERCROFT PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2016


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2015 (as previously stated)
100
1,965,931
3,768,993
5,735,024

Transition adjustment
-
187,822
-
187,822

At 1 April 2015 (as restated)
100
2,153,753
3,768,993
5,922,846


Comprehensive income for the year

Profit for the year

-
-
337,512
337,512

Surplus on revaluation of leasehold property
-
-
102,481
102,481


Other comprehensive income for the year
-
-
102,481
102,481


Total comprehensive income for the year
-
-
439,993
439,993

Dividends: Equity capital
-
-
(125,000)
(125,000)

Transfer to/from profit and loss account
-
(355,927)
(19,717)
(375,644)


Total transactions with owners
-
(355,927)
(144,717)
(500,644)


At 31 March 2016
100
1,797,826
4,064,269
5,862,195


The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

1.


General information

Ambercroft Properties Limited is a company private limited by shares and is incorporated in England and Wales.  The registered office is 7th Floor, Dashwood House, 69 Old Broad Street, London, EC2M 1QS.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the Profit and Loss Account unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 5

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Stocks of properties

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow
Page 6

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)


2.9
Financial instruments (continued)

discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 7

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

Staff costs, including directors' remuneration, were as follows:


The average monthly number of employees, including directors, during the year was 5 (2016 - 5).

Page 8

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

4.


Taxation


2017
2016
£
£

Corporation tax


Current tax on profits for the year
213,451
57,615

Adjustments in respect of previous periods
-
(48)


213,451
57,567

Foreign tax


Foreign tax on income for the year
23,570
14,043

23,570
14,043

Total current tax
237,021
71,610

Deferred tax


Origination and reversal of timing differences
(160,424)
(19,716)

Total deferred tax
(160,424)
(19,716)


Taxation on profit on ordinary activities
76,597
51,894

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  20% (2016 - 20%).



Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 9

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

5.


Fixed asset investments





Participating interests

£



Cost or valuation


At 1 April 2016
572,173


Additions
42,282


Disposals
(60,203)



At 31 March 2017

554,252






Net book value



At 31 March 2017
554,252



At 31 March 2016
572,173

The company holds a 25% interest in The Hamilton Partnership, a property investment partnership registered in New Zealand.


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2016
6,474,104


Additions at cost
851,472


Disposals
(745,000)


Surplus on revaluation
13,981



At 31 March 2017
6,594,557

The 2017 valuations were made by B I Leaver FRICS, a director of the company, on an open market value for existing use basis.



At 31 March 2017




Page 10

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

7.


Stocks

2017
2016
£
£

Stocks of properties
107,070
107,070

107,070
107,070



8.


Debtors

2017
2016
£
£


Trade debtors
29,250
38,111

Other debtors
5,479
-

34,729
38,111



9.


Current asset investments

2017
2016
£
£

Unlisted investments
13,930
6,045

13,930
6,045





10.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
161,926
147,219

161,926
147,219


Page 11

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

11.


Creditors: Amounts falling due within one year

2017
2016
£
£

Trade creditors
-
10,000

Corporation tax
213,403
57,615

Other taxation and social security
166,003
57,155

Other creditors
160,440
64,649

Accruals and deferred income
12,837
21,700

552,683
211,119



12.


Creditors: Amounts falling due after more than one year

2017
2016
£
£

Other creditors
300,000
1,103,303

300,000
1,103,303



Secured loans

The aggregate amount of creditors for which security has been given amounted to £Nil (2016 - £303,303).


13.


Financial instruments

2017
2016
£
£

Financial assets


Financial assets measured at fair value through profit or loss
716,178
719,392

716,178
719,392





Financial assets measured at fair value through profit or loss comprise of investments £554,252 (2016: £572,173) and cash at bank and in hand £161,926 (2016: £147,219).

Page 12

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

14.


Deferred taxation



2017


£






At beginning of year
(168,105)


Charged to profit or loss
160,424



At end of year
(7,681)

The provision for deferred taxation is made up as follows:

2017
£


Revaluation of assets
(7,681)

(7,681)


15.


Reserves

Revaluation reserve

The revaluation reserve shows the investment property vbalued at fair value less deferred tax arising thereon.

Profit and loss account

The profit and loss reserves represent cumulative profit and losses net of dividends and other adjustments.


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £100,000 (2016 - £100,000). Contributions totalling £NIL (2016 - £NIL) were payable to the fund at the balance sheet date.


17.


Related party transactions

The company jointly owns 6 (2016 - 4) properties with a director.
At the year end there was a loan balance due to a director of the company.
The amount due to her at the year end was £300,000 (2016 - £800,000 ). During the year the company paid interest at the rate of 5.5% on the loan amounting to £38,072 (2016 - £52,967).
During the year the company paid dividends of £175,000 (2016 £125,000) to the directors of the company.
During the year the company made donations of £10,000 (2016  £10,000) to L & N Ross Charitable Trust.

Page 13

 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

18.


Controlling party

The company is controlled by its directors.

Page 14
 


 
AMBERCROFT PROPERTIES LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

19.


First time adoption of FRS 102

The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015. The impact of the transition to FRS 102 is as follows:

As previously stated
1 April
2015
Effect of transition
1 April
2015
FRS 102
(as restated)
1 April
2015
As previously stated
31 March
2016
Effect of transition
31 March
2016
FRS 102
(as restated)
31 March
2016
Note
£
£
£
£
£
£

Fixed assets
  
7,053,900
-
7,053,900
7,046,277
-
7,046,277

Current assets
  
208,950
-
208,950
298,445
-
298,445

Creditors: amounts falling due within one year
  
(174,839)
-
(174,839)
(211,119)
-
(211,119)

Net current assets
  
 
34,111
 
-
 
34,111
 
87,326
 
-
 
87,326

Total assets less current liabilities
  
 
7,088,011
 
-
 
7,088,011
 
7,133,603
 
-
 
7,133,603

Creditors: amounts falling due after more than one year
  
(1,352,956)
-
(1,352,956)
(1,103,303)
-
(1,103,303)

Provisions for liabilities
  
-
187,822
187,822
-
(168,105)
(168,105)

Net  assets
  
 
5,735,055
 
187,822
 
5,922,877
 
6,030,300
 
(168,105)
 
5,862,195

Capital and reserves
  
5,735,055
187,822
5,922,877
6,030,300
(168,105)
5,862,195
Page 15
 
AMBERCROFT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017

           19.First time adoption of FRS 102 (continued)

As previously stated
31 March
2016
Effect of transition
31 March
2016
FRS 102
(as restated)
31 March
2016
Note
£
£
£

Turnover
  
603,949
-
603,949

Cost of sales
  
(56,743)
-
(56,743)

  
 
547,206
 
-
 
547,206

Administrative expenses
  
(199,006)
-
(199,006)

Other operating income
  
68,948
(102,481)
(33,533)

Operating profit
  
 
417,148
 
(102,481)
 
314,667

Amounts written off investments
  
155,948
-
155,948

Interest payable and similar charges
  
(81,209)
-
(81,209)

Taxation
  
(71,640)
19,746
(51,894)

Profit on ordinary activities after taxation and for the financial year
  
 
420,247
 
(82,735)
 
337,512

Explanation of changes to previously reported profit and equity:

1

The change to the previously reported profit and equity arises from recognising a deferred tax liability in the accounts. This increased provisions and decreased equity by £187,822 at transition on 1 April 2015. There was a charge of £168,105 for the year ended 31 March 2016, which has been reflected as a transition adjustment.


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