ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

SOLLAND PROPERTIES LIMITED - Company Information

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Caseware UK (AP4) 2018.0.111 2018.0.111 2018-02-282018-02-28false2017-03-01truetrueNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02103532 2017-03-01 2018-02-28 02103532 2018-02-28 02103532 2017-02-28 02103532 c:Director1 2017-03-01 2018-02-28 02103532 d:Buildings 2018-02-28 02103532 d:Buildings 2017-02-28 02103532 d:Buildings d:ShortLeaseholdAssets 2017-03-01 2018-02-28 02103532 d:CurrentFinancialInstruments 2018-02-28 02103532 d:CurrentFinancialInstruments 2017-02-28 02103532 d:CurrentFinancialInstruments d:WithinOneYear 2018-02-28 02103532 d:CurrentFinancialInstruments d:WithinOneYear 2017-02-28 02103532 d:ShareCapital 2018-02-28 02103532 d:ShareCapital 2017-02-28 02103532 d:RetainedEarningsAccumulatedLosses 2018-02-28 02103532 d:RetainedEarningsAccumulatedLosses 2017-02-28 02103532 c:FRS102 2017-03-01 2018-02-28 02103532 c:AuditExempt-NoAccountantsReport 2017-03-01 2018-02-28 02103532 c:FullAccounts 2017-03-01 2018-02-28 02103532 c:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28 02103532 d:WithinOneYear 2018-02-28 iso4217:GBP

Registered number: 02103532









SOLLAND PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018
 
SOLLAND PROPERTIES LIMITED
REGISTERED NUMBER: 02103532

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2018

2018
2017
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
67,986
86,123

Cash at bank and in hand
  
3,637
3,899

  
71,623
90,022

Creditors: amounts falling due within one year
 6 
(117,527)
(53,392)

Net current (liabilities)/assets
  
 
 
(45,904)
 
 
36,630

Total assets less current liabilities
  
(45,904)
36,630

  

Net (liabilities)/assets
  
(45,904)
36,630


Capital and reserves
  

Called up share capital 
  
601,000
601,000

Profit and loss account
  
(646,904)
(564,370)

  
(45,904)
36,630


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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2019.

A Solland
Director
The notes on pages 2 to 5 form part of these financial statements.

Page 1
 
SOLLAND PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

1.


General information

Solland Properties Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is Regina House, 124 Finchley Road, London NW3 5JS. The address of its principal place of business is 61 South Audley Street, Mayfair, London W1K 2QP.

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 following principal accounting policies have been applied:

 
2.2

Going concern

At the financial year end the company's liabilities exceeded its assets. These accounts are prepared on the going concern basis given the continuing financial support from its creditors and shareholders.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
straight line over the lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.

Page 2
 
SOLLAND PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

2.Accounting policies (continued)

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.5

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. 

 
2.6

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 and loans with related parties.

 
2.7

Creditors

Short term creditors are measured at the transaction price. 

 
2.8

Currency

The company's functional and presentational currency is GBP.

 
2.9

Taxation

Tax is recognised in the statement of income and retained earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2018
        2017
            No.
            No.






2
2

Page 3
 
SOLLAND PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

4.


Tangible fixed assets





Land and buildings

£



Cost or valuation


At 1 March 2017
52,914



At 28 February 2018

52,914



Depreciation


At 1 March 2017
52,914



At 28 February 2018

52,914



Net book value



At 28 February 2018
-



At 28 February 2017
-

Page 4
 
SOLLAND PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018

5.


Debtors

2018
2017
£
£


Other debtors
6,010
76,563

Prepayments and accrued income
61,976
9,560

67,986
86,123



6.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
57,106
12,659

Corporation tax
8
7

Other creditors
59,413
39,976

Accruals and deferred income
1,000
750

117,527
53,392



7.


Commitments under operating leases

At 28 February 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2018
2017
£
£


Total lease commitments
2,435,832
-

2,435,832
-


8.


Related party transactions

At the financial year end date the following amount was owed to the parent company.
Solland Limited                               £45,184      (2017 £25,747)     

 
Page 5