New Era Property Investments Limited Filleted accounts for Companies House (small and micro)

New Era Property Investments Limited Filleted accounts for Companies House (small and micro)

RJS INVESTMENT PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06465388
NEW ERA PROPERTY INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2018
NEW ERA PROPERTY INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
NEW ERA PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2018
2018
2017
Note
£
£
£
£
Fixed assets
Tangible assets
4
147,516
147,516
Investments
5
65,000
65,000
---------
---------
212,516
212,516
Current assets
Stocks
–
368,958
Debtors
6
–
1,333
Cash at bank and in hand
239,995
20,772
---------
---------
239,995
391,063
Creditors: amounts falling due within one year
7
( 291,307)
( 497,815)
---------
---------
Net current liabilities
( 51,312)
( 106,752)
---------
---------
Total assets less current liabilities
161,204
105,764
---------
---------
Net assets
161,204
105,764
---------
---------
Capital and reserves
Called up share capital
150
150
Profit and loss account
161,054
105,614
---------
---------
Shareholders funds
161,204
105,764
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 October 2018 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 .
NEW ERA PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2018
These financial statements were approved by the board of directors and authorised for issue on 28 February 2019 , and are signed on behalf of the board by:
Mr R Geggus
Director
Company registration number: 06465388
NEW ERA PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts received from sale of properties and rental income received during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Investment property
£
Cost
At 1 November 2017 and 31 October 2018
147,516
---------
Depreciation
At 1 November 2017 and 31 October 2018
–
---------
Carrying amount
At 31 October 2018
147,516
---------
At 31 October 2017
147,516
---------
Tangible assets held at valuation
The directors consider the market value of the investment property to equate its net book value.
5. Investments
Other investments
£
Cost
At 1 November 2017 and 31 October 2018
65,000
--------
Impairment
At 1 November 2017 and 31 October 2018
–
--------
Carrying amount
At 31 October 2018
65,000
--------
At 31 October 2017
65,000
--------
6. Debtors
2018
2017
£
£
Other debtors
–
1,333
----
-------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
13,730
14,821
Social security and other taxes
617
–
Other creditors
276,960
482,994
---------
---------
291,307
497,815
---------
---------