Time Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 07300206 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

TIME PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N M Ismail Abdoola

S A Moosa

Dr D Hitihamu

REGISTERED OFFICE:

Unit 1

Imperial Food Park

Imperial Avenue

South Bank

Middlesbrough

TS6 6BA

REGISTERED NUMBER:

07300206 (England and Wales)

AUDITOR:

Sedulo Audit Limited

Statutory Auditors

Regency Court

62-66 Deansgate

MANCHESTER

M3 2EN

FIXED ASSETS

Investment property

3

3,500,000

CURRENT ASSETS

Debtors

4

2,122,318

2,135,126

CREDITORS

Amounts falling due within one year

5

781,960

781,460

NET CURRENT ASSETS

1,340,358

1,353,666

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,840,358

4,853,666

CREDITORS

Amounts falling due after more than one
year

6

(873,269

)

(845,381

)

PROVISIONS FOR LIABILITIES

8

(427,395

)

(427,395

)

NET ASSETS

3,539,694

3,580,890

CAPITAL AND RESERVES

Called up share capital

9

1,975

Share premium

10

974,025

Retained earnings

10

2,563,694

2,604,890

SHAREHOLDERS' FUNDS

3,539,694

3,580,890

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 2 October 2018 and were signed on its behalf by:

N M Ismail Abdoola - Director

1.	STATUTORY INFORMATION

Time Properties Limited is a private company, limited by shares , registered in England and Wales. 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In preparing these accounts the directors have had to make the following judgements that may have a material

effect on the accounts:

- There is an inevitable degree of judgement involved in the valuation of Investment property at any given point

in time. The investment property is carried at fair value, determined and assessed annually by the directors,

having made judgements in regard to average replacement cost per square meter, depreciation factors, potential

disposal and statutory costs, and average price per acre of land

Turnover

Turnover represents rental income from group companies at invoiced amounts net of local sales taxes.

Investment property

Investment property is shown at fair value determined annually. Any aggregate surplus or deficit arising from

changes in fair value is recognized in the Income statement

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets

and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other

third parties, and loans to related parties.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and

are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses.

Basic financial assets classified as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially recognised at

present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic

financial liabilities classified as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amounts reported in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

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.

Finance costs

Finance costs are charged to the statement of comprehensive income over the terms of the loan using the

effective interest method so that the amount charged is at a constant rate on the carrying amount. Transaction

costs are initially recognised as a reduction in the proceeds of the associated loan.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2017

and 30 June 2018

3,500,000

NET BOOK VALUE

At 30 June 2018

3,500,000

At 30 June 2017

3,500,000

Investment property was valued by an independent firm of professional valuers in November 2016 and the

valuation adopted in the accounts, and is updated annually by the directors having regard to significant

judgements and uncertainties as disclosed at note 2.

If the Investment property had not been revalued it would have been included in the accounts at the following

historic cost: £843,302 (2017: £843,302).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Amounts owed by group undertakings

2,121,428

2,134,334

Other debtors

890

792

2,122,318

2,135,126

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Amounts owed to group undertakings

750,000

Other creditors

31,960

31,460

781,960

781,460

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2018

2017

£

Amounts owed to group undertakings

873,269

845,381

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

Owed to group undertakings

873,269

-

Amounts owed to group undertakings bear interest at LIBOR+3%.

Amounts owed to group undertakings are secured by fixed and floating charges over the assets and undertakings

of the company.

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

Deferred taxation

427,395

Deferred

tax

£

Balance at 1 July 2017

427,395

Balance at 30 June 2018

427,395

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

1,975

Ordinary

£1

1,975

10.

RESERVES

Included within Profit and Loss reserves are non-distributable amounts of £2,229,303 (2017: £2,229,303) in

relation to unrealized revaluation gains, net of taxation, on the company's investment property.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

David Miller (Senior Statutory Auditor)

for and on behalf of Sedulo Audit Limited

12.	ULTIMATE PARENT COMPANY

The immediate parent undertaking is LMC Baketime Holdings Limited, a company registered in England and

Wales. The ultimate parent undertaking is Fasic Investment Corporation Limited, a company registered in South

Africa.

The largest group in which the results of the company are consolidated is that headed by Fasic Investment

Corporation Limited. The smallest group in which they are consolidated is that headed by LMC Baketime

Holdings Limited. These consolidated accounts are available to the public and may be obtained from Companies

House, Crown Way, Cardiff, CF14 3UZ.

Time Properties Limited - Accounts to registrar (filleted) - small 18.2

Time Properties Limited - Accounts to registrar (filleted) - small 18.2