CANDIA PROPERTIES LTD Filleted accounts for Companies House (small and micro)

CANDIA PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04486872

CANDIA PROPERTIES LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 July 2018

CANDIA PROPERTIES LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

CANDIA PROPERTIES LTD

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr P Green
	Mr R S Humphreys

Company secretary	Mr R S Humphreys

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

CANDIA PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION

31 July 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	4		700,000		700,000

Current assets

Debtors	5	638	1,669
Cash at bank and in hand		2,622	4
		-------	-------
		3,260	1,673

Creditors: amounts falling due within one year	6	( 23,790)		( 22,369)
		--------		--------
Net current liabilities			( 20,530)		( 20,696)
			---------		---------
Total assets less current liabilities			679,470		679,304

Creditors: amounts falling due after more than one year	7		( 280,000)		( 280,000)

Provisions

Taxation including deferred tax	( 53,536)	( 55,022)
	---------	---------
Net assets	345,934	344,282
	---------	---------

Capital and reserves

Called up share capital		2	2
Profit and loss account	8	345,932	344,280
		---------	---------
Shareholders funds		345,934	344,282
		---------	---------

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 July 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 .

CANDIA PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 26 April 2019 , and are signed on behalf of the board by:

Mr R S Humphreys

Director

Company registration number: 04486872

CANDIA PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 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 rental income due for the year.

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.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Investment property	Total
	£	£
Cost
At 1 August 2017 and 31 July 2018	700,000	700,000
	---------	---------
Depreciation
At 1 August 2017 and 31 July 2018	–	–
	---------	---------
Carrying amount
At 31 July 2018	700,000	700,000
	---------	---------
At 31 July 2017	700,000	700,000
	---------	---------

The directors consider the net book value of investment property at 31 July 2018 equates to the market value.

5. Debtors

	2018	2017
	£	£
Other debtors	638	1,669
	----	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Other creditors	23,790	22,369
	--------	--------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	280,000	280,000
	---------	---------

The bank loans are secured on properties owned by the company.

8. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Within the profit and loss account are non-distributable reserves relating to the revaluation of the investment properties amounting to £373,810 (2017: £372,324).

9. Directors' advances, credits and guarantees

At the balance sheet date the company owed directors Mr P Green of £7,318 (2017:£3,312)and Mr R Humphreys of £7,318 (2017:£10,517).