Ebel (Edinburgh) Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC161580 (Scotland)

Ebel (Edinburgh) Properties Limited

Unaudited Financial Statements

for the Year Ended 30 November 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Y W Tsang

Mrs F K Tsang

SECRETARY:

Mr Y W Tsang

REGISTERED OFFICE:

8 Foulis Crescent

Juniper Green

Edinburgh

EH14 5BN

REGISTERED NUMBER:

SC161580 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland

Edinburgh West End Office

142 - 144 Princes Street

Edinburgh

EH2 4EQ

FIXED ASSETS

Tangible assets

4

8,187

9,323

Investment property

5

1,996,000

1,967,000

2,004,187

1,976,323

CURRENT ASSETS

Debtors

6

939

8,255

Cash at bank

84,935

52,358

85,874

60,613

CREDITORS

Amounts falling due within one year

7

234,318

258,564

NET CURRENT LIABILITIES

(148,444

)

(197,951

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,855,743

1,778,372

PROVISIONS FOR LIABILITIES

227,380

223,024

NET ASSETS

1,628,363

1,555,348

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

8

1,459,243

1,430,243

Retained earnings

169,118

125,103

SHAREHOLDERS' FUNDS

1,628,363

1,555,348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 26 July 2019 and were signed on its behalf by:

Mr Y W Tsang - Director

1.	STATUTORY INFORMATION

Ebel (Edinburgh) Properties Limited is a private company, limited by shares , registered in Scotland.

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition

The turnover shown in the profit and loss account represents rent receivable during the period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on cost and 10% on cost

Investment property

Investment properties are shown at their fair value. Any surplus or deficit arising from changes in

fair value is recognised in the profit and loss account for the year. A reduction in value due to

fluctuation in the property market conditions is not considered to be permanent.

This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require

depreciation of investment properties. Investment properties are held for their investment

potential and not for use by the company and so their current value is of prime importance. The

departure from the provisions of the Act is required in order to give a true and fair view.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the

property is sold and at the year end is included in the fair value reserve with the relevant change in

fair value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2017

53,313

Additions

1,317

At 30 November 2018

54,630

DEPRECIATION

At 1 December 2017

43,990

Charge for year

2,453

At 30 November 2018

46,443

NET BOOK VALUE

At 30 November 2018

8,187

At 30 November 2017

9,323

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2017

1,967,000

Revaluations

29,000

At 30 November 2018

1,996,000

NET BOOK VALUE

At 30 November 2018

1,996,000

At 30 November 2017

1,967,000

Fair value at 30 November 2018 is represented by:

£

Valuation in 2003

672,164

Valuation in 2007

580,000

Valuation in 2009

(140,000

)

Valuation in 2017

318,112

Valuation in 2018

29,000

Cost

536,724

1,996,000

The investment property is valued at open market value by the director.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

939

8,255

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

11,598

11,441

Other creditors

222,720

247,123

234,318

258,564

The directors' current accounts are unsecured, interest free and have no fixed terms of repayment.

8.

RESERVES

Fair

value

reserve

£

At 1 December 2017

1,430,243

Transfer in year

29,000

At 30 November 2018

1,459,243