Sato Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI634732 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2018

FOR

SATO PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

J Robinson

Mrs G Robinson

REGISTERED OFFICE:

C/O Robin Rentals

114 High Street

Holywood

Co. Down

BT18 9HW

REGISTERED NUMBER:

NI634732 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

FIXED ASSETS

Tangible assets

4

870

1,316

Investment property

5

784,158

783,307

785,028

784,623

CURRENT ASSETS

Debtors

6

1,822

162

Cash at bank

31,417

7,354

33,239

7,516

CREDITORS

Amounts falling due within one year

7

794,435

791,158

NET CURRENT LIABILITIES

(761,196

)

(783,642

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,832

981

CAPITAL AND RESERVES

Called up share capital

8

200

200

Retained earnings

23,632

781

SHAREHOLDERS' FUNDS

23,832

981

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 authorised for issue and approved by the Board of Directors on 27 August 2019 and were signed on its behalf by:

Mrs G Robinson - Director

1.	STATUTORY INFORMATION

Sato Properties Ltd is a private company, limited by shares , registered in Northern Ireland. 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.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will

continue in operational existence for the foreseeable future.

The validity of this assumption depends on the continued support of the company's directors.

Based on the above, the directors believe it is appropriate to prepare accounts on the going concern basis.

Significant judgements and estimates

In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's investment property. Factors taken into

consideration in reaching such a decision include the economic viability and expected future financial

performance of the asset and the business in general.

The directors believe there to be no significant estimates in preparing these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at

transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in

the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

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 NIL (2017 - 1 ).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 December 2017

and 30 November 2018

1,353

DEPRECIATION

At 1 December 2017

37

Charge for year

446

At 30 November 2018

483

NET BOOK VALUE

At 30 November 2018

870

At 30 November 2017

1,316

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2017

783,307

Additions

851

At 30 November 2018

784,158

NET BOOK VALUE

At 30 November 2018

784,158

At 30 November 2017

783,307

The directors consider that there has been no change in market value of the properties in the period since they

were purchased.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.18

30.11.17

£

£

Other debtors

1,822

162

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.18

30.11.17

£

£

Taxation and social security

7,705

3,262

Other creditors

786,730

787,896

794,435

791,158

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.18

30.11.17

value:

£

£

100

Ordinary shares

£1

100

100

50

Ordinary A shares

£1

50

50

50

Ordinary B shares

£1

50

50

200

200

The Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights; they do

not confer any rights or redemption.

The Ordinary A shares and the Ordinary B shares are non voting shares, have no rights of capital distribution

and have no rights of redemption. These shares may be considered separately by the directors when considering

dividends from time to time.