Lazari Assets Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05377174 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

LAZARI ASSETS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Ms A Lazari

REGISTERED OFFICE:

Greater London House

Hampstead Road

London

NW1 7QX

REGISTERED NUMBER:

05377174 (England and Wales)

AUDITORS:

Chris Skarparis & Co Ltd

Chartered Accountants and

Statutory Auditors

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

FIXED ASSETS

Tangible assets

3

462

616

Investment properties

4

4,370,000

4,310,000

4,370,462

4,310,616

CURRENT ASSETS

Debtors

5

59,430

61,075

Cash at bank

1,340,051

1,216,474

1,399,481

1,277,549

CREDITORS

Amounts falling due within one year

6

1,494,990

156,289

NET CURRENT (LIABILITIES)/ASSETS

(95,509

)

1,121,260

TOTAL ASSETS LESS CURRENT LIABILITIES

4,274,953

5,431,876

CREDITORS

Amounts falling due after more than one year

7

(1,320,491

)

(2,691,397

)

PROVISIONS FOR LIABILITIES

11

(121,178

)

(110,978

)

NET ASSETS

2,833,284

2,629,501

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

13

2,833,282

2,629,499

SHAREHOLDERS' FUNDS

2,833,284

2,629,501

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 September 2019 and were signed by:

Ms A Lazari - Director

1.	STATUTORY INFORMATION

Lazari Assets Limited is a private company,limited by shares, registered in England and Wales.The company 's registered

number is 05377174 and registered office address is Greater London House, Hampsted Road ,London, NW1 7QX.

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.

Significant judgements and estimates

Critical accounting estimates and assumptions

The preparation of financial statements in accordance with generally accepted accounting principals requires management

to make estimates and assumptions in certain circumstances that effect reported amounts of assets and liabilities and

disclosure of contingent assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses

during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a

significant risk of causing a maternal adjustment to the carrying amounts of assets and liabilities within the next financial

year are outlined below.

Investment and operating property valuations

Properties are valued annually by external valuers. Valuations are made as at the reporting date and conform to

International Valuation Standards. Valuations are made using various assumptions and estimations which include, but are

not limited to market yields, transaction prices of similar properties, tenure and tenancy details. These assumptions are

approved by the company directors.

Trade receivables

The company reviews trade receivables and makes judgements on the recoverability of these receivables with reference to

the age of outstanding amounts, credit status of the counterparty and the status of any outstanding dispute.

Turnover

Turnover represents net rental and other related income, excluding value added tax.

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

-

25% on reducing balance

Investment properties

Investment properties are carried at fair value as determined above. No depreciation is provided. Changes in fair value are

recognised in the Statement of Comprehensive Income.

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.

Deferred taxes at the balance sheet date have been measured using the enacted tax rates of 17% as reflected in these

financial statements.

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 amortisation

Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan and then

amortised , on a straight line basis, over the duration of the loans.

Recognition of income relating to rent free periods

Rental income relating to rent free periods given on new leases is allocated evenly over the period from the date of the lease

commencement to the the lease expiry date.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any

impairment.

Creditors

Short term creditors are measured at the transaction price.

Long term directors loan account is interest free and measured at the transaction price.

3.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2018

and 31 March 2019

2,453

DEPRECIATION

At 1 April 2018

1,837

Charge for year

154

At 31 March 2019

1,991

NET BOOK VALUE

At 31 March 2019

462

At 31 March 2018

616

4.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1 April 2018

4,310,000

Revaluations

60,000

At 31 March 2019

4,370,000

NET BOOK VALUE

At 31 March 2019

4,370,000

At 31 March 2018

4,310,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2010

223,603

Valuation in 2011

180,000

Valuation in 2012

45,000

Valuation in 2013

68,273

Valuation in 2014

131,595

Valuation in 2015

378,654

Valuation in 2016

239,434

Valuation in 2017

200,000

Valuation in 2018

20,000

Valuation in 2019

60,000

Cost

2,823,441

4,370,000

If Investment properties had not been revalued they would have been included at the following historical cost:

31.3.19

31.3.18

£

£

Cost

2,823,441

2,829,007

Investment properties were valued on an open market basis on 31 March 2019 by Lambert Smith Hampton Chartered Surveyors

.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

59,422

47,164

Rent free accrued income

-

13,911

Other debtors

8

-

59,430

61,075

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts (see note 8)

1,374,250

41,000

Trade creditors

-

268

Tax

36,681

34,191

VAT

5,001

5,072

Rent received in advance

62,962

61,796

Accrued expenses

16,096

13,962

1,494,990

156,289

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans (see note 8)

-

1,370,906

Tenants' deposits

49,786

49,786

Directors' loan accounts

1,270,705

1,270,705

1,320,491

2,691,397

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.19

31.3.18

£

£

Amounts falling due within one year or on demand:

Bank loan under 1 yr

1,374,250

41,000

Amounts falling due between one and two years:

Bank loan 1-2 yrs

-

1,374,250

Finance costs

-

(3,344

)

-

1,370,906

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

1,374,250

1,411,906

The bank holds a general pledge and a fixed and floating charge over all of the company's assets

10.	DIRECTOR'S LOAN

Included in Creditors - amounts falling due after more than one year is a loan of £1,270,705 (2018-£1,270,705 ) due to the

Director. This loan is recognised at transaction price. The director's loan is not due until after more than 1 year and is

interest free.

11.	PROVISIONS FOR LIABILITIES

31.3.19

31.3.18

£

£

Other provisions

Deferred tax on CGT provision

121,178

110,978

Capital gains tax on uncrystallised gains on property investments is provided in the financial statements as shown above.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

2

Ordinary

£1

2

2

13.

RESERVES

Retained

earnings

£

At 1 April 2018

2,629,499

Profit for the year

203,783

At 31 March 2019

2,833,282

Included in Retained earnings as at 31 March 2019 is an amount of £1,425,381 (2018- £1,375,581) of revaluation reserves

which are non distributable.

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

The Report of the Auditors was unqualified.

Christakis Skarparis (Senior Statutory Auditor)

for and on behalf of Chris Skarparis & Co Ltd