5th Property Trading Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05200783 (England and Wales)

Financial Statements

for the Year Ended 31 March 2019

for

5TH PROPERTY TRADING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

B N Habib

M S Pryce

G R Wingfield Digby

Secretary:

J A Aubrey

Registered office:

32 St James's Street

London

SW1A 1HD

Registered number:

05200783 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

Sterling House

19/23 High Street

Kidlington

Oxfordshire

OX5 2DH

Fixed assets

Investments

3

802,887

2,824,083

Current assets

Debtors

4

2,294,108

-

Cash at bank

3,179

1,833

2,297,287

1,833

Creditors

Amounts falling due within one year

5

138,001

37,192

Net current assets/(liabilities)

2,159,286

(35,359

)

Total assets less current liabilities

2,962,173

2,788,724

Provisions for liabilities

2,156

15,033

Net assets

2,960,017

2,773,691

Capital and reserves

Called up share capital

6

406,247

325,000

Share premium

7

312,801

-

Foreign exchange translation

reserve

7

9,190

64,089

Retained earnings

7

2,231,779

2,384,602

Shareholders' funds

2,960,017

2,773,691

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 Board of Directors on 12 December 2019 and were signed on its behalf by:

G R Wingfield Digby - Director

1.	Statutory information

5th Property Trading 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 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost. Monetary items which are denominated in foreign

currencies, such as loans which form part of the net investment in the subsidiary undertaking, are translated into

sterling at the balance sheet date.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Monetary items which are denominated in foreign currency, such as loans receivable which form part of the net

investment in the subsidiary undertaking, are translated into sterling at the balance sheet date with the gain or

loss on translation being recognised in Other Comprehensive Income. This is a departure from Section 30 of

Financial Reporting Standard 102, which requires that any gain or loss on translation be recognised in the

Income Statement.

This departure is a true and fair override as the settlement of the loan balances which form part of the net

investment in the subsidiary undertaking is neither planned, nor likely to occur in the foreseeable future,

therefore it is believed that the recognition of temporary differences in exchange rates in the Income Statement

would be misleading in these circumstances.

Going concern

The directors have made an assessment of the company's ability to continue as a going concern and have

identified that 5th Property Trading Poland Sp Zoo, a company that 5th Property Trading Ltd has a 100% stake

in, has net liabilities at the year end of £254,340. The Directors have not written down the value of the company's

investment in 5th Property Trading Poland Sp Zoo because they believe that the fall in the value of the

properties owned in Poland is temporary and that 5th Property Trading Poland Sp Zoo will have net assets at 31

March 2020.

3.	Fixed asset investments

31/3/19

31/3/18

£

£

Shares in group undertakings

10,150

10,150

Loans to group undertakings

792,737

2,813,933

802,887

2,824,083

Additional information is as follows:

Shares in

group

undertakings

£

Cost

At 1 April 2018

and 31 March 2019

10,150

Net book value

At 31 March 2019

10,150

At 31 March 2018

10,150

Loans to

group

undertakings

£

At 1 April 2018

2,813,933

New in year

272,912

Transfer to debtors

(2,294,108

)

At 31 March 2019

792,737

The long term loans receivable from its subsidiary company 5th Property Trading Poland Sp Zoo are included as

part of the net investment in the company.

4.

Debtors: amounts falling due within one year

31/3/19

31/3/18

£

£

Other debtors

2,294,108

-

5.

Creditors: amounts falling due within one year

31/3/19

31/3/18

£

£

Trade creditors

13,236

13

Other creditors

124,765

37,179

138,001

37,192

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/19

31/3/18

value:

£

£

406,247

Ordinary

£1

406,247

325,000

81,247 Ordinary shares of £1 each were allotted as fully paid at a premium of £3.85 per share during the year.

7.

Reserves

Foreign

exchange

Retained

Share

translation

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2018

2,384,602

-

64,089

2,448,691

Deficit for the year

(152,823

)

(152,823

)

Unrealised exchange gains

-

-

(54,899

)

(54,899

)

Cash share issue

-

312,801

-

312,801

At 31 March 2019

2,231,779

312,801

9,190

2,553,770

The foreign exchange translation reserve is made up of the unrealised foreign exchange profits of £11,346 arising

from the retranslation at the year end of the zlotys loans receivable that are included in investments less the

deferred tax of £2,156 that would be payable if these loans were repaid.

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Rodney Style ACA (Senior Statutory Auditor)

for and on behalf of Haines Watts

9.	Related party disclosures

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.

During the year the company paid fees of £97,232 (2018 - £75,687) to First Property Group Plc who has a 40.6%

shareholding in 5th Property Trading Ltd. First Property Group Plc also advanced an interest free loan of

£120,000 to the company in the year which is included in creditors at the year end.

10.	Ultimate controlling party

There is no ultimate controlling party.