Abolo Investment Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09269715 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

ABOLO INVESTMENT PROPERTIES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr D Mawji

REGISTERED OFFICE:

869 High Road

London

N12 8QA

REGISTERED NUMBER:

09269715 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Tangible assets

4

555

739

Investment property

5

6,671,322

6,671,322

6,671,877

6,672,061

CURRENT ASSETS

Debtors

6

142,996

123,858

Cash at bank

51,236

7,245

194,232

131,103

CREDITORS

Amounts falling due within one year

7

4,782,176

4,638,018

NET CURRENT LIABILITIES

(4,587,944

)

(4,506,915

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,083,933

2,165,146

CREDITORS

Amounts falling due after more than one year

8

2,050,514

2,146,321

NET ASSETS

33,419

18,825

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

33,319

18,725

SHAREHOLDERS' FUNDS

33,419

18,825

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 25 February 2020 and were signed by:

Mr D Mawji - Director

1.	STATUTORY INFORMATION

Abolo Investment Properties Ltd 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.

The financial statements have been prepared on a going concern basis as the director is satisfied that the

company will have adequate resources to meet its liabilities to third parties as they fall due.

TURNOVER

Turnover represent rent receivable, 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 cost

INVESTMENT PROPERTY

Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement.

Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No

depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the

generally accepted accounting principle set out in FRS 102 (Section 1A). The director considers that, because

these properties are not held for consumption but for their investment potential, to depreciate them would not

give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair

view. If this departure from the Act had not been made, the profits for the financial year would have been

decreased by the amount of depreciation.

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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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 (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2018

and 31 May 2019

1,752

DEPRECIATION

At 1 June 2018

1,013

Charge for year

184

At 31 May 2019

1,197

NET BOOK VALUE

At 31 May 2019

555

At 31 May 2018

739

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2018

and 31 May 2019

6,671,322

NET BOOK VALUE

At 31 May 2019

6,671,322

At 31 May 2018

6,671,322

Investment properties were valued on a fair value basis, on the 31 May 2019, by the director.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

708

Amounts owed by group undertakings

138,346

118,500

Other debtors

4,650

4,650

142,996

123,858

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

214,595

91,276

Amounts owed to group undertakings

4,440,975

4,442,310

Taxation and social security

56,419

32,631

Other creditors

70,187

71,801

4,782,176

4,638,018

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

2,050,514

2,146,321

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,653,538

1,781,216

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

2,265,109

2,237,597

The loans are secured by way of a fixed and floating charge over the assets of the company.

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY