ACCOUNTS - Final Accounts

ASSURED PROPERTY FINANCE LIMITED - Company Information

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Registered number: 10084642

ASSURED PROPERTY FINANCE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

ASSURED PROPERTY FINANCE LIMITED

COMPANY INFORMATION

Directors	H T Smith
	C Reynolds


Registered number	10084642


Registered office	1st Floor, Kirkdale House
	7 Kirkdale Road
	Leytonstone
	London
	E11 1HP

ASSURED PROPERTY FINANCE LIMITED

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 5

ASSURED PROPERTY FINANCE LIMITED

REGISTERED NUMBER: 10084642

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2019

	2019	2019	2018	2018
Note	£	£	£	£


Current assets
Debtors: amounts falling due within one year	4	3,900,037		5,453,271
Cash at bank and in hand	5	321,380		101,099
		4,221,417		5,554,370
Creditors: amounts falling due within one year	6	(4,112,473)		(5,768,724)
Net current assets/(liabilities)			108,944		(214,354)
Total assets less current liabilities			108,944		(214,354)

Net assets/(liabilities)			108,944		(214,354)

Capital and reserves
Called up share capital	100	100
Profit and loss account	108,844	(214,454)
	108,944	(214,354)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2020.

Page 1

ASSURED PROPERTY FINANCE LIMITED

REGISTERED NUMBER: 10084642

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2019

................................................

C Reynolds

Director

Page 2

ASSURED PROPERTY FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2019

1.	General information

Assured Property Finance Limited is a limited company domiciled and incorporated in England and Wales. The registered office is First floor Kirkdale House, Kirkdale Road, Leytonstone, London, E11 1HP

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised by the company in respect of fees and interest receivable.

2.3

Loans receivable

Loans are stated as the amount receivable less provisions. The impairment policy is based on the likelihood of any loan defaulting and the estimated loss on such a default. Specific provisions are made when the directors consider that the recoverability of the loan is in part or in whole doubtful. Impairment provisions are charged to the profit and loss account.

2.4

Taxation

The tax expense represents the tax currently payable.
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

2.5

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

ASSURED PROPERTY FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2019

2.Accounting policies (continued)

2.7

Financial instruments

Basic financial instruments are measured at cost. The Company has no financial instruments measured at fair value or classified as a financial instrument under FRS 102.

3.	Taxation
		2019	2018
		£	£

	Corporation tax on profits for the year	-	188
	Total current tax	-	188

Debtors

					2019	2018
					£	£


Loans receivable	3,900,037	5,447,581
Other debtors	-	5,690
	3,900,037	5,453,271

5.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	321,380	101,099
	321,380	101,099

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	282	78
Other creditors	4,112,191	5,768,646
	4,112,473	5,768,724

Page 4

ASSURED PROPERTY FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2019

7.	Share capital
		2019	2018
		£	£

Authorised, allotted, called up and fully paid

100 (2018 - 100) Ordinary shares of £1.00 each	100	100

8.	Related party transactions
	At the year end the Company owed £3,238,367 (2018: £4,919,731) to companies in which H T Smith is a director. At the year end the Company was owed £Nil (2018: £5,690) from an LLP in which H T Smith is a director of a member.

Page 5