Golden Key Estates Limited Filleted accounts for Companies House (small and micro)

Golden Key Estates Limited Filleted accounts for Companies House (small and micro)

GOLDEN KEY ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 1932727
GOLDEN KEY ESTATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 March 2019
GOLDEN KEY ESTATES LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 1 APRIL 2018 TO 30 MARCH 2019
CONTENTS
PAGE
Officers and professional advisers
1
Balance sheet
2
Notes to the financial statements
4
GOLDEN KEY ESTATES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
DIRECTOR
J Rahamim
REGISTERED OFFICE
New Burlington House
1075 Finchley Road
London
NW11 0PU
GOLDEN KEY ESTATES LIMITED
BALANCE SHEET
30 March 2019
30 Mar 19
31 Mar 18
Note
£
£
£
£
FIXED ASSETS
Investment Properties
5
673,000
573,000
CURRENT ASSETS
Debtors
6
227,835
77,237
Cash at bank and in hand
354
2,937
----------
---------
228,189
80,174
CREDITORS: amounts falling due within one year
7
( 10,301)
( 24,370)
----------
---------
NET CURRENT ASSETS
217,888
55,804
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
890,888
628,804
CREDITORS: amounts falling due after more than one year
8
( 380,640)
( 212,869)
PROVISIONS
Taxation including deferred tax
( 59,000)
( 42,000)
----------
----------
NET ASSETS
451,248
373,935
----------
----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
451,148
373,835
----------
----------
SHAREHOLDERS FUNDS
451,248
373,935
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the period ending 30 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GOLDEN KEY ESTATES LIMITED
BALANCE SHEET (continued)
30 March 2019
These financial statements were approved by the board of directors and authorised for issue on 11 June 2020 , and are signed on behalf of the board by:
J Rahamim
Director
Company registration number: 1932727
GOLDEN KEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 APRIL 2018 TO 30 MARCH 2019
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared under the historical cost convention except that investment property is measured at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in note 9.
Acquisition and disposal of properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Turnover
The turnover shown in the Profit & Loss account represents amounts invoiced during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned. Any gain or loss arising from a change in fair value is recognised in the profit and loss account.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial instruments Trade and other debtors Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument. Trade and other creditors Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to Nil (2018: Nil).
5. INVESTMENT PROPERTIES
Freehold property
£
Fair value
At 1 April 2018
573,000
Revaluations
100,000
----------
At 30 March 2019
673,000
----------
Carrying amount
At 30 March 2019
673,000
----------
At 31 March 2018
573,000
----------
Investment Properties held at valuation
The company's investment properties are included in the Financial Statements at Directors' valuation. Valuation techniques and key inputs The company's residential apartments were valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition. Historical cost model The historical cost of investment properties at 30 March 2019 is £232,277 (2018: £232,277).
6. DEBTORS
30 Mar 19
31 Mar 18
£
£
Other debtors
227,835
77,237
----------
---------
Included in Other debtors is an amount of £212,637 (2018: £59,589) due from Mr J Rahamim , a director of the company. Interest is charged at 2.5% and the loan is repayable on demand.
7. CREDITORS: amounts falling due within one year
30 Mar 19
31 Mar 18
£
£
Corporation tax
1,258
1,744
Other creditors
9,043
22,626
---------
---------
10,301
24,370
---------
---------
8. CREDITORS: amounts falling due after more than one year
30 Mar 19
31 Mar 18
£
£
Bank loans and overdrafts
380,640
212,869
----------
----------
Bank Loans are secured by legal charges over certain of the company's properties with a book value of £600,000 (2018: £500,000).
9. ACCOUNTING ESTIMATES AND JUDGEMENTS
Property valuations
The valuation of the company's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
10. DIRECTORS' INTERESTS IN CONTRACTS
Mr J Rahamim, director of the company, has given a personal guarantee, limited to £380,640 as part security for the Bank Loan.