Diplomatic Properties Limited Filleted accounts for Companies House (small and micro)

DIPLOMATIC PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03731689

DIPLOMATIC PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2019

DIPLOMATIC PROPERTIES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2019

CONTENTS	PAGES

Balance sheet	1 to 2

Notes to the financial statements	3 to 7

DIPLOMATIC PROPERTIES LIMITED

BALANCE SHEET

30 September 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		2,035,840		2,022,720

CURRENT ASSETS

Debtors	6	917,998	939,011
Cash at bank and in hand		52,122	75,689
		----------	-------------
		970,120	1,014,700

CREDITORS: amounts falling due within one year	7	( 639,857)		( 662,499)
		----------		-------------
NET CURRENT ASSETS			330,263		352,201
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			2,366,103		2,374,921

PROVISIONS

Deferred tax	8	( 369,061)	( 369,061)
		-------------	-------------
NET ASSETS		1,997,042	2,005,860
		-------------	-------------

DIPLOMATIC PROPERTIES LIMITED

BALANCE SHEET (continued)

30 September 2019

	2019		2018
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	9	100	100
Profit and loss account		1,996,942	2,005,760
		-------------	-------------
SHAREHOLDERS FUNDS		1,997,042	2,005,860
		-------------	-------------

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 year ending 30 September 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 year 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 .

These financial statements were approved by the board of directors and authorised for issue on 25 June 2020 , and are signed on behalf of the board by:

Mr A C Rapaport
Director

Company registration number: 03731689

DIPLOMATIC PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 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 on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The valuation of investment properties 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.

Turnover

The turnover of the company is represented by rents and charges receivable in respect of its investment properties.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. For investment property that is measured at fair value, deferred tax is provided at the rate and allowances applicable to the sale of the property.

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 Director based on his understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals 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. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & Fittings	-	25% reducing balance

No depreciation is provided in respect of freehold or long leasehold investment properties.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2018: 5 ).

5. TANGIBLE ASSETS

	Investment properties	Fixtures and fittings	Total
	£	£	£
Fair value
At 1 October 2018	2,022,000	3,309	2,025,309
Additions	13,300	–	13,300
	-------------	-------	-------------
At 30 September 2019	2,035,300	3,309	2,038,609
	-------------	-------	-------------
Depreciation
At 1 October 2018	–	2,589	2,589
Charge for the year	–	180	180
	-------------	-------	-------------
At 30 September 2019	–	2,769	2,769
	-------------	-------	-------------
Carrying amount
At 30 September 2019	2,035,300	540	2,035,840
	-------------	-------	-------------
At 30 September 2018	2,022,000	720	2,022,720
	-------------	-------	-------------

The Company's investment properties were valued by the Director, based on his understanding of property market conditions and the specific properties concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the investment properties is £60,856.

6. DEBTORS

	2019	2018
	£	£
Trade debtors	10,854	14,369
Amounts owed by group members	4,797	4,797
Other debtors	902,347	919,845
	----------	----------
	917,998	939,011
	----------	----------

7. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	10,334	8,393
Amounts owed to group members	163,397	162,530
Corporation tax	4,635	5,761
Social security and other taxes	1,069	399
Other creditors	460,422	485,416
	----------	----------
	639,857	662,499
	----------	----------

8. PROVISIONS

	Deferred tax
	£
At 1 October 2018 and 30 September 2019	369,061
	----------

The provision for deferred tax is in relation to timing differences in respect of the fair value adjustment of investment properties.

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. EVENTS AFTER THE END OF THE REPORTING PERIOD

The investment properties have been included in the Financial Statements at their fair value on the Balance Sheet Date. The Coronavirus Pandemic may have an impact on the value of the investment properties, which currently cannot be quantified.

11. RELATED PARTY TRANSACTIONS

(i) Included in Other debtors are loans aggregating £872,779 due from companies connected with the director. The loans are interest-free and repayable on demand. (ii) Included in Other creditors are loans aggregating £397,635 due to companies connected with the director. The loans are interest-free and repayable on demand.

12. PARENT UNDERTAKING

The Company is a wholly owned Subsidiary of Sarama Limited, a Company registered in England.