Finlaw 450 Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05011190 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 January 2016

for

Finlaw 450 Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

N Zamek

SECRETARY:

N C Zamek

REGISTERED OFFICE:

The Office

Inglewood Mansions

289 West End Lane

London

NW6 1RE

REGISTERED NUMBER:

05011190 (England and Wales)

ACCOUNTANTS:

CAAS

Chartered Accountants

Suite 203, 2nd Floor

China House

401 Edgware Road

London

NW2 6GY

FIXED ASSETS

Investment property

2

7,392,624

CURRENT ASSETS

Debtors

1,083,706

1,092,113

Cash at bank

21,822

-

1,105,528

1,092,113

CREDITORS

Amounts falling due within one year

3

828,338

951,200

NET CURRENT ASSETS

277,190

140,913

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,669,814

7,533,537

CREDITORS

Amounts falling due after more than one
year

3

5,418,141

5,501,397

NET ASSETS

2,251,673

2,032,140

CAPITAL AND RESERVES

Called up share capital

4

2

Revaluation reserve

1,588,481

Profit and loss account

663,190

443,657

SHAREHOLDERS' FUNDS

2,251,673

2,032,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 25 October 2016 and were signed by:

N Zamek - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents rent receivable excluding value added tax. Revenue is recognised over the period of rental.

Investment property

Investment properties are shown at their market value.

In accordance with the Financial Reporting Standard for Small Entities (effective January 2008), investment

properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. No

depreciation is provided on investment properties, except for properties held on lease, which shall be depreciated

over the period when the unexpired term is 20 years or less.

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

generally accepted accounting principle set out in FRSSE. The directors consider that because the properties are

not held for resale but for their investment potential, to depreciate them would not give a true and fair view.

Depreciation is only one of the many factors reflected in the annual valuation and the amount which might

otherwise have been shown cannot be separately identified or quantified.

Deferred tax

Deferred tax is accounted for on an undiscounted basis at expected tax rates on all differences arising from the

inclusion of items of income and expenditure in taxation computations in periods different from those in which

they are included in the financial statements. A deferred tax asset is only recognised when it is more likely than

not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the

underlying timing differences can be deducted.

Trade debtors

Trade debtors are carried at original net invoice amount less an estimate for doubtful debtors. Bad debts are

written off when identified. Specific provisions are made against debts whose recovery is considered doubtful.

Provisions and accruals

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and

the amount can be reliably estimated. Provisions are not recognised for future operating losses.

2.	INVESTMENT PROPERTY

Total

£

COST

At 1 February 2015

and 31 January 2016

7,392,624

NET BOOK VALUE

At 31 January 2016

7,392,624

At 31 January 2015

7,392,624

3.

CREDITORS

Creditors include an amount of £ 5,418,141 (31.1.15 - £ 5,501,397 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.16

31.1.15

value:

£

2

Ordinary

£1

2