Netcourt Properties Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 03740809 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

NETCOURT PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K K Mandalia

SECRETARY:

D K Mandalia

REGISTERED OFFICE:

114-116 Goodmayes Road

Ilford

Essex

IG3 9UZ

REGISTERED NUMBER:

03740809 (England and Wales)

ACCOUNTANTS:

Ashfords Partnership LLP

114 - 116 Goodmayes Road

Ilford

Essex

IG3 9UZ

FIXED ASSETS

Tangible assets

3

-

5,986,211

Investment property

4

6,215,000

-

6,215,000

5,986,211

CURRENT ASSETS

Debtors

5

9,314

100

Cash at bank

22,466

48,668

31,780

48,768

CREDITORS

Amounts falling due within one year

6

89,290

957,615

NET CURRENT LIABILITIES

(57,510

)

(908,847

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,157,490

5,077,364

CREDITORS

Amounts falling due after more than one year

7

(1,601,001

)

(865,261

)

PROVISIONS FOR LIABILITIES

(630,000

)

-

NET ASSETS

3,926,489

4,212,103

CAPITAL AND RESERVES

Called up share capital

5

5

Revaluation reserve

9

3,172,614

3,172,614

Retained earnings

753,870

1,039,484

SHAREHOLDERS' FUNDS

3,926,489

4,212,103

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

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

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 7 November 2016 and were signed by:

K K Mandalia - Director

1.	STATUTORY INFORMATION

Netcourt Properties Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income receivable in the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

5% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Deferred tax

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

sheet date as well as on Investment property revaluations.

3.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2015

6,215,000

Reclassification/transfer

(6,215,000

)

At 31 March 2016

-

DEPRECIATION

At 1 April 2015

228,789

Charge written back

(228,789

)

At 31 March 2016

-

NET BOOK VALUE

At 31 March 2016

-

At 31 March 2015

5,986,211

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Reclassification/transfer

6,215,000

At 31 March 2016

6,215,000

NET BOOK VALUE

At 31 March 2016

6,215,000

Cost or valuation at 31 March 2016 is represented by:

£

Valuation in 2015

3,172,614

Cost

3,042,386

6,215,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

£

Chetan Wholesalers current

account

8,777

-

Prepayments

537

100

9,314

100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

£

Bank loans and overdrafts

40,255

-

Tax

28,944

34,550

Income tax payable

4,452

6,312

Amount due to Hermmain

Properties Ltd

-

899,090

Loan interest payable

11,357

16,014

Loan interest on Directors Ln

2,602

-

Accrued expenses

1,680

1,649

89,290

957,615

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.16

31.3.15

£

£

Bank loans - 2-5 years

445,705

-

L G Adeshara Loan

190,000

190,000

Chetan Wholesalers Ltd Loan

878,551

588,516

Directors loan account

86,745

86,745

1,601,001

865,261

31.3.16

31.3.15

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

L G Adeshara Loan

190,000

190,000

Chetan Wholesalers Ltd Loan

878,551

588,516

1,068,551

778,516

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.16

31.3.15

£

£

Bank loans

485,960

-

The Bank Loan is secured by a charge on the Company's freehold property.

9.

RESERVES

Revaluation

reserve

£

At 1 April 2015

and 31 March 2016

3,172,614

10.	ULTIMATE CONTROLLING PARTY

The Company is under the control of Mr K K Mandalia, Mr D K Mandalia, Mr D K Mandalia and

Mr N K Mandalia by virtue of their beneficial shareholding in the Company.

11.	GOING CONCERN

The accounts have been prepared on a going concern basis on the assumption that the company will continue to

receive adequate financial assistance from its Bankers, Directors and Shareholders.