Nordic Properties Limited - Abbreviated accounts 16.1

Nordic Properties Limited - Abbreviated accounts 16.1

NORDIC PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 09739015 (England and Wales)















Abbreviated Unaudited Accounts

for the Period 19 August 2015 to 31 March 2016

for

Nordic Properties Limited

Nordic Properties Limited (Registered number: 09739015)






Contents of the Abbreviated Accounts
for the Period 19 August 2015 to 31 March 2016




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

Nordic Properties Limited

Company Information
for the Period 19 August 2015 to 31 March 2016







DIRECTORS: K Sibast
G Elliott





REGISTERED OFFICE: Unit 4 8 Walmgate Road
Perivale
Greenford
Middlesex
UB6 7LH





REGISTERED NUMBER: 09739015 (England and Wales)





ACCOUNTANTS: Landstar Accountancy Ltd
Office 16
64-66 Wingate Square
Clapham
London
SW4 0AF
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Nordic Properties Limited (Registered number: 09739015)

Abbreviated Balance Sheet
31 March 2016

Notes £    £   
FIXED ASSETS
Investment property 2 3,019,045

CURRENT ASSETS
Debtors 802,815
Investments 240,476
Cash at bank 12,330
1,055,621
CREDITORS
Amounts falling due within one year 1,054,396
NET CURRENT ASSETS 1,225
TOTAL ASSETS LESS CURRENT LIABILITIES 3,020,270

CREDITORS
Amounts falling due after more than one year 3,037,133
NET LIABILITIES (16,863 )

CAPITAL AND RESERVES
Called up share capital 3 1
Profit and loss account (16,864 )
SHAREHOLDERS' FUNDS (16,863 )

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 2 December 2016 and were signed on its behalf by:





K Sibast - Director


The notes form part of these abbreviated accounts

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Nordic Properties Limited (Registered number: 09739015)

Notes to the Abbreviated Accounts
for the Period 19 August 2015 to 31 March 2016

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).

Investment property
In accordance with the FRSSE the investment properties are shown at their market value as at the balance sheet date.
The Investment Properties are not depreciated which is a departure from the Companies Act 2006 required to give a
true and fair view in accordance with the FRSSE.

The valuation to market value at balance sheet date was made by Kristian Sibast, Director of the Company on the
basis of an arm's length sale at market value.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of
transaction. Exchange differences are taken into account in arriving at the operating result.

2. INVESTMENT PROPERTY

In accordance with the FRSSE the investment properties are shown at their market value as at the balance sheet date.
The Investment Properties are not depreciated which is a departure from the Companies Act 2006 required to give a
true and fair view in accordance with the FRSSE.

The valuation to market value at balance sheet date was made by Kristian Sibast, Director of the Company on the
basis of an arm's length sale at market value.

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
100 Ordinary £0.01 1

4. RELATED PARTY DISCLOSURES

The below is a summary of the directors transactions with the company during the period:

K SIBAST:
A loan of $1,513,142, which at closing balance sheet equated to £1,052,229 was provided to the company to fund
acquisition of the share capital at premium in Sibast Properties Inc as well as advancing funds to said company. The
loan relationship is between K Sibast and Nordic Properties Ltd (UK). This is interest free and repayable upon
demand.

Further loans and advances, denominated in sterling, totalling £3,037,133 were made to Nordic Properties Ltd. These
loans are long term, interest free and not repayable upon demand.


Going Concern:
The Going concern basis has been adopted despite negative reserves. The Director has assessed this as appropriate
as the company has positive current assets and the balance of funding of the company is long term, interest free loans
from the Company Directors which are not repayable upon demand.

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