Raffis Limited - Accounts to registrar - small 17.1

Raffis Limited - Accounts to registrar - small 17.1

RAFFIS LIMITED - Company Information

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REGISTERED NUMBER: 06535789 (England and Wales)















Financial Statements for the Year Ended 31 December 2016

for

Raffis Limited

Raffis Limited (Registered number: 06535789)






Contents of the Financial Statements
for the Year Ended 31 December 2016




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Raffis Limited

Company Information
for the Year Ended 31 December 2016







DIRECTOR: D Spiro





SECRETARY: Mrs M Spiro





REGISTERED OFFICE: 10-14 Accommodation Road
Golders Green
London
NW11 8ED





REGISTERED NUMBER: 06535789 (England and Wales)





ACCOUNTANTS: Grunberg & Co Limited
Chartered Accountants
10-14 Accommodation Road
Golders Green
London
NW11 8ED
Page 1
Raffis Limited (Registered number: 06535789)

Statement of Financial Position
31 December 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,809 -

CURRENT ASSETS
Stocks 5 818,285 678,065
Debtors 6 157,969 146,213
Cash at bank 224,166 163,989
1,200,420 988,267
CREDITORS
Amounts falling due within one year 7 167,433 106,369
NET CURRENT ASSETS 1,032,987 881,898
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,034,796
881,898

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,034,795 881,897
SHAREHOLDERS' FUNDS 1,034,796 881,898

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 15 May 2017 and were signed by:





D Spiro - Director


The notes form part of these financial statements

Page 2
Raffis Limited (Registered number: 06535789)

Notes to the Financial Statements
for the Year Ended 31 December 2016

1. STATUTORY INFORMATION

Raffis 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.

Turnover
Turnover represents sales of ground rents and income from ground rents receivable and insurance commissions
receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction. Such assets are subsequently carried at amortised cost using the
effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.
Such instruments are subsequently carried at amortised cost using the effective interest method, less any
impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or
substantively enacted by the statement of financial position date.


Page 3 continued...
Raffis Limited (Registered number: 06535789)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2015 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
Additions 2,700
At 31 December 2016 2,700
DEPRECIATION
Charge for year 891
At 31 December 2016 891
NET BOOK VALUE
At 31 December 2016 1,809

5. STOCKS
2016 2015
£    £   
Stock of ground rent properties 818,285 678,065

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Trade debtors 5,721 13,475
Other debtors 5,587 8,593
Amounts owed by related
companies 146,293 123,757
Prepayments and accrued income 368 388
157,969 146,213

Page 4 continued...
Raffis Limited (Registered number: 06535789)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2016

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Trade creditors 111,646 60,645
Corporation tax 37,783 27,629
Social security and other taxes 923 351
Directors' current accounts 12,308 12,936
Accrued expenses 4,773 4,808
167,433 106,369

8. FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102 Section 1A small entities. The date of
transition is 1 January 2015.

No material transitional adjustments were required in equity or profit and loss for the period.

Page 5