Basic Properties Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 04719310 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

BASIC PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I J Rose

J D Rose

SECRETARY:

I J Rose

REGISTERED OFFICE:

5-9 Eden Street

Kingston Upon Thames

Surrey

KT1 1BQ

REGISTERED NUMBER:

04719310 (England and Wales)

ACCOUNTANTS:

Collards

Chartered Accountants

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

FIXED ASSETS

Tangible assets

3

6,660

8,880

Investment property

4

3,100,000

1,446,139

3,106,660

1,455,019

CURRENT ASSETS

Debtors

5

30,326

73

Investments

6

1

1

Cash at bank

14,839

26,437

45,166

26,511

CREDITORS

Amounts falling due within one year

7

539,813

610,120

NET CURRENT LIABILITIES

(494,647

)

(583,609

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,612,013

871,410

PROVISIONS FOR LIABILITIES

332,104

1,780

NET ASSETS

2,279,909

869,630

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Other reserves

1,323,089

-

Retained earnings

955,820

868,630

SHAREHOLDERS' FUNDS

2,279,909

869,630

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 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 Board of Directors on 24 July 2017 and were signed on its behalf by:

I J Rose - Director

1.	STATUTORY INFORMATION

Basic 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

Tangible fixed assets

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

Investment property

The investment properties have been valued at fair value as required by FRS 102. This is the company's first year adoption

of the new standard.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

11,100

DEPRECIATION

At 1 April 2016

2,220

Charge for year

2,220

At 31 March 2017

4,440

NET BOOK VALUE

At 31 March 2017

6,660

At 31 March 2016

8,880

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

1,446,139

Revaluations

1,653,861

At 31 March 2017

3,100,000

NET BOOK VALUE

At 31 March 2017

3,100,000

At 31 March 2016

1,446,139

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2017

1,653,861

Cost

1,446,139

3,100,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

30,326

73

6.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Investments

1

1

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

-

(1

)

Amounts owed to group undertakings

84,500

84,500

Taxation and social security

22,241

7,088

Other creditors

433,072

518,533

539,813

610,120

8.	RELATED PARTY DISCLOSURES

Included in other creditors are loans form the two directors, I J Rose and J D Rose, totalling £388,600 (2016 - £474,600).

The loans, which are equally split between the two, are interest free and repayable on demand.

Also included in creditors is a loan of £84,500 (2015 - £84,500) from Mountview Freehold Limited, a company jointly

controlled by the two directors. The loan is interest free and repayable on demand.