Ground Rent Trading (Liverpool) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06339801 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

GROUND RENT TRADING (LIVERPOOL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

8

DIRECTOR:

L C Freilich

SECRETARY:

S S Freilich

REGISTERED OFFICE:

5 Sentinel Square

Hendon

London

NW4 2EL

REGISTERED NUMBER:

06339801 (England and Wales)

ACCOUNTANTS:

The Paris Partnership LLP

Chartered Accountants

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

FIXED ASSETS

Investment property

4

193,996

126,496

CURRENT ASSETS

Debtors

5

277,892

326,142

Cash at bank

349

11

278,241

326,153

CREDITORS

Amounts falling due within one year

6

(73,256

)

(41,972

)

NET CURRENT ASSETS

204,985

284,181

TOTAL ASSETS LESS CURRENT LIABILITIES

398,981

410,677

CREDITORS

Amounts falling due after more than one year

7

(378,000

)

(398,000

)

PROVISIONS FOR LIABILITIES

(10,306

)

(5,721

)

NET ASSETS

10,675

6,956

CAPITAL AND RESERVES

Called up share capital

8

100

100

Fair value reserve

9

51,532

28,605

Retained earnings

9

(40,957

)

(21,749

)

SHAREHOLDERS' FUNDS

10,675

6,956

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 28 September 2017 and were signed by:

L C Freilich - Director

1.	STATUTORY INFORMATION

Ground Rent Trading (Liverpool) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 invoiced ground rents on investment properties and insurance commissions received.

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.

No depreciation is provided in respect of these properties in accordance with FRS 102. This is a departure from

the requirements of the Companies Act 2006 that depreciation is charged to systematically write off the cost of

assets over their useful economic lives. These properties are held primarily for investment and any trading

income derived from them is incidental. As such, the director considers depreciation of these properties to be

inappropriate. The policy adopted is considered necessary for the financial statements to give a true and fair

view.

Cash and cash equivalent

Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid

investments with original maturities of three months or less.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured

at transaction price including transaction and where material are subsequently measured at amortised cost using

the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and where material the changes in fair value are recognised in the Statement

of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and

whose fair value cannot be measured reliably are measured at cost less impairment

Interest is recognised by applying the effective interest rate, except for short-term receivables when the

recognition of interest would be immaterial. The effective interest method is a method of calculating the

amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective

interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt

instrument to the net carrying amount on initial recognition

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from company undertakings that are

classified as debt are initially measured at transaction price unless the arrangement constitutes a financing

transaction, where the debt instrument is measured at the present value of the future payments discounted at

the market rate of interest .

Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in

the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a

payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are

initially recognised at transaction price and where material are subsequently measured at amortised cost using

the effective interest method

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

126,496

Additions

44,573

Revaluations

22,927

At 31 December 2016

193,996

NET BOOK VALUE

At 31 December 2016

193,996

At 31 December 2015

126,496

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2014

51,532

Cost

142,464

193,996

If investment property had not been revalued it would have been included at the following historical cost:

2016

2015

£

£

Cost

102,218

97,891

Investment property was valued on an open market basis on 31 December 2014 by the director .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

6,071

23,931

Amounts owed by group undertakings

36,000

-

Other debtors

235,821

302,211

277,892

326,142

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Amounts owed to group undertakings

1,968

1,968

Taxation and social security

-

1,199

Other creditors

71,288

38,805

73,256

41,972

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other creditors

378,000

398,000

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

290,000

310,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2016

(21,749

)

28,605

6,856

Deficit for the year

(19,208

)

(19,208

)

Revaluation reserve

-

22,927

22,927

At 31 December 2016

(40,957

)

51,532

10,575

10.	RELATED PARTY DISCLOSURES

L C Freilich

A shareholder and director of the company

Included in other creditors are loan notes of £200,000 (2015: £210,000) due to Mr L C Freilich. During the year

net interest of £3,283 (2015: £6,886) was paid to Mr L C Freilich on these loan notes.

2016

2015

£

£

Amount due to related party at the balance sheet date

200,000

210,000

Moreland Estate Property Management Limited

A company under common control

During the year the company incurred management fees and recharges of £Nil (2015: £14,434) from Moreland

Estate Property Management Limited. At the balance sheet date £nil (2015: £nil) was owed in respect of these

fees.

Included in other debtors is a balance of £210,755 (2015: £283,873) which represents interest free loans

outstanding at the balance sheet date.

2016

2015

£

£

Amount due from related party at the balance sheet date

210,755

283,873

Mrs S Freilich

A shareholder of this company

Included in other creditors are loan notes of £200,000 (2015: £210,000) due to Mrs S Freilich. During the year

net interest of £3,283 (2015: £1,721) was paid to Mrs S Freilich on these loan notes.

2016

2015

£

£

Amount due to related party at the balance sheet date

200,000

210,000

MW Freeholds Limited

A company under common control

2016

2015

£

£

Amount due to related party at the balance sheet date

1,968

1,968

Yishlet Limited

A company under the control of a close family member of the director

2016

2015

£

£

Amount due from related party at the balance sheet date

15,000

15,000

Ground Rent Trading Investment Ltd

A company under common control

2016

2015

£

£

Amount due from related party at the balance sheet date

36,000

-

Chancery Lane Investments Limited

A company under common control

During the year Chancery Lane Investments Limited paid £9,000 on behalf of the company. The amount is

repayable on demand.

2016

2015

£

£

Amount due from related party at the balance sheet date

9,000

-

11.	ULTIMATE CONTROLLING PARTY

12.	FIRST YEAR ADOPTION

FRS 102 (Section 1A) was adopted on 1 January 2016. The transition has resulted in the requirement for a

provision for deferred tax. Therefore the comparatives have been restated. The reconciliation between the old

and the new framework is shown in the Reconciliation of Equity at 1 January 2015 and 31 December 2015. The

last Financial Statements date reported under the previous framework was 31 December 2015.

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Ground Rent Trading (Liverpool) Limited for the year ended 31 December 2016 which comprise

the Income Statement, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Ground Rent Trading (Liverpool) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ground Rent Trading (Liverpool) Limited and state those matters that we have agreed to state to the director of Ground Rent Trading (Liverpool) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ground Rent Trading (Liverpool) Limited director for our work or for this report.

It is your duty to ensure that Ground Rent Trading (Liverpool) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ground Rent Trading (Liverpool) Limited. You consider that Ground Rent Trading (Liverpool) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ground Rent Trading (Liverpool) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Paris Partnership LLP

Chartered Accountants

Russell House

140 High Street

Edgware

Middlesex

HA8 7LW

28 September 2017