Square Mile Business Services Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04675506 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2017

for

Square Mile Business Services Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Investment property

4

400,000

375,000

CURRENT ASSETS

Cash at bank

8,775

4,323

CREDITORS

Amounts falling due within one year

5

18,658

21,009

NET CURRENT LIABILITIES

(9,883

)

(16,686

)

TOTAL ASSETS LESS CURRENT LIABILITIES

390,117

358,314

CREDITORS

Amounts falling due after more than one year

6

(132,157

)

(132,157

)

PROVISIONS FOR LIABILITIES

(31,859

)

(30,564

)

NET ASSETS

226,101

195,593

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

8

209,668

185,963

Retained earnings

16,431

9,628

SHAREHOLDERS' FUNDS

226,101

195,593

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 26 October 2017 and were signed by:

S M Herman - Director

1.	STATUTORY INFORMATION

Square Mile Business Services Limited is a private company, limited by shares, registered in England and Wales.

The company's registered number is 04675506 and registered office address is Treviot House, 186-192 High

Road, Ilford, Essex, IG1 1LR.

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.

Turnover

Turnover represents the total rent receivable for the year.

Investment property

Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred

taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet 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.

Going concern

The balance sheet recorded net current liabilities. However, the director believes that sufficient finance is

available to the business to enable it to continue trading into the foreseeable future. Therefore, the financial

statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 29 February 2016

375,000

Revaluations

25,000

At 28 February 2017

400,000

NET BOOK VALUE

At 28 February 2017

400,000

At 28 February 2016

375,000

Fair value at 28 February 2017 is represented by:

£

Valuation in 2015

191,527

Valuation in 2016

25,000

Valuation in 2017

25,000

Cost

158,473

400,000

The investment property was valued on a fair value basis on 28 February 2017 by the director .

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

-

673

Taxation and social security

1,701

981

Other creditors

16,957

19,355

18,658

21,009

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

132,157

132,157

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

132,157

132,157

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other loans

132,157

132,157

The loan is secured by a fixed first legal charge over the company's investment property.

8.

RESERVES

Fair

value

reserve

£

At 29 February 2016

185,963

Transfer

23,705

At 28 February 2017

209,668