Sohot Property Limited - Limited company accounts 17.3

REGISTERED NUMBER: 08135158 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2017

FOR

SOHOT PROPERTY LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Other Comprehensive Income

5

Balance Sheet

6

Notes to the Financial Statements

8

DIRECTORS:

G W De Canha

S P Flower

REGISTERED OFFICE:

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

REGISTERED NUMBER:

08135158 (England and Wales)

ACCOUNTANTS:

Exceed CA Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

The directors present their report with the financial statements of the company for the year ended 30th June 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property investment for rental income.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st July 2016 to the date of this report.

G W De Canha

S P Flower

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

G W De Canha - Director

1st December 2017

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

financial statements of Sohot Property Limited for the year ended 30th June 2017 which comprise the Income Statement,

Other Comprehensive Income, 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 Board of Directors of Sohot Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sohot Property Limited and state those matters that we have agreed to state to the Board of Directors of Sohot Property Limited, as a body, 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 Sohot Property Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sohot Property 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 Sohot Property Limited. You consider that Sohot Property 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 Sohot Property 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.

Exceed CA Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

1st December 2017

TURNOVER

23,100

49,071

Cost of sales

13,600

11,046

GROSS PROFIT

9,500

38,025

Administrative expenses

25,862

28,332

(16,362

)

9,693

Other operating income

-

118,680

OPERATING (LOSS)/PROFIT

(16,362

)

128,373

Interest payable and similar expenses

20,819

20,946

(LOSS)/PROFIT BEFORE TAXATION

(37,181

)

107,427

Tax on (loss)/profit

4

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(37,181

)

107,427

(LOSS)/PROFIT FOR THE YEAR

(37,181

)

107,427

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(37,181

)

107,427

FIXED ASSETS

Tangible assets

5

550,000

550,000

CURRENT ASSETS

Debtors

6

-

266

Cash at bank

1,223

85,507

1,223

85,773

CREDITORS

Amounts falling due within one year

7

83,597

130,966

NET CURRENT LIABILITIES

(82,374

)

(45,193

)

TOTAL ASSETS LESS CURRENT LIABILITIES

467,626

504,807

CREDITORS

Amounts falling due after more than one year

8

385,547

385,547

NET ASSETS

82,079

119,260

CAPITAL AND RESERVES

Called up share capital

9

10

10

Retained earnings

10

82,069

119,250

SHAREHOLDERS' FUNDS

82,079

119,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 1st December 2017 and were signed on its behalf by:

G W De Canha - Director

S P Flower - Director

1.	STATUTORY INFORMATION

Sohot Property 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

Turnover represents the rental incomes received from tenants.

Tangible fixed assets

All fixed assets are revalued to fair market values under FRS102 accounting standards.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 2 (2016 - 2 ) .

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30th June 2017 nor for the year ended

30th June 2016.

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1st July 2016

and 30th June 2017

550,000

NET BOOK VALUE

At 30th June 2017

550,000

At 30th June 2016

550,000

The asset shown above relates to 'Oakdale'.

During the previous year the properties 'New Road' and 'Stanthorpe Road' were sold, and this has been reflected

in the profit and loss account.

Cost or valuation at 30th June 2017 is represented by:

Land and

buildings

£

Valuation in 2017

550,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Prepayments and accrued income

-

266

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

11

87

Other creditors

3,474

6,081

Directors' current accounts

78,552

123,238

Accruals and deferred income

1,560

1,560

83,597

130,966

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans more 5 yr by

instalments

385,547

385,547

385,547

385,547

2017

2016

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by

instalments

385,547

385,547

385,547

385,547

Shawbrook Bank have legal charge over the company's assets in order to secure the bank loan. This loan is

secured against the specific asset to which it relates.

Where the directors secured finance on behalf of the company, such assets and corresponding liabilities are

regarded as that of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

10

Ordinary

£1

10

10

10.

RESERVES

Retained

earnings

£

At 1st July 2016

119,250

Deficit for the year

(37,181

)

At 30th June 2017

82,069

11.	RELATED PARTY DISCLOSURES

The company is controlled by its directors.

At the year end, there was a credit balance owed to Mr G De Canha of £41,487 (2016 : £48,890)

At the year end, there was a credit balance owed to Mr S Flower of £37,064 (2016 : £74,348)

Certain properties were held in trust by the company and all transactions in these properties are not regarded as

related party transactions as it is with third parties.