Ishak Properties Ltd - Period Ending 2017-03-31
Ishak Properties Ltd - Period Ending 2017-03-31
Registration number:
Ishak Properties Ltd
(Companies House Version)
for the Year Ended 31 March 2017
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB
Ishak Properties Ltd
Contents
Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ishak Properties Ltd
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ishak Properties Ltd for the year ended 31 March 2017 as set out on pages 2 to 6 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Ishak Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ishak Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Ishak Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ishak Properties Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ishak Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ishak Properties Ltd. You consider that Ishak Properties Ltd 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 accounts of Ishak Properties Ltd. 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 accounts.
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Chartered Accountants
7 Gregory Boulevard
Nottingham
NG7 6LB
Page 1 |
Ishak Properties Ltd
(Registration number: 05422115)
Abridged Balance Sheet as at 31 March 2017
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2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared and delivered to the Registrar in accordance with the provisions applicable to companies subject to the small companies' regime and the directors have not delivered to the Registrar a copy of the company's profit and loss account.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 2 |
Ishak Properties Ltd
(Registration number: 05422115)
Abridged Balance Sheet as at 31 March 2017
Approved and authorised by the Board on
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Mrs Z V Ishak
Director
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Mr Z M Majid
Director
Page 3 |
Ishak Properties Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The principal place of business is:
11 Fairfield Road
Market Harborough
Leicestershire
LE16 9QQ
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation of financial statements
These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.
This is the first year in which the financial statements have been prepared under FRS 102. The transition from preparing the financial statements in accordance with FRSSE (2015) to FRS 102 (1a) has had no material impact on either the financial position or the financial performance as previously reported by the company.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 4 |
Ishak Properties Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Depreciation
Freehold property is not depreciated as it is the directors' opinion that the estimated residual value at the end of the useful economic life will not be materially different from the carrying value in the accounts.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 5 |
Ishak Properties Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
During the year, the average number of employees at the company was
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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Disposals |
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At 31 March 2017 |
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Depreciation |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Page 6 |