Foremark Estates Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04984796 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

FOREMARK ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Slater

E Q Slater

G H Slater

SECRETARY:

E Q Slater

REGISTERED OFFICE:

14 Little Portland Street

London

W1W 8BN

REGISTERED NUMBER:

04984796 (England and Wales)

FIXED ASSETS

Tangible assets

3

-

-

Investments

4

-

100

-

100

CURRENT ASSETS

Stocks

653,830

653,830

Debtors

5

2,101,455

3,834,157

Cash at bank

2,067,549

16,448

4,822,834

4,504,435

CREDITORS

Amounts falling due within one year

6

491,978

174,635

NET CURRENT ASSETS

4,330,856

4,329,800

TOTAL ASSETS LESS CURRENT LIABILITIES

4,330,856

4,329,900

CREDITORS

Amounts falling due after more than one year

7

3,159,562

3,311,341

NET ASSETS

1,171,294

1,018,559

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

1,170,294

1,017,559

SHAREHOLDERS' FUNDS

1,171,294

1,018,559

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 14 December 2017 and were signed on its behalf by:

E Q Slater - Director

1.	STATUTORY INFORMATION

Foremark Estates 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.

The financial statements for the year ended 31 March 2017 are the first financial statements that comply with

FRS 102 Section 1A small entities. The date of transition is 1 April 2015.

Turnover

Turnover represents the invoiced value of properties supplied by the company, net of value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

33.3% on cost and 33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Fixed asset investments

Investments are stated at cost less any provision for any impairment in value.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

2,538

DEPRECIATION

At 1 April 2016

and 31 March 2017

2,538

NET BOOK VALUE

At 31 March 2017

-

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

100

Disposals

(100

)

At 31 March 2017

-

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

-

412,922

Other debtors

2,101,455

3,421,235

2,101,455

3,834,157

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

419,215

-

Trade creditors

1,200

3,452

Amounts owed to group undertakings

-

100

Taxation and social security

38,063

136,620

Other creditors

33,500

34,463

491,978

174,635

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans

-

446,660

Other creditors

3,159,562

2,864,681

3,159,562

3,311,341

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

419,215

446,660

Bank loans are secured by way of a debenture and a first legal charge over specific trading stock.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

1,000

Ordinary

1

1,000

1,000

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, other creditors due after one year includes an amount due to the director, P A Slater, of

£429,626 (2016: £Nil), an amount due to the director, E Q Slater, of £463,463 (2016: £223,708) and an amount

of £531,889 (2016: £547359) due to the director, G H Slater. The loans with P A Slater , E Q Slater and G H

Slater are currently free from any interest charge.

11.	RELATED PARTY DISCLOSURES

At the balance sheet date, other creditors due after one year includes an amount of £259,569 (2016: £713,889)

due to H A Slater. H A Slater owns 25% of the issued share capital of the company. The loan with H A Slater is

currently free from any interest charge.

At the balance sheet date, other debtors includes an amount of £Nil (2016: £1,083,478) due from Reef Estates

Limited, a company in which P A Slater and E Q Slater are directors and which is controlled by P A Slater.

During the year, the company earned interest of £12,435 (2016: £134,460) from the loan it made to Reef Estates

Limited.

At the balance sheet date, other debtors includes an amount of £1,841,330 (2016: £1,405,661) due from Reef

Estates Hotels Limited, a company in which P A Slater and E Q Slater are directors and which is controlled by P

A Slater. During the year, the company earned interest of £190,669 (2016: £29,585) from the loan it made to

Reef Estates Hotels Limited on the loan.

At the balance sheet date,other debtors includes an amount of £Nil (2016: £435,000) due from Reef Estates

(Aldgate 2) Ltd, a company in which P A Slater and E Q Slater are directors.

The company also earned interest during the year of £4,925 (2016: £24,720) from a loan the company made to

Reef Capital Partners LLP. P A Slater and E Q Slater are designated members of Reef Investors LLP which has a

30% holding in Reef Capital Partners LLP.

12.	ULTIMATE CONTROLLING PARTY

At the balance sheet date, P A Slater, E Q Slater, G H Slater and H A Slater were the ultimate controlling parties

of the company by virtue of their equal ownership of the issued ordinary share capital of the company.

13.	FIRST YEAR ADOPTION

There were no differences upon transition from UK GAAP to FRS 102.