Crestmatch Limited - Accounts to registrar (filleted) - small 17.3

Crestmatch Limited - Accounts to registrar (filleted) - small 17.3

CRESTMATCH LIMITED - Company Information

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REGISTERED NUMBER: 02880234 (England and Wales)

















CRESTMATCH LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017






CRESTMATCH LIMITED (REGISTERED NUMBER: 02880234)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CRESTMATCH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2017







DIRECTOR: Mr J Spitzer





SECRETARY: Mr P Spitzer





REGISTERED OFFICE: 5 Windus Road
London
N16 6UT





REGISTERED NUMBER: 02880234 (England and Wales)





ACCOUNTANTS: Sugarwhite Meyer Accountants Ltd
5 Windus Road
London
N16 6UT
Page 1
CRESTMATCH LIMITED (REGISTERED NUMBER: 02880234)

BALANCE SHEET
31 JANUARY 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 958,212 958,212

CURRENT ASSETS
Debtors 6 339,738 191,845
Cash at bank 392 165,101
340,130 356,946
CREDITORS
Amounts falling due within one year 7 24,302 19,792
NET CURRENT ASSETS 315,828 337,154
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,274,040
1,295,366

CREDITORS
Amounts falling due after more than one
year
8
(557,650
)
(574,250
)

PROVISIONS FOR LIABILITIES 10 (92,755 ) (100,090 )
NET ASSETS 623,635 621,026

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 11 622,610 615,275
Retained earnings 1,023 5,749
623,635 621,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 notes on pages 4 to 7 form part of these financial statements

Page 2
CRESTMATCH LIMITED (REGISTERED NUMBER: 02880234)

BALANCE SHEET - continued
31 JANUARY 2017


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 9 January 2018 and were signed by:





Mr J Spitzer - Director


The notes on pages 4 to 7 form part of these financial statements

Page 3
CRESTMATCH LIMITED (REGISTERED NUMBER: 02880234)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017

1. STATUTORY INFORMATION

Crestmatch 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified to include
investment properties measured at fair value through profit or loss.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 31 January 2017 are the first that are prepared in
accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance
with UK GAAP, the date of transition to FRS 102 Section 1A is 1 February 2015.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. The estimates and underlying
assumptions are reviewed on an ongoing basis.

Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided
in the normal course of business. The turnover of the company is represented by rents and charges
receivable in respect of the company's investment portfolio. Rental income is accounted for on an
accruals basis.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially
recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value
are recognised in profit or loss.

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.


Page 4
CRESTMATCH LIMITED (REGISTERED NUMBER: 02880234)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2017

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2016
and 31 January 2017 958,212
NET BOOK VALUE
At 31 January 2017 958,212
At 31 January 2016 958,212

The fair value of the investment properties has been arrived at on the basis of a valuation carried out
by the company's director who is considered to have the experience and expertise required to
undertake such an exercise. The valuation was made on an open market value basis by reference to
market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 31 January 2017 is £242,847.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Other debtors 339,738 191,845

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts 21,037 16,600
Taxation and social security - 1,552
Other creditors 3,265 1,640
24,302 19,792

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2017 2016
£    £   
Bank loans 557,650 574,250

Page 5
CRESTMATCH LIMITED (REGISTERED NUMBER: 02880234)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2017

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2017 2016
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 491,250 507,850

9. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loans 574,250 590,850

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

10. PROVISIONS FOR LIABILITIES
2017 2016
£    £   
Deferred tax 92,755 100,090

Deferred
tax
£   
Balance at 1 February 2016 100,090
Credit to Income Statement during year (7,335 )
Balance at 31 January 2017 92,755

Deferred tax arises from the revaluation of investment properties.

11. RESERVES
Fair
value
reserve
£   
At 1 February 2016 615,275
Transfer deferred tax (charge) /credit
from retained earnings
7,335

At 31 January 2017 622,610

12. RELATED PARTY DISCLOSURES

Included in other debtors (note 7) is £214,835 (2016: £190,335) due from a company of which the
director of this company is also a director.

Page 6
CRESTMATCH LIMITED (REGISTERED NUMBER: 02880234)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2017

13. FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102. The company transitioned to FRS
102 on 1 February 2015.

The following were changes in accounting policies arising from the transition to FRS 102:

Investment properties:
Previously, the company's investment properties were shown at market value, with aggregate surplus
or deficit being recorded in the revaluation reserve. Under FRS 102, these properties are shown at fair
value, with changes in fair value being recorded in the profit and loss account.

Deferred tax on unrealised investment property gains and losses:
Previously, no deferred tax was recognised on the timing differences between the accounting and tax
treatment of the revaluation of the company's investment property. Under FRS 102, deferred tax is
recognised on the difference between the cost for tax purposes and the fair value of the company's
investment properties, with movements recorded in the profit and loss account.

Page 7