Louis Lettings & Property Management Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04138308 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30 April 2017

for

LOUIS LETTINGS & PROPERTY MANAGEMENT

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Ellinas

J Ellinas

SECRETARY:

P Ellinas

REGISTERED OFFICE:

869 High Road

London

N12 8QA

REGISTERED NUMBER:

04138308 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,850

2,313

Investment property

5

3,387,795

3,387,795

3,389,645

3,390,108

CURRENT ASSETS

Debtors

6

3,383

6,350

Cash at bank

-

28,593

3,383

34,943

CREDITORS

Amounts falling due within one year

7

44,501

64,453

NET CURRENT LIABILITIES

(41,118

)

(29,510

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,348,527

3,360,598

CREDITORS

Amounts falling due after more than one year

8

(1,230,489

)

(1,271,269

)

PROVISIONS FOR LIABILITIES

(369,034

)

(369,034

)

NET ASSETS

1,749,004

1,720,295

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Non-distributable reserve

1,573,252

1,573,252

Retained earnings

174,752

146,043

SHAREHOLDERS' FUNDS

1,749,004

1,720,295

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 24 January 2018 and were signed on its behalf by:

P Ellinas - Director

1.	STATUTORY INFORMATION

Louis Lettings & Property Management 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.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the

company will have adequate resources to meet its liabilities to third parties as they fall due.

Turnover

Turnover represents rental income receivable.

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

-

25% on reducing balance.

Investment property

Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement.

Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No

depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the

generally accepted accounting principle set out in FRS 102 (Section 1A). The director considers that, because

these properties are not held for consumption but for their investment potential, to depreciate them would not

give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair

view. If this departure from the Act had not been made, the loss for the financial year would have been increased

by the amount of depreciation.

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 number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 May 2016

and 30 April 2017

14,943

DEPRECIATION

At 1 May 2016

12,630

Charge for year

463

At 30 April 2017

13,093

NET BOOK VALUE

At 30 April 2017

1,850

At 30 April 2016

2,313

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

and 30 April 2017

3,387,795

NET BOOK VALUE

At 30 April 2017

3,387,795

At 30 April 2016

3,387,795

Fair value at 30 April 2017 is represented by:

£

Valuation in 2017

3,387,795

If investment properties had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

1,535,014

1,535,014

Investment properties were valued on an open market basis on 30 April 2017 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by participating interests

3,150

-

Other debtors

233

6,350

3,383

6,350

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

1,933

-

Taxation and social security

11,322

12,259

Other creditors

31,246

52,194

44,501

64,453

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

1,230,489

1,271,269

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,230,489

1,271,269

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,230,489

1,271,269

10.	ULTIMATE CONTROLLING PARTY

Ultimate control of the company is exercised by Mr P Ellinas and Mr J Ellinas, the directors of the company.