Glenfit Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00708369 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2017

FOR

GLENFIT PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T M Krell

H M Krell

SECRETARY:

H M Krell

REGISTERED OFFICE:

2nd Floor

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

00708369 (England and Wales)

ACCOUNTANTS:

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

8,735

10,278

Investments

5

2

2

Investment property

6

187,167

187,167

195,904

197,447

CURRENT ASSETS

Debtors

7

1,586,174

1,591,795

Cash at bank

17,502

51,758

1,603,676

1,643,553

CREDITORS

Amounts falling due within one year

8

198,719

199,090

NET CURRENT ASSETS

1,404,957

1,444,463

TOTAL ASSETS LESS CURRENT LIABILITIES

1,600,861

1,641,910

PROVISIONS FOR LIABILITIES

1,747

1,891

NET ASSETS

1,599,114

1,640,019

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,598,114

1,639,019

SHAREHOLDERS' FUNDS

1,599,114

1,640,019

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th 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 31st January 2018 and were signed on its behalf by:

T M Krell - Director

1.	STATUTORY INFORMATION

Glenfit Properties Limited is a private company limited by share capital, incorporated in England and Wales,

registration number 00708369. The address of the registered office is 1 City Road East, Manchester, M15 4PN.

The principal place of business is 84 Palatine Court, Withington, Manchester, M20 3JW.

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.

This is the first year that the company has presented its results under FRS 102. The last financial Statements

under UK GAAP were prepared for the year ended 30 April 2016. The date of transition to FRS 102 was 1 May

2016. There are no transitional adjustments arising from the first time adoption of FRS 102

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is presented net of

value-added-tax, rebates and discounts.

Rental income from operating leases (net of any incentives given to the lessee), is recognised on a straight line

basis over the term of the lease.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their

estimated useful lives, using the following methods:

Fixtures and fittings

-

20% on cost

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to

determine whether there is any indication that any items have suffered an impairment loss. If any such

indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the

impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company

estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of

the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment

properties are initially measure at cost, including transaction costs. Subsequently investment properties whose

fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair

value. Gains and losses arising from changes in the fair value of investment properties are included in the profit

or loss in the period which they arise.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans

to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they are stated

at cost.

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with banks and other

short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In

the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st May 2016

and 30th April 2017

73,440

DEPRECIATION

At 1st May 2016

63,162

Charge for year

1,543

At 30th April 2017

64,705

NET BOOK VALUE

At 30th April 2017

8,735

At 30th April 2016

10,278

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st May 2016

and 30th April 2017

2

NET BOOK VALUE

At 30th April 2017

2

At 30th April 2016

2

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st May 2016

and 30th April 2017

187,167

NET BOOK VALUE

At 30th April 2017

187,167

At 30th April 2016

187,167

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

4,754

5,873

Amounts owed by group undertakings

1,572,761

1,575,838

Other debtors

8,659

10,084

1,586,174

1,591,795

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

5,500

5,500

Amounts owed to group undertakings

141,949

141,949

Taxation and social security

1,244

844

Other creditors

50,026

50,797

198,719

199,090

9.	CONTINGENT LIABILITIES

There are legal charges on three of the company's properties in favour of Nationwide Building Society as

security on monies due by Kutoress Limited.

10.	RELATED PARTY DISCLOSURES

During the year the company paid £23,954 (2016: £74,824) in terms of Directors Pensions and benefits.

11.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Levonoh Limited, a company registered in Gibraltar.