Sata Property Ltd - Accounts to registrar (filleted) - small 17.3
Sata Property Ltd - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
FOR |
SATA PROPERTY LTD |
SATA PROPERTY LTD (REGISTERED NUMBER: 08055561) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
SATA PROPERTY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
869 High Road |
London |
N12 8QA |
SATA PROPERTY LTD (REGISTERED NUMBER: 08055561) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 by: |
SATA PROPERTY LTD (REGISTERED NUMBER: 08055561) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
1. | STATUTORY INFORMATION |
Sata Property Ltd is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 net rent receivable from investment properties, excluding value added tax. |
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 no |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
SATA PROPERTY LTD (REGISTERED NUMBER: 08055561) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2016 |
Revaluations | 142,000 |
At 31 May 2017 |
NET BOOK VALUE |
At 31 May 2017 |
At 31 May 2016 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 54,500 | 26,100 |
Deferred |
tax |
£ |
Balance at 1 June 2016 |
Provided during year |
Balance at 31 May 2017 |
8. | RELATED PARTY DISCLOSURES |
Creditors due within one year include an interest free amount of £248,350 (2016: £245,474) due to the director, |
Mr S Shamash. |
Creditors due in more than one year include an interest free amount of £250,000 (2016: £250,000) due to the |
director, Mr S Shamash. |