| Graceplan Property Management Limited |
| Registered number: |
01823244 |
| Directors' Report |
|
| The directors present their report and accounts for the year ended 31 March 2014. |
|
| Principal activities |
| The principal activity of the company is to provide services and facilities to tenants and to improve the common parts and structure of the building |
|
| Directors |
| The following persons served as directors during the year: |
|
|
G Beaumont-Gray |
|
M A Kalo |
|
T Khayat |
|
H R Sanbar |
|
F Kudsi |
|
N Saigol |
|
|
In accordance with the Articles of association, M A Kalo and N Saigol retire by rotation and being eligible offer themselves for re-election. |
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| Directors responsibility |
|
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The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. |
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| Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: |
| ● |
select suitable accounting policies and then apply them consistently; |
| ● |
make judgements and estimates that are reasonable and prudent; |
| ● |
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
|
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
|
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| Disclosure of information to auditors |
| Each person who was a director at the time this report was approved confirms that: |
| Graceplan Property Management Limited |
| Independent auditors' report |
| to the members of Graceplan Property Management Limited |
|
| We have audited the accounts of Graceplan Property Management Limited for the year ended 31 March 2014 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard For Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| Respective responsibilities of directors and auditors |
| As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors. |
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| In accordance with the exemption provided by APB Ethical Standard -Provisions Available for Smaller Entities (Revised), we have prepared and submitted the company's returns to the tax authorities and assisted with the preparation of the accounts. |
|
| Scope of the audit of the accounts |
| A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm |
|
| Opinion on other matters prescribed by the Companies Act 2006 |
| In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts. |
| Matters on which we are required to report by exception |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| ● |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| ● |
the accounts are not in agreement with the accounting records and returns; or |
| ● |
certain disclosures of directors’ remuneration specified by law are not made; or |
| ● |
we have not received all the information and explanations we require for our audit; or |
| ● |
the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report. |
|
|
| Bipinchandra Vyas |
| (Senior Statutory Auditor) |
128 Ebury Street |
| for and on behalf of |
LONDON |
| Rawi & Co LLP |
SW1W 9QQ |
| Accountants and Statutory Auditors |
| 10 December 2014 |
|
| Graceplan Property Management Limited |
| Notes to the Accounts |
| for the year ended 31 March 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention as modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
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The company is the parent undertaking of a small group and as such is not required by the companies act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group. |
|
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Turnover |
|
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of value added tax and trade discounts. |
|
|
Tangible Fixed Assets and Depreciation |
|
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets,less their estimated residual value,over their expected useful lives on the following bases: |
|
|
Freehold improvements |
5/10% straight line |
|
Other Fixed assets |
10/20% straight line |
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|
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Investments |
|
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Investments held as fixed assets are shown at cost less provision for impairment. |
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|
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Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements. A net deferred tax assets is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. |
|
|
Investment Properties |
|
Investment properties are revalued annually and the aggregate surplus or deficit is transferred to an investment revaluation reserve. No depreciation is provided in respect of investment properties.This constitutes a departure from the statutory rules requiring fixed assets to be depreciated over their useful lives but is necessary to enable the accounts to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be seperately identified or quantified. |
|
|
Capital Instruments |
|
Preference shares, where there are enforceable obligations to redeem those shares, would constitute debt capital of the company and be shown within creditors. Preference shares without such obligations would be shown as part of shareholders' funds. |
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|
|
| 2 |
Operating profit |
2014 |
|
2013 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
51,860 |
|
56,703 |
|
Auditors' remuneration |
6,480 |
|
6,480 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Taxation |
2014 |
|
2013 |
| £ |
£ |
|
|
UK corporation tax |
19,701 |
|
6,722 |
|
Deferred tax |
(54) |
|
(6,871) |
|
|
|
|
|
|
19,647 |
|
(149) |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
Land and buildings |
|
Other Fixed assets |
|
Improvement to properties |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2013 |
1,005,000 |
|
193,711 |
|
423,620 |
|
1,622,331 |
|
Additions |
- |
|
- |
|
23,874 |
|
23,874 |
|
At 31 March 2014 |
1,005,000 |
|
193,711 |
|
447,494 |
|
1,646,205 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2013 |
- |
|
174,010 |
|
82,984 |
|
256,994 |
|
Charge for the year |
- |
|
9,047 |
|
42,813 |
|
51,860 |
|
At 31 March 2014 |
- |
|
183,057 |
|
125,797 |
|
308,854 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2014 |
1,005,000 |
|
10,654 |
|
321,697 |
|
1,337,351 |
|
At 31 March 2013 |
1,005,000 |
|
19,701 |
|
340,636 |
|
1,365,337 |
|
|
|
|
|
|
|
|
|
|
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Freehold land and buildings: |
2014 |
|
2013 |
|
At Valuation: |
£ |
£ |
|
The investment properties were revalued at 31 March 2014 by the directors on an open market existing use basis. |
|
1,005,000 |
|
1,005,000 |
|
|
|
|
|
|
|
|
|
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows: |
|
|
|
|
|
|
|
2014 |
|
2013 |
| £ |
£ |
|
Historical cost |
|
253,492 |
|
253,492 |
|
Cumulative depreciation based on historical cost |
(40,397) |
|
(40,397) |
|
|
Net book value |
213,095 |
|
213,095 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2013 |
2 |
|
- |
|
2 |
|
|
At 31 March 2014 |
2 |
|
- |
|
2 |
|
|
|
|
|
|
|
|
|
|
Subsidiary undertakings |
|
|
The following were subsidiary undertaking of the company: |
|
Company |
Shares held |
Holding |
reserves |
for the year |
|
|
Class |
% |
£ |
£ |
|
Rutland Court (Tenants) Limited |
Ordinary |
4 |
|
48 |
|
- |
|
| 6 |
Debtors |
2014 |
|
2013 |
| £ |
£ |
|
|
Trade debtors |
58,712 |
|
57,685 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
413,440 |
|
353,883 |
|
Deferred tax asset (see note 8) |
|
|
|
|
6,925 |
|
6,871 |
|
Other debtors |
374 |
|
178 |
|
|
|
|
|
|
479,451 |
|
418,617 |
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2014 |
|
2013 |
| £ |
£ |
|
|
Corporation tax |
19,914 |
|
6,722 |
|
Other creditors |
19,309 |
|
20,182 |
|
|
|
|
|
|
39,223 |
|
26,904 |
|
| 8 |
Deferred taxation (asset)/liability |
|
Deferred taxation: |
2014 |
|
2013 |
| £ |
£ |
|
|
Included in debtors (note 6) |
(6,925) |
|
(6,871) |
|
|
|
|
|
|
|
|
|
|
The movement in the deferred taxation account during the year was: |
|
|
|
|
|
|
2014 |
|
2013 |
| £ |
£ |
|
|
At 1 April |
(6,871) |
|
- |
|
Deferred tax charge in profit and loss account |
(54) |
|
(6,871) |
|
|
At 31 March |
(6,925) |
|
(6,871) |
|
|
|
|
|
|
|
|
|
|
| 9 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
148,800 |
|
148,800 |
|
148,800 |
|
Preference shares |
£1 each |
|
148,800 |
|
148,800 |
|
148,800 |
|
|
|
|
|
|
297,600 |
|
297,600 |
|
|
|
|
|
|
|
|
|
|
The preference shares are considered to be equity capital on the basis that there is no obligation to redeem the shares. The company has the right to redeem the shares giving at least one month's notice. |
|
|
| 10 |
Revaluation reserve |
2014 |
| £ |
|
|
At 1 April 2013 |
777,298 |
|
|
At 31 March 2014 |
777,298 |
|
|
|
|
|
|
|
|
|
| 11 |
Profit and loss account |
2014 |
| £ |
|
|
At 1 April 2013 |
761,061 |
|
Profit for the year |
54,831 |
|
|
At 31 March 2014 |
815,892 |
|
|
|
|
|
|
|
|
| 12 |
Related party transactions |
2014 |
|
2013 |
| £ |
£ |
|
Rutland Court (Tenants) Limited |
|
Monies are paid and collected on the company's behalf by its subsidiary undertakings. |
|
Amount due |
|
413,440 |
|
353,883 |
|
F J Kateb |
|
Under the terms of a management contract Esskay Management Services are paid a management fee. F J Kateb who has a material interest in Esskay Management Services is also a shareholder in the company. |
|
Amount paid in respect of annual Management fee |
|
11,466 |
|
11,466 |
|
|
| 13 |
Ultimate controlling party |
|
The company is controlled by the shareholders. |
