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

REGISTERED NUMBER: 03602844 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

CLASSIQUE PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Paschali

Mr G Georgiou

REGISTERED OFFICE:

Solar House

282 Chase Road

London

N14 6NZ

REGISTERED NUMBER:

03602844 (England and Wales)

ACCOUNTANTS:

Freemans Partnership LLP

Chartered Certified Accountants

Solar House

282 Chase Road

London

N14 6NZ

BANKERS:

Barclays Bank PLC

54 Lombard Street

London

EC3P 3AH

FIXED ASSETS

Tangible assets

4

111

148

Investments

5

66

66

Investment property

6

2,263,277

1,908,278

2,263,454

1,908,492

CURRENT ASSETS

Debtors

7

1,109,189

1,143,799

Cash at bank and in hand

10,396

14,586

1,119,585

1,158,385

CREDITORS

Amounts falling due within one year

8

17,477

21,171

NET CURRENT ASSETS

1,102,108

1,137,214

TOTAL ASSETS LESS CURRENT LIABILITIES

3,365,562

3,045,706

CREDITORS

Amounts falling due after more than one year

9

(1,262,889

)

(1,312,903

)

PROVISIONS FOR LIABILITIES

(27,236

)

(5,701

)

NET ASSETS

2,075,437

1,727,102

CAPITAL AND RESERVES

Called up share capital

11

102

102

Retained earnings

2,075,335

1,727,000

SHAREHOLDERS' FUNDS

2,075,437

1,727,102

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 12 March 2018 and were signed on its behalf by:

Mr J Paschali - Director

1.	STATUTORY INFORMATION

Classique Properties 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.

Preparation of consolidated financial statements

The financial statements contain information about Classique Properties Limited as an individual company and

do not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date

the rental period occurred. This is stated after trade discounts, other sales taxes and net of VAT.

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 etc

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

Land and buildings

The company's properties are held for long-term investment and are included in the Balance Sheet at their current

market values. The surplus or deficit on revaluation is transferred to the investment property revaluation reserve.

Depreciation is not provided on these investment properties.

The policy represents a a departure from the statutory accounting principles, which require depreciation to be

provided on all fixed assets. The directors consider that this policy is necessary in order for the accounts to give

a true and fair view as current values and changes in current values are of prime importance rather than the

calculation of systematic annual depreciation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Furniture

and

equipment

£

COST

At 1 August 2016

and 31 July 2017

1,881

DEPRECIATION

At 1 August 2016

1,733

Charge for year

37

At 31 July 2017

1,770

NET BOOK VALUE

At 31 July 2017

111

At 31 July 2016

148

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 August 2016

and 31 July 2017

66

NET BOOK VALUE

At 31 July 2017

66

At 31 July 2016

66

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2016

1,908,278

Additions

29,170

Revaluations

325,829

At 31 July 2017

2,263,277

NET BOOK VALUE

At 31 July 2017

2,263,277

At 31 July 2016

1,908,278

Fair value at 31 July 2017 is represented by:

£

Valuation in 2004

109,297

Valuation in 2009

170,386

Valuation in 2017

325,829

Cost

1,657,765

2,263,277

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade debtors

19,365

18,975

Amounts owed from related

companies

719,764

754,764

Amounts due from subsidiary

370,060

370,060

1,109,189

1,143,799

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade creditors

2,408

7,718

Tax

10,984

9,181

VAT

1,685

1,872

Accrued expenses

2,400

2,400

17,477

21,171

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.17

31.7.16

£

£

Bank loans more 5 yr by instal

1,262,889

1,312,903

31.7.17

31.7.16

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,262,889

1,312,903

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.17

31.7.16

£

£

Bank loans

1,262,889

1,312,903

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.17

31.7.16

value:

£

£

102

Ordinary

£1

102

102

12.	FIRST YEAR ADOPTION

In the transition to FRS 102 from the old UK GAAP, there were no material measurement and recognition

adjustments required.