Company Registration No. 03453285 (England and Wales)
Inner City Properties Limited
Unaudited accounts
for the year ended 31 March 2017
Inner City Properties Limited
Unaudited accounts
Contents
Inner City Properties Limited
Company Information
for the year ended 31 March 2017
Director
Abraham Oestreicher
Secretary
Chana Oestreicher
Company Number
03453285 (England and Wales)
Registered Office
162 Osbaldeston Road
London
N16 6NJ
Inner City Properties Limited
Statement of financial position
as at 31 March 2017
Investment property
5,000,000
4,750,000
Debtors
1,732,061
1,827,190
Cash at bank and in hand
18,584
18,919
Creditors: amounts falling due within one year
(485,600)
(453,972)
Net current assets
1,265,045
1,392,137
Total assets less current liabilities
6,265,046
6,142,138
Creditors: amounts falling due after more than one year
(1,405,800)
(1,543,600)
Provisions for liabilities
Deferred tax
(601,595)
(594,338)
Net assets
4,257,651
4,004,200
Called up share capital
90
90
Profit and loss account
4,257,561
4,004,110
Shareholders' funds
4,257,651
4,004,200
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 19 March 2018.
Abraham Oestreicher
Director
Company Registration No. 03453285
Inner City Properties Limited
Notes to the Accounts
for the year ended 31 March 2017
Inner City Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 03453285. The registered office is 162 Osbaldeston Road, London, N16 6NJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
12 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. Investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Inner City Properties Limited
Notes to the Accounts
for the year ended 31 March 2017
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 April 2016
4,750,000
Net gain from fair value adjustments
250,000
At 31 March 2017
5,000,000
5
Investments
Subsidiary undertakings
Valuation at 1 April 2016
1
Valuation at 31 March 2017
1
The amount included in investments represents the cost of the share capital of Ansell Estates Limited, a wholly owned subsidiary of Inner City Properties Limited.
Trade debtors
44,091
106,228
Accrued income and prepayments
297
-
Other debtors
1,687,673
1,720,962
7
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
142,585
118,019
Taxes and social security
25,219
31,003
Other creditors
317,796
300,616
8
Creditors: amounts falling due after more than one year
2017
2016
Bank loans
1,405,800
1,543,600
Aggregate of amounts that fall due for payment after five years
792,100
970,400
The bank loan is secured on the company's investment property.
Inner City Properties Limited
Notes to the Accounts
for the year ended 31 March 2017
9
Deferred taxation
2017
2016
Revaluation of investment property
601,595
594,338
Provision at start of year
594,338
549,770
Charged to the profit and loss account
7,257
44,568
Provision at end of year
601,595
594,338
10
Transactions with related parties
The company's property was managed at normal commercial rates by by Citydean Properties (Bolton)
Limited whose director is Mr A Oestreicher. During the year amounts payable were £15,933 (2016 -
15,758).
The company owed £77.100 (2016 - £77,100 to Bala Investments Limited; Mr A Oestreicher is a director
of this company. The loan is repayable on demand and interest of £3,855 (2016 - £3,855) was payable.
The company was owed £1,687,546 (2016 - £1,720,83) by Ansell Estates Limited, its wholly owned subsidiary. The loan is repayable on demand and no interest is charged.
11
Average number of employees
During the year the average number of employees was 0 (2016: 0).
Inner City Properties Limited
Notes to the Accounts
for the year ended 31 March 2017
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April 2015
31 March 2016
Capital and reserves (as previously stated)
909,187
934,860
Gain from revaluation of investment property
3,413,679
3,663,679
Deferred tax on revaluation of investment property
(549,770)
(594,339)
Capital and reserves (as restated)
3,773,096
4,004,200
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
The following were changes in accounting policies arising from the transition to FRS 102:
(a) Investment properties
Previously, the company's investment properties were held at cost. Under FRS 102, these properties are held at fair value, with changes in fair value being recorded in the profit and loss account.
(b) Deferred tax on unrealised gains and losses on investment properties
Previously, no deferred tax was recognised on the timing differences between the accounting and tax treatment of the revaluation of the company's investment properties. Under FRS 102, deferred tax is recognised on the difference between the cost for tax purposes and the fair value of the company's investment properties, with movements recorded in the profit and loss account.
Reconciliation of profit or loss for the year
31 March 2016
Profit for the year (as previously stated)
25,582
Gain from revaluation of investment property
250,000
Deferred tax on adjustment of investment property
(44,568)
Profit for the year (as restated)
231,014
