Charlow Estates Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07728835 (England and Wales)

CHARLOW ESTATES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr O Low

SECRETARY:

Mrs C Low

REGISTERED OFFICE:

5 Windus Road

London

N16 6UT

REGISTERED NUMBER:

07728835 (England and Wales)

ACCOUNTANTS:

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

FIXED ASSETS

Investment property

5

424,979

424,979

CURRENT ASSETS

Debtors

6

75,200

16,600

Cash at bank

307,846

48,236

383,046

64,836

CREDITORS

Amounts falling due within one year

7

515,732

496,312

NET CURRENT LIABILITIES

(132,686

)

(431,476

)

TOTAL ASSETS LESS CURRENT LIABILITIES

292,293

(6,497

)

CREDITORS

Amounts falling due after more than one year

8

300,000

-

NET LIABILITIES

(7,707

)

(6,497

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(7,709

)

(6,499

)

(7,707

)

(6,497

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 26 December 2017 and were signed by:

Mr O Low - Director

1.	STATUTORY INFORMATION

Charlow Estates Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified to include

investment properties measured at fair value through profit or loss.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 August 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 September 2015.

Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of services provided

in the normal course of business. The turnover of the company is represented by rents and charges

receivable in respect of the company's investment portfolio. Rental income is accounted for on an

accruals basis.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially

recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value

are recognised in profit or loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2016

and 31 August 2017

424,979

NET BOOK VALUE

At 31 August 2017

424,979

At 31 August 2016

424,979

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

75,200

16,600

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

2,575

2,575

Other creditors

513,157

493,737

515,732

496,312

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

300,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by installments

300,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

300,000

-

The bank loan is secured by a legal charge over the company's investment property.

10.	RELATED PARTY DISCLOSURES

Included in other creditors (note 7) is an amount aggregating £511,140 (2016: £492,578) due to a

company of which the director of this company is also a director.

11.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102. The company transitioned to FRS

102 on 1 September 2015.

The following were changes in accounting policies arising from the transition to FRS 102:

Investment properties:

Previously, the company's investment properties were shown at market value, with aggregate surplus

or deficit being recorded in the revaluation reserve. Under FRS 102, these properties are shown at fair

value, with changes in fair value being recorded in the profit and loss account.

Deferred tax on unrealised investment property gains and losses:

Previously, no deferred tax was recognised on the timing differences between the accounting and tax

treatment of the revaluation of the company's investment property. 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.