THACKERAY LETTINGS LIMITED 31/08/2017 iXBRL

THACKERAY LETTINGS LIMITED - Company Information

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Company registration number: 10352370

THACKERAY LETTINGS LIMITED

Filleted financial statements

31 August 2017

THACKERAY LETTINGS LIMITED

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

THACKERAY LETTINGS LIMITED

Directors and other information


	Directors	Mr J Akbar
		Mr S Akbar
		Mr M P Akbar


	Company number	10352370


	Registered office	Ram Mill
		Gordon Street
		Chadderton
		Oldham
		OL9 9RH


	Auditor	Pearlman Rose
		2 St Georges Mews
		43 Westminster Bridge Road
		London
		SE1 7JB




	Bankers	Al Rayan Bank
		4th Floor, Rex House
		4-12 Regent Street
		London
		SW1Y 4PE

THACKERAY LETTINGS LIMITED

Directors responsibilities statement

Year ended 31 August 2017

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements 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 financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements 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 financial statements 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.

THACKERAY LETTINGS LIMITED

Statement of financial position

31 August 2017

		2017
	Note	£	£

Current assets
Debtors	4	5,823,629
Cash at bank and in hand		746,846
		_______
		6,570,475
Creditors: amounts falling due
within one year	5	( 44,680)
		_______
Net current assets			6,525,795
			_______
Total assets less current liabilities			6,525,795

Creditors: amounts falling due
after more than one year	6		( 6,540,000)
			_______
Net liabilities			( 14,205)
			_______

Capital and reserves
Called up share capital			100
Profit and loss account			( 14,305)
			_______
Shareholders deficit			( 14,205)
			_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 19 April 2018 , and are signed on behalf of the board by:

Mr J Akbar

Director

Company registration number: 10352370

THACKERAY LETTINGS LIMITED

Statement of changes in equity

Year ended 31 August 2017

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 September 2016	-	-	-

Loss for the year		( 14,305)	( 14,305)
	_______	_______	_______
Total comprehensive income for the year	-	( 14,305)	( 14,305)

Issue of shares	100		100
	_______	_______	_______
Total investments by and distributions to owners	100	-	100

	_______	_______	_______
At 31 August 2017	100	( 14,305)	( 14,205)
	_______	_______	_______

THACKERAY LETTINGS LIMITED

Notes to the financial statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Ram Mill, Gordon Street, Chadderton, Oldham, OL9 9RH.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

			2017
			£
	Trade debtors		88,280
	Amounts owed by group undertakings and undertakings in which the company has a participating interest		5,638,955
	Other debtors		96,394
			_______
			5,823,629
			_______

5. Creditors: amounts falling due within one year

			2017
			£
	Other creditors		44,680
			_______

6. Creditors: amounts falling due after more than one year

			2017
			£
	Bank loans and overdrafts		6,540,000
			_______

Al Rayan Bank have a fixed charge over the company's lease and a cross corporate guarantee over the freehold property owned Thackeray Trading Limited. The term of the loan is 5 years.

7. Summary audit opinion

The auditor's report for the year dated 19 April 2018 was unqualified.

The statutory auditor was Pearlman Rose