Greenleaf Properties Sussex Limited - Period Ending 2017-08-31

Registration number: 03102984

Greenleaf Properties Sussex Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

Greenleaf Properties Sussex Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 7

Greenleaf Properties Sussex Limited

Company Information

Directors

Mr A Lambor Mr S Lambor Mr M Lambor Mrs S Lambor

Company secretary

Mrs S Lambor

Registered office

Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Accountants

Chisnall Comer Ismail & Co Chartered Accountants Maria House 35 Millers Road Brighton East Sussex BN1 5NP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Greenleaf Properties Sussex Limited
for the Year Ended 31 August 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Greenleaf Properties Sussex Limited for the year ended 31 August 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Greenleaf Properties Sussex Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Greenleaf Properties Sussex Limited and state those matters that we have agreed to state to the Board of Directors of Greenleaf Properties Sussex Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greenleaf Properties Sussex Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Greenleaf Properties Sussex Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Greenleaf Properties Sussex Limited. You consider that Greenleaf Properties Sussex Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Greenleaf Properties Sussex Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP

30 May 2018

Page 2

Greenleaf Properties Sussex Limited

(Registration number: 03102984)
Balance Sheet as at 31 August 2017

	Note	2017 £	2016 £
Fixed assets
Investment property	3	253,349	578,349
Current assets
Stocks	4	172,308	-
Debtors	5	58,019	281,977
Cash at bank and in hand		570,762	588,138
		801,089	870,115
Creditors: Amounts falling due within one year	6	(965,443)	(408,641)
Net current (liabilities)/assets		(164,354)	461,474
Total assets less current liabilities		88,995	1,039,823
Provisions for liabilities		-	(89,156)
Net assets		88,995	950,667
Capital and reserves
Called up share capital		100	100
Other reserves		-	232,968
Profit and loss account		88,895	717,599
Total equity		88,995	950,667

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 3

Greenleaf Properties Sussex Limited

(Registration number: 03102984)
Balance Sheet as at 31 August 2017

Approved and authorised by the Board on 29 May 2018 and signed on its behalf by:



 

.........................................

Mr M Lambor

Director

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 4

Greenleaf Properties Sussex Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 5

Greenleaf Properties Sussex Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

3	Investment properties

	2017 £
At 1 September	578,349
Disposals	(325,000)
At 31 August	253,349

4

Stocks

	2017 £	2016 £
Other inventories	172,308	-

5

Debtors

	2017 £	2016 £
Trade debtors	24,000	-
Other debtors	34,019	281,977
Total current trade and other debtors	58,019	281,977

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		3,115	-
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7	247,472	289,641
Other creditors		714,856	119,000
		965,443	408,641

7	Related party transactions

Summary of transactions with entities with joint control or significant interest

Page 6

Greenleaf Properties Sussex Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Matsim Properties Limited

A company in which Mr A Lambor is also a director, at the year end there was a loan due to Matsim Properties Limited of £649,932 (2016 - (£279,148)).
 

Page 7