Glenview Properties Limited Company Accounts

GLENVIEW PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00758211

Glenview Properties Limited

Filleted Unaudited Financial Statements

31 March 2017

Glenview Properties Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Glenview Properties Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		650,000	112,168

Current assets

Debtors	6	1,071,072	1,088,500
Cash at bank and in hand		68,605	45,867
		------------	------------
		1,139,677	1,134,367

Creditors: amounts falling due within one year	7	108,950		114,688
		------------		------------
Net current assets			1,030,727	1,019,679
			------------	------------
Total assets less current liabilities			1,680,727	1,131,847

Provisions

Taxation including deferred tax	31,000	–
	------------	------------
Net assets	1,649,727	1,131,847
	------------	------------

Capital and reserves

Called up share capital	100	100
Fair value reserve	555,708	48,876
Profit and loss account	1,093,919	1,082,871
	------------	------------
Shareholders funds	1,649,727	1,131,847
	------------	------------

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.

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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Glenview Properties Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 14 June 2018 , and are signed on behalf of the board by:

E Tajtelbaum

Director

Company registration number: 00758211

Glenview Properties Limited

Statement of Changes in Equity

Year ended 31 March 2017

		Called up share capital	Fair value reserve	Profit and loss account	Total
		£	£	£	£
At 1 April 2015		100	48,876	1,075,463	1,124,439

Profit for the year				7,408	7,408
		----	--------	------------	------------
Total comprehensive income for the year		–	–	7,408	7,408

At 31 March 2016		100	48,876	1,082,871	1,131,847

Profit for the year				517,880	517,880
Other comprehensive income for the year:
	User defined other comprehensive income movement 2	–	506,832	( 506,832)	–
		----	---------	------------	------------
Total comprehensive income for the year		–	506,832	11,048	517,880

		----	---------	------------	------------
At 31 March 2017		100	555,708	1,093,919	1,649,727
		----	---------	------------	------------

Glenview Properties Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle House, London, NW11 0DH.

2. Statement of compliance

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is represented by the total rents receivable for the year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property 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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

5. Tangible assets

	Land and buildings
	£
Cost or valuation
At 1 April 2016	112,168
Revaluations	537,832
	---------
At 31 March 2017	650,000
	---------
Depreciation
At 1 April 2016 and 31 March 2017	–
	---------
Carrying amount
At 31 March 2017	650,000
	---------
At 31 March 2016	112,168
	---------

Included within the above is investment property as follows:

	£
At 1 April 2016	112,168
Fair value adjustments	537,832
	---------
At 31 March 2017	650,000
	---------

The company's investment properties were revalued by the director at open market value.

6. Debtors

	2017	2016
	£	£
Other debtors	1,071,072	1,088,500
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	1,671	5,784
Amounts owed to related undertakings	6,000	6,000
Other creditors	101,279	102,904
	---------	---------
	108,950	114,688
	---------	---------

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.