West End Properties (Leicester) Limited Company accounts

West End Properties (Leicester) Limited Company accounts

WEST END PROPERTIES (LEICESTER) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09536184
WEST END PROPERTIES (LEICESTER) LIMITED
UNAUDITED FINANCIAL STATEMENTS
30 April 2018
WEST END PROPERTIES (LEICESTER) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2018
CONTENTS
PAGES
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4 to 5
Notes to the financial statements
6 to 8
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
10
WEST END PROPERTIES (LEICESTER) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr P Singh
Mr K Singh
Mrs J Kaur
COMPANY SECRETARY
Mr P Singh
REGISTERED OFFICE
105 Stoughton Road
Oadby
Leicester
LE2 4FR
ACCOUNTANTS
Meadows & Co Limited
Chartered Accountants
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
WEST END PROPERTIES (LEICESTER) LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 APRIL 2018
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2018 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr P Singh
Mr K Singh
Mrs J Kaur
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 July 2018 and signed on behalf of the board by:
Mr P Singh
Director
Registered office:
105 Stoughton Road
Oadby
Leicester
LE2 4FR
WEST END PROPERTIES (LEICESTER) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30 APRIL 2018
2018
2017
Note
£
£
TURNOVER
174,089
162,674
Cost of sales
10,001
10,001
---------
---------
GROSS PROFIT
164,088
152,673
Administrative expenses
38,443
87,993
---------
---------
OPERATING PROFIT
125,645
64,680
---------
---------
PROFIT BEFORE TAXATION
4
125,645
64,680
Tax on profit
23,936
17,949
---------
--------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
101,709
46,731
---------
--------
Dividends paid and payable
( 72,500)
( 72,500)
RETAINED EARNINGS AT THE START OF THE YEAR
13,002
38,771
--------
--------
RETAINED EARNINGS AT THE END OF THE YEAR
42,211
13,002
--------
--------
All the activities of the company are from continuing operations.
WEST END PROPERTIES (LEICESTER) LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2018
2018
2017
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
2
2
Tangible assets
6
2,252,158
2,252,492
------------
------------
2,252,160
2,252,494
CURRENT ASSETS
Cash at bank and in hand
89,379
85,107
CREDITORS: amounts falling due within one year
7
51,728
76,999
--------
--------
NET CURRENT ASSETS
37,651
8,108
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,289,811
2,260,602
------------
------------
NET ASSETS
2,289,811
2,260,602
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Share premium account
2,247,500
2,247,500
Profit and loss account
42,211
13,002
------------
------------
SHAREHOLDERS FUNDS
2,289,811
2,260,602
------------
------------
These financial statements have been prepared 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'.
For the year ending 30 April 2018 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 .
WEST END PROPERTIES (LEICESTER) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2018
These financial statements were approved by the board of directors and authorised for issue on 12 July 2018 , and are signed on behalf of the board by:
Mr P Singh
Director
Company registration number: 09536184
WEST END PROPERTIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 105 Stoughton Road, Oadby, Leicester, LE2 4FR.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover represents the amount derived from rents receivable.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
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 and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
334
333
----
----
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 May 2017 and 30 April 2018
2
----
Amortisation
At 1 May 2017 and 30 April 2018
–
----
Carrying amount
At 30 April 2018
2
----
At 30 April 2017
2
----
6. TANGIBLE ASSETS
Freehold property
Equipment
Total
£
£
£
Cost
At 1 May 2017 and 30 April 2018
2,251,825
1,000
2,252,825
------------
-------
------------
Depreciation
At 1 May 2017
–
333
333
Charge for the year
–
334
334
------------
-------
------------
At 30 April 2018
–
667
667
------------
-------
------------
Carrying amount
At 30 April 2018
2,251,825
333
2,252,158
------------
-------
------------
At 30 April 2017
2,251,825
667
2,252,492
------------
-------
------------
7. CREDITORS: amounts falling due within one year
2018
2017
£
£
Trade creditors
16,869
26,268
Corporation tax
23,936
12,949
Other creditors
10,923
37,782
--------
--------
51,728
76,999
--------
--------
8. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The directors advanced monies to the company. At 30 April 2018 the amount due from the company amounted to £ 9,663 (2017 - £ 82 ).
WEST END PROPERTIES (LEICESTER) LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 30 APRIL 2018
The following pages do not form part of the financial statements.
WEST END PROPERTIES (LEICESTER) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEST END PROPERTIES (LEICESTER) LIMITED
YEAR ENDED 30 APRIL 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West End Properties (Leicester) Limited for the year ended 30 April 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of West End Properties (Leicester) Limited, as a body, in accordance with the terms of our engagement letter dated 11 October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of West End Properties (Leicester) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West End Properties (Leicester) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that West End Properties (Leicester) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of West End Properties (Leicester) Limited. You consider that West End Properties (Leicester) 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 financial statements of West End Properties (Leicester) 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 financial statements.
Meadows & Co Limited Chartered Accountants
Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ
12 July 2018