Proudstar Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02988055 (England and Wales)

PROUDSTAR LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

Page

Company Information

1

Report of the Directors

2

Chartered Certified Accountants' Report

3

Profit and Loss Accounts

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

Mr C Toumazos

Mrs M Toumazos

SECRETARY:

Mrs M Toumazos

REGISTERED OFFICE:

214/216 High Road

East Finchley

London

N2 9AY

REGISTERED NUMBER:

02988055 (England and Wales)

ACCOUNTANTS:

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

The directors present their report with the financial statements of the company for the year ended 30 November 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property investment.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £100 per share.

The total distribution of dividends for the year ended 30 November 2017 will be £ 10,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2016 to the date of this

report.

Mr C Toumazos

Mrs M Toumazos

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;

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.

ON BEHALF OF THE BOARD:

Mrs M Toumazos - Secretary

20 August 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 Proudstar Limited for the year ended 30 November 2017 which comprise the Profit and Loss

Accounts, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Proudstar Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Proudstar Limited and state those matters that we have agreed to state to the Board of Directors of Proudstar Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Proudstar 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 loss of Proudstar Limited. You consider that Proudstar 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 Proudstar 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.

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

20 August 2018

TURNOVER

-

-

Administrative expenses

3,592

2,583

(3,592

)

(2,583

)

Other operating income

75,000

75,000

OPERATING PROFIT

3

71,408

72,417

Interest receivable and similar income

-

2

71,408

72,419

Interest payable and similar expenses

26,687

29,504

PROFIT BEFORE TAXATION

44,721

42,915

Tax on profit

4

125,739

8,593

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(81,018

)

34,322

FIXED ASSETS

Tangible assets

5

106

142

Investment property

6

1,250,000

1,100,000

1,250,106

1,100,142

CURRENT ASSETS

Debtors

7

527,740

556,159

Cash in hand

367

367

528,107

556,526

CREDITORS

Amounts falling due within one year

8

294,029

297,073

NET CURRENT ASSETS

234,078

259,453

TOTAL ASSETS LESS CURRENT LIABILITIES

1,484,184

1,359,595

CREDITORS

Amounts falling due after more than one year

9

(517,499

)

(568,979

)

PROVISIONS FOR LIABILITIES

11

(117,087

)

-

NET ASSETS

849,598

790,616

CAPITAL AND RESERVES

Called up share capital

12

100

100

Fair value reserve

13

880,272

730,272

Retained earnings

13

(30,774

)

60,244

SHAREHOLDERS' FUNDS

849,598

790,616

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 20 August 2018 and were signed on its behalf by:

Mr C Toumazos - Director

Mrs M Toumazos - Director

1.	STATUTORY INFORMATION

Proudstar Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown as most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Accounts,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	OPERATING PROFIT

The operating profit is stated after charging:

2017

2016

£

£

Depreciation - owned assets

36

48

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2017

2016

£

£

Current tax:

UK corporation tax

8,652

8,593

Deferred tax

117,087

-

Tax on profit

125,739

8,593

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 December 2016

and 30 November 2017

5,661

DEPRECIATION

At 1 December 2016

5,519

Charge for year

36

At 30 November 2017

5,555

NET BOOK VALUE

At 30 November 2017

106

At 30 November 2016

142

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2016

1,100,000

Fair value adjustment

150,000

At 30 November 2017

1,250,000

NET BOOK VALUE

At 30 November 2017

1,250,000

At 30 November 2016

1,100,000

Fair value at 30 November 2017 is represented by:

£

Valuation in 2012

630,272

Valuation in 2015

100,000

Valuation in 2017

150,000

Cost

369,728

1,250,000

If investment properties had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

369,728

369,728

Investment properties were valued on an open market basis on 30 November 2017 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Related company

479,541

502,541

Directors' current accounts

42,904

48,323

Taxation

5,295

5,295

527,740

556,159

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 10)

84,093

81,357

Other loans (see note 10)

182,000

182,000

Corporation tax

17,314

22,661

Accruals and deferred income

10,622

11,055

294,029

297,073

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 10)

517,499

568,979

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

205,559

257,039

10.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

6,108

3,372

Bank loans

77,985

77,985

Other loans

182,000

182,000

266,093

263,357

Amounts falling due between one and two years:

Bank loans - 1-2 years

77,985

77,985

Amounts falling due between two and five years:

Bank loans - 2-5 years

233,955

233,955

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

205,559

257,039

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

117,087

-

Deferred

tax

£

Provided during year

117,087

Balance at 30 November 2017

117,087

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary shares

£1

100

100

13.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 December 2016

60,244

730,272

790,516

Deficit for the year

(81,018

)

(81,018

)

Dividends

(10,000

)

(10,000

)

Transfer on revaluation

-

150,000

150,000

At 30 November 2017

(30,774

)

880,272

849,498

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2017 and

30 November 2016:

2017

2016

£

£

Mr C Toumazos and Mrs M Toumazos

Balance outstanding at start of year

48,323

48,534

Amounts advanced

4,581

-

Amounts repaid

(10,000

)

(211

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

42,904

48,323

15.	RELATED PARTY DISCLOSURES

During the year, total dividends of £10,000 (2016 - £18,000) were paid to the directors .

As at the year end and included in debtors amounts falling due within one year is £479,541 (2016:

£502,541) due from London Grecian Limited. This company is not controlled by any one person.

16.	CONTROLLING PARTY

There is no overall control of the company by any one person.