Fprop Opportunity Lodz Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07285365 (England and Wales)

Financial Statements

for the Year Ended 31 March 2018

for

FPROP OPPORTUNITY LODZ LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

G R Wingfield Digby

B N Habib

M S Pryce

Secretary:

J A Aubrey

Registered office:

32 St James's Street

London

SW1A 1HD

Registered number:

07285365 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

Sterling House

19/23 High Street

Kidlington

Oxfordshire

OX5 2DH

Fixed assets

Investments

3

3,620,903

3,230,053

Current assets

Debtors

4

2

2

Cash at bank

1,434

14,534

1,436

14,536

Creditors

Amounts falling due within one year

5

1,049,841

1,262,303

Net current liabilities

(1,048,405

)

(1,247,767

)

Total assets less current liabilities

2,572,498

1,982,286

Provisions for liabilities

6

8,933

-

Net assets

2,563,565

1,982,286

Capital and reserves

Called up share capital

25,022

25,022

Foreign exchange

translation reserve

7

38,083

(36,573

)

Retained earnings

7

2,500,460

1,993,837

Shareholders' funds

2,563,565

1,982,286

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 August 2018 and were signed on its behalf by:

G R Wingfield Digby - Director

1.	Statutory information

Fprop Opportunity Lodz Ltd 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.

Preparation of consolidated financial statements

The financial statements contain information about Fprop Opportunity Lodz Ltd as an individual company and

do not contain consolidated financial information as the parent of a group. The company is exempt under

Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as

it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of

its parent, Fprop Opportunities Plc, 32 St James's Street,London,SW1A 1HD.

Significant judgements and estimates

The preparation of financial statements in conformity with FRS 102 requires management to use accounting

estimates and exercise judgement in the process of applying the company's accounting policies. There were no

areas which required significant judgement or measurement uncertainty.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Monetary items which are denominated in foreign currency, such as loans and dividends receivable which

form part of the net investment in an associate, are translated into sterling at the balance sheet date with the

gain or loss on translation being recognised in Other Comprehensive Income. This is a departure from Section

30 of Financial Reporting Standard 102, which requires that any gain or loss on translation be recognised in

the Income Statement.

This departure is a true and fair override as the settlement of the loan and dividend balances which form part

of the net investment in the associate is neither planned, nor likely to occur in the foreseeable future, therefore

it is believed that the recognition of temporary differences in exchange rates in the Income Statement would be

misleading in these circumstances.

Going concern

The directors have made an assessment of the company's ability to continue as a going concern and have

identified no material uncertainties that may cast doubt on the ability of the company to continue as a going

concern for the foreseeable future.The Directors consider that Fprop Opportunities Plc will only demand

repayment of the loan of £1,036,327 owed at the year end if the company can afford to repay the loan.

Other income

Other income includes dividends receivable that have been accrued as dividends payable in the accounts of its

Polish subsidiary company Fprop Lodz Sp Zoo.

3.	Fixed asset investments

31/3/18

31/3/17

£

£

Shares in group undertakings

2,799

2,799

Loans to group undertakings

3,618,104

3,227,254

3,620,903

3,230,053

Additional information is as follows:

Shares in

group

undertakings

£

Cost

At 1 April 2017

and 31 March 2018

2,799

Net book value

At 31 March 2018

2,799

At 31 March 2017

2,799

Loans to

group

undertakings

£

At 1 April 2017

3,227,254

New in year

390,850

At 31 March 2018

3,618,104

The long term loans and dividends receivable from its subsidiary undertaking are included as part of the net

investment in the subsidiary.

4.

Debtors: amounts falling due within one year

31/3/18

31/3/17

£

£

Other debtors

2

2

5.

Creditors: amounts falling due within one year

31/3/18

31/3/17

£

£

Amounts owed to group undertakings

1,036,327

1,258,103

Taxation and social security

9,134

-

Other creditors

4,380

4,200

1,049,841

1,262,303

6.	Provisions for liabilities

31/3/18

31/3/17

£

£

Deferred tax

8,933

-

Deferred tax

£

Provided during year

8,933

Balance at 31 March 2018

8,933

The deferred tax provision is the tax that would be payable on the unrealised foreign gains that have been

taken to the foreign exchange translation reserve.

7.

Reserves

Foreign

exchange

Retained

translation

earnings

reserve

Totals

£

£

£

At 1 April 2017

1,993,837

(36,573

)

1,957,264

Profit for the year

506,623

506,623

Net unrealised exchange gains

-

74,656

74,656

At 31 March 2018

2,500,460

38,083

2,538,543

The Foreign exchange translation reserve is made up of the unrealised gains of £47,016 arising from the

retranslation at the year end of the zlotys loan and dividends receivable that are included in investments less

the deferred tax of £8,933 that would be payable if these exchange gains were realised.

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Jonathan Moughton FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts

9.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

10.	Ultimate controlling party

The controlling party is Fprop Opportunities Plc.

The ultimate controlling party is First Property Group Plc .