Finlaw 450 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05011190 (England and Wales)

Unaudited Financial Statements

for the Period

1 February 2017 to 31 May 2018

for

Finlaw 450 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Zamek

REGISTERED OFFICE:

The Office

Inglewood Mansions

289 West End Lane

London

NW6 1RE

REGISTERED NUMBER:

05011190 (England and Wales)

ACCOUNTANTS:

CAAS

Chartered Accountants

Suite 203, 2nd Floor

China House

401 Edgware Road

London

NW2 6GY

FIXED ASSETS

Investment property

4

17,840,000

17,840,000

CURRENT ASSETS

Debtors

5

7,141,981

1,342,807

Cash at bank

11,643

16,065

7,153,624

1,358,872

CREDITORS

Amounts falling due within one year

6

5,442,735

4,285,584

NET CURRENT ASSETS/(LIABILITIES)

1,710,889

(2,926,712

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,550,889

14,913,288

CREDITORS

Amounts falling due after more than one year

7

(9,785,309

)

(5,037,838

)

PROVISIONS FOR LIABILITIES

9

(1,195,139

)

(1,468,467

)

NET ASSETS

8,570,441

8,406,983

CAPITAL AND RESERVES

Called up share capital

2

2

Non-distributable reserve

8,050,718

7,777,390

Retained earnings

519,721

629,591

SHAREHOLDERS' FUNDS

8,570,441

8,406,983

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director on 5 July 2018 and were signed by:

N Zamek - Director

1.	STATUTORY INFORMATION

Finlaw 450 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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, and in accordance with the accounting policies set

out below.

Turnover

Turnover represents rent receivable excluding value added tax. Revenue is recognised over the period of rental.

Investment property

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", investment properties are revalued

annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in

respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However this requirement conflicts with the

generally accepted accounting principle set out in section 1A "Small Entities" of Financial Reporting Standard

102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The director considers

that because the property is not held for consumption but for its investment potential, to depreciate it would not

give true and fair view, and that is necessary to adopt section 1A "Small Entities" of Financial Reporting

Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" in order to give

true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount

which might otherwise have been shown cannot be separately identified or quantified.

Taxation

Taxation for the period 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 period 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.

Trade debtors

Trade debtors are carried at original net invoice amount less an estimate for doubtful debtors. Bad debts are

written off when identified. Specific provisions are made against debts whose recovery is considered doubtful.

Provisions and accruals

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and

the amount can be reliably estimated. Provisions are not recognised for future operating losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2017 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2017

and 31 May 2018

17,840,000

NET BOOK VALUE

At 31 May 2018

17,840,000

At 31 January 2017

17,840,000

Fair value at 31 May 2018 is represented by:

£

Valuation in 2007

1,588,482

Valuation in 2016

9,605,101

Cost

6,646,417

17,840,000

The investment properties were valued in July 2016 by Gerald Eve Chartered Surveyors to be £17,840,000, and

in the opinion of the director, this was the correct market value of the properties at the balance sheet date on an

open market basis.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.1.17

£

£

Trade debtors

70,000

98,883

Amounts due from related companies

6,112,633

282,609

Other debtors

959,348

959,348

Prepayments and accrued income

-

1,967

7,141,981

1,342,807

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.1.17

£

£

Trade creditors

-

4,971

Amounts due to related companies

4,910,760

4,238,660

Tax

-

5,901

Other creditors

-

1,370

Rent deposit received

18,805

29,689

Directors' current accounts

508,370

-

Accruals and deferred income

4,800

4,993

5,442,735

4,285,584

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.18

31.1.17

£

£

N & N 3 Limited

9,785,309

5,037,838

Mortgages are secured by fixed and floating charges over the investment properties.

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.18

31.1.17

£

£

N & N 3 Limited

9,785,309

5,037,838

9.	PROVISIONS FOR LIABILITIES

31.5.18

31.1.17

£

£

Deferred tax

1,195,139

1,468,467

Deferred

tax

£

Balance at 1 February 2017

1,468,467

Provided during period

(273,328

)

Balance at 31 May 2018

1,195,139