Lord Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04129457 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

LORD PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

C Skarparis

K P Simeou

C Pantazis

SECRETARY:

C Skarparis

REGISTERED OFFICE:

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

REGISTERED NUMBER:

04129457 (England and Wales)

ACCOUNTANTS:

Chris Skarparis & Co Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

FIXED ASSETS

Investment property

3

1,690,000

1,690,000

CURRENT ASSETS

Debtors

4

4,790

3,295

Cash at bank

21,711

7,830

26,501

11,125

CREDITORS

Amounts falling due within one year

5

52,203

50,815

NET CURRENT LIABILITIES

(25,702

)

(39,690

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,664,298

1,650,310

CREDITORS

Amounts falling due after more than one year

6

(555,065

)

(585,997

)

PROVISIONS FOR LIABILITIES

9

(66,755

)

(74,268

)

NET ASSETS

1,042,478

990,045

CAPITAL AND RESERVES

Called up share capital

3

3

Fair value reserve

10

635,703

628,190

Retained earnings

10

406,772

361,852

SHAREHOLDERS' FUNDS

1,042,478

990,045

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 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 14 November 2018 and were signed on its behalf by:

C Skarparis - Director

K P Simeou - Director

C Pantazis - Director

1.	STATUTORY INFORMATION

Lord Properties Limited is a private company,limited by shares, registered in England and Wales.The company 's

registered number is 04129457 and registered office address is 2nd Floor, 10(B) Aldermans Hill, Palmers Green

, London, N13 4PJ.

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.

Turnover

Turnover represents net rental income, excluding value added tax.

Investment property

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

fair value is recognised in profit or loss.

Investment properties are carried at fair value determined annually by the directors or by external valuers and

derived from the current market rents and investment property yields for comparable real estate, adjusted if

necessary for any difference in the nature, location or condition of the specific asset. No depreciation is

provided. Changes in fair value are recognised in the Income Statement of the year.

Deferred tax

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

sheet date.

Capital gains tax on uncrystallised gains on property investments is provided in the financial statements using

the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Finance cost amortisation

Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan

and then amortised , on a straight line basis, over the duration of the loans.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

and 31 March 2018

1,690,000

NET BOOK VALUE

At 31 March 2018

1,690,000

At 31 March 2017

1,690,000

Fair value at 31 March 2018 is represented by:

£

Valuation in 2004

200,000

Valuation in 2006

78,919

Valuation in 2011

85,260

Valuation in 2015

330,000

Valuation in 2016

8,279

Cost

987,542

1,690,000

Investment properties were valued on an open market basis on 31 March 2018 by the directors .

4.

DEBTORS

31.3.18

31.3.17

£

£

Amounts falling due within one year:

Trade debtors

1,495

-

Amounts falling due after more than one year:

Other debtors-

Deposit Protection Scheme

3,295

3,295

3,295

3,295

Aggregate amounts

4,790

3,295

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

33,617

33,448

Trade creditors

434

308

Tax

10,541

9,698

Rent received in advance

7,432

7,120

Accrued expenses

179

241

52,203

50,815

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans - 1-2 years

33,617

33,448

Bank loans - 2-5 years

51,980

83,673

Bank loans more 5 yrs non-inst

352,503

352,504

Finance cost

(3,146

)

(3,289

)

Directors loan account

114,191

113,741

Rent Deposit

5,920

5,920

555,065

585,997

31.3.18

31.3.17

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

352,503

352,504

Repayable by instalments

Directors loan account

114,191

113,741

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank loans

471,717

503,073

8.	DIRECTORS' LOAN

Included in Creditors - amounts falling due after more than one year is a loan of £114,191 due to the

directors.This loan is recognised at transaction price.The directors pledged not to call in the directors' loan due to

them which is interest free and repayable on demand until the company is in a position to pay.

9.	PROVISIONS FOR LIABILITIES

31.3.18

31.3.17

£

£

Deferred tax on CGT provision

66,755

74,268

Deferred

tax

£

Balance at 1 April 2017

74,268

Credit to Income Statement during year

(7,513

)

Balance at 31 March 2018

66,755

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2017

361,852

628,190

990,042

Profit for the year

52,433

52,433

Transfer to fair valur reserve

-investment properties

revaluation

(7,513

)

-

(7,513

)

Transfer to fair value reserve -Capital Gain Tax on investments properties

-

7,513

7,513

At 31 March 2018

406,772

635,703

1,042,475

Fair value reserve as at 31 March 2018 is an amount of £635,703 (2017- £628,190) relate to revaluation reserves

which are non distributable.

11.	RELATED PARTY DISCLOSURES

The directors and their companies rent offices from Lord Properties Ltd. Rent is charged at market rates.

12.	CONTROLLING PARTIES

The company is controlled by C. Skarparis, K.P. Simeou and C. Pantazis, the company directors and

shareholders.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lord Properties Limited for the year ended 31 March 2018 which comprise the Income

Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lord Properties 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 Lord Properties Limited and state those matters that we have agreed to state to the Board of Directors of Lord Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lord Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lord Properties 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 Lord Properties Limited. You consider that Lord Properties 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 Lord Properties 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.

Chris Skarparis & Co Ltd

Chartered Accountants

2nd Floor

10(b) Aldermans Hill

Palmers Green

London

N13 4PJ

14 November 2018