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

REGISTERED NUMBER: 04386142 (England and Wales)

NEILSON PROPERTIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

DIRECTORS:

L S Neilson

O S Neilson

SECRETARY:

L S Neilson

REGISTERED OFFICE:

101 Redchurch Street

Shoreditch

London

E2 7DL

REGISTERED NUMBER:

04386142 (England and Wales)

AUDITORS:

F W Berringer & Co

Chartered Accountants

and Statutory Auditors

Lygon House

50 London Road

Bromley

Kent

BR1 3RA

FIXED ASSETS

Tangible assets

3

2,021

634

Investment property

4

1,465,000

1,465,000

1,467,021

1,465,634

CURRENT ASSETS

Stocks

37,660

-

Debtors

5

302,224

370,181

Cash at bank

10,955

3,910

350,839

374,091

CREDITORS

Amounts falling due within one year

6

742,750

728,239

NET CURRENT LIABILITIES

(391,911

)

(354,148

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,075,110

1,111,486

CREDITORS

Amounts falling due after more than one year

7

(560,500

)

(592,500

)

PROVISIONS FOR LIABILITIES

(8,683

)

(8,683

)

NET ASSETS

505,927

510,303

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

505,926

510,302

SHAREHOLDERS' FUNDS

505,927

510,303

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors on 12 December 2018 and were signed on its behalf by:

O S Neilson - Director

1.	STATUTORY INFORMATION

Neilson Properties 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the

amounts reported for revenues and expenditures during the year. However, the nature of estimation means that actual

outcomes could differ from those estimates. Management do not consider that there is a significant risk of causing a

material adjustment to the carrying amounts of assets and liabilities within the next financial period.

Going concern

It is the directors' opinion that the company is a going concern for the foreseeable future. Although the balance sheet shows

negative assets, the company will continue to be supported by the parent companies for a period exceeding 12 months from

the date of approval of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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.

Debtors

Short term debtors are measures at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts, when applicable are

shown within borrowings in current liabilities.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2017

5,041

Additions

1,892

At 31 March 2018

6,933

DEPRECIATION

At 1 April 2017

4,407

Charge for year

505

At 31 March 2018

4,912

NET BOOK VALUE

At 31 March 2018

2,021

At 31 March 2017

634

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

and 31 March 2018

1,465,000

NET BOOK VALUE

At 31 March 2018

1,465,000

At 31 March 2017

1,465,000

Fair value at 31 March 2018 is represented by:

£

Valuation in 2013

130

Valuation in 2015

50,000

Valuation in 2017

170,497

Cost

1,244,373

1,465,000

Investment property was valued on an open market basis on 6 June 2016 by Strutt & Parker LLP .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,830

948

Other debtors

298,968

369,233

VAT

1,426

-

302,224

370,181

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

32,000

32,000

Trade creditors

8,153

3,288

Taxation and social security

10,591

5,467

Other creditors

692,006

687,484

742,750

728,239

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

560,500

592,500

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

592,500

624,500

The bank loan is secured by way of a guarantee from Mr L S Neilson.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

John Cardnell BSc FCA (Senior Statutory Auditor)

for and on behalf of F W Berringer & Co

10.	ULTIMATE CONTROLLING PARTY