Gluck Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07218500 (England and Wales)

GLUCK PROPERTY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 26 APRIL 2018

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Mr C Reiner

REGISTERED OFFICE:

137 Wargrave Avenue

London

N15 6TX

REGISTERED NUMBER:

07218500 (England and Wales)

ACCOUNTANTS:

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

FIXED ASSETS

Investment property

5

4,534,846

5,786,910

CURRENT ASSETS

Debtors

6

711,430

491,484

Cash at bank

5,394

4,646

716,824

496,130

CREDITORS

Amounts falling due within one year

7

838,386

1,211,748

NET CURRENT LIABILITIES

(121,562

)

(715,618

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,413,284

5,071,292

CREDITORS

Amounts falling due after more than one year

8

(2,677,041

)

(3,046,240

)

PROVISIONS FOR LIABILITIES

10

(214,600

)

(278,660

)

NET ASSETS

1,521,643

1,746,392

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

1,345,400

1,661,340

Retained earnings

176,143

84,952

SHAREHOLDERS' FUNDS

1,521,643

1,746,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 26 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 26 April 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 9 January 2019 and were signed by:

Mr C Reiner - Director

1.	STATUTORY INFORMATION

Gluck Property 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified to include

investment properties measured at fair value through profit or loss.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors that are considered to be relevant. The estimates and underlying

assumptions are reviewed on an ongoing basis.

Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of services provided

in the normal course of business. The turnover of the company is represented by rents and charges

receivable in respect of the company's investment portfolio. Rental income is accounted for on an

accruals basis.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially

recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value

are recognised in profit or loss.

Taxation

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

Account, 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 27 April 2017

5,786,910

Additions

38,663

Disposals

(1,290,727

)

At 26 April 2018

4,534,846

NET BOOK VALUE

At 26 April 2018

4,534,846

At 26 April 2017

5,786,910

The fair value of the investment properties has been arrived at on the basis of a valuation carried out

by the company's director who has the experience and expertise required to undertake such an

exercise. The valuation was made on an open market value basis by reference to market evidence of

transaction prices for similar properties in the same location.

The historical cost of investment properties at 26 April 2018 is £2,974,847.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

15,882

15,243

Other debtors

695,548

476,241

711,430

491,484

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

16,194

448,419

Taxation and social security

7,071

15,986

Other creditors

815,121

747,343

838,386

1,211,748

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

2,677,041

3,046,240

2018

2017

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs by non- instalments

2,286,256

777,523

Repayable by instalments

Bank loans more than 5 years by instalments

322,722

2,195,509

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

2,693,235

3,494,659

The bank loans are secured by legal charges over certain of the company's investment properties.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

214,600

278,660

Deferred

tax

£

Balance at 27 April 2017

278,660

Credit to Income Statement during year

(64,060

)

Balance at 26 April 2018

214,600

Deferred tax arises from the revaluation of investment properties.

11.

RESERVES

Fair

value

reserve

£

At 27 April 2017

1,661,340

Disposal of property

(380,000

)

Transfer deferred tax from retained earnings

64,060

At 26 April 2018

1,345,400

12.	RELATED PARTY DISCLOSURES

Included in other debtors are amounts aggregating £529,548 (2017: £179,410) due from companies of

which the director of this company has significant control.

Included in other creditors are amounts aggregating £36,236 (2017: £198,729) due to companies of

which the director of this company has significant control.