Graceplan Property Management Limited

Registered number

01823244

Report and Accounts

for the year ended

31 March 2016

Graceplan Property Management Limited
Report and accounts
Contents




Page

Company information	1

Directors' report	2

Independent auditors' report	3

Profit and loss account	4

Balance sheet	5

Notes to the accounts	6-10

Graceplan Property Management Limited

Company Information

Directors

M A Kalo

T Khayat

N Saigol

K R Sanbar

Auditors

Rawi & Co Associates Ltd

Chartered Accountants & Registered Auditors

128 Ebury Street

LONDON

SW1W 9QQ

Registered office

128 Ebury Street

LONDON

SW1W 9QQ

Registered number

01823244

Graceplan Property Management Limited
Registered number:		01823244
Directors' Report

The directors present their report and accounts for the year ended 31 March 2016.

Principal activities
The principal activity of the company is to provide services and facilities to tenants and to improve the common parts and structure of the building

Directors
The following persons served as directors during the year:

	M A Kalo
	T Khayat
	N Saigol
	K R Sanbar

Directors responsibility

	The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.

Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:

●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.


Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 17 November 2016 and signed on its behalf.

M A Kalo
Director

Graceplan Property Management Limited
Independent auditors' report
to the members of Graceplan Property Management Limited

We have audited the accounts of Graceplan Property Management Limited for the year ended 31 March 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard For Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

In accordance with the exemption provided by APB Ethical Standard -Provisions Available for Smaller Entities (Revised), we have prepared and submitted the company's returns to the tax authorities and assisted with the preparation of the accounts.

Scope of the audit of the accounts
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm

Opinion on the accounts
In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.


Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit; or
●	the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report.


Bipinchandra Vyas
(Senior Statutory Auditor)		128 Ebury Street
for and on behalf of		LONDON
Rawi & Co Associates Ltd		SW1W 9QQ
Accountants and Statutory Auditors
21 November 2016

Graceplan Property Management Limited
Profit and Loss Account
for the year ended 31 March 2016


Notes		2016		2015
£			£

Turnover		336,356		229,293

Administrative expenses		(240,271)		(217,590)

Operating profit	2	96,085		11,703

Interest receivable		106		41

Profit on ordinary activities before taxation		96,191		11,744

Tax on profit on ordinary activities	3	(57,416)		(11,645)

Profit for the financial year		38,775		99

Graceplan Property Management Limited
Balance Sheet
as at 31 March 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	4		2,023,949			1,291,290
Investments	5		2			2
			2,023,951			1,291,292

Current assets
Debtors	6	300,348			548,871
Cash at bank and in hand		298,126			64,684
		598,474			613,555

Creditors: amounts falling due within one year	7	(35,331)			(13,958)

Net current assets			563,143			599,597

Total assets less current liabilities			2,587,094			1,890,889

Provisions for liabilities	8		(27,834)			-

Net assets			2,559,260			1,890,889

Capital and reserves
Called up share capital	9		297,600			297,600
Revaluation reserve	10		1,406,894			777,298
Profit and loss account	11		854,766			815,991

Shareholders' funds			2,559,260			1,890,889

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.




M A Kalo
Director
Approved by the board on 17 November 2016

Graceplan Property Management Limited
Notes to the Accounts
for the year ended 31 March 2016

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention as modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	The company is the parent undertaking of a small group and as such is not required by the companies act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

	Turnover
	Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of value added tax and trade discounts.

	Tangible Fixed Assets and Depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets,less their estimated residual value,over their expected useful lives on the following bases:

	Freehold improvements			5/10% straight line
	Other Fixed assets			10/20% straight line


	Investments

	Investments held as fixed assets are shown at cost less provision for impairment.


	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements. A net deferred tax assets is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

	Investment Properties
	Investment properties are revalued annually and the aggregate surplus or deficit is transferred to an investment revaluation reserve. No depreciation is provided in respect of investment properties.This constitutes a departure from the statutory rules requiring fixed assets to be depreciated over their useful lives but is necessary to enable the accounts to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be seperately identified or quantified.

	Capital Instruments
	Preference shares, where there are enforceable obligations to redeem those shares, would constitute debt capital of the company and be shown within creditors. Preference shares without such obligations would be shown as part of shareholders' funds.







2	Operating profit					2016		2015
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					66,336		50,393
	Auditors' remuneration					6,480		6,480


3	Taxation					2016		2015
£							£

	UK corporation tax					27,065		7,237
	Deferred tax					30,351		4,408
						57,416		11,645


4	Tangible fixed assets
		Land and buildings		Other Fixed assets		Improvement to properties		Total
£			£		£		£
	Cost
	At 1 April 2015	1,005,000		195,643		449,894		1,650,537
	Additions	-		27,829		141,570		169,399
	Surplus on revaluation	629,596		-		-		629,596
	At 31 March 2016	1,634,596		223,472		591,464		2,449,532

	Depreciation
	At 1 April 2015	-		190,397		168,850		359,247
	Charge for the year	-		9,126		57,210		66,336
	At 31 March 2016	-		199,523		226,060		425,583

	Net book value
	At 31 March 2016	1,634,596		23,949		365,404		2,023,949
	At 31 March 2015	1,005,000		5,246		281,044		1,291,290


	Freehold land and buildings:					2016		2015
	At Valuation:					£	£
	The investment properties were revalued at 31 March 2016 by the directors on an open market existing use basis.					2,000,000		1,005,000

	If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

						2016		2015
£							£
	Historical cost					253,492		253,492
	Revaluation reserved					1,746,508		751,508

	Total					2,000,000		1,005,000



5	Investments
Investments in
subsidiary					Other
undertakings					investments		Total
£					£		£
	Cost
	At 1 April 2015			2		-		2

	At 31 March 2016			2		-		2

	Subsidiary undertakings

	The following were subsidiary undertaking of the company:
	Company	Shares held		Holding		reserves		Profit/ (Loss)for the year
		Class		%	£		£
	Rutland Court (Tenants) Limited	Ordinary		52		48		-


6	Debtors					2016		2015
£							£

	Trade debtors					86,886		29,064
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					204,417		508,192
	Deferred tax asset (see note 8)					-		2,517
	Other debtors					9,045		9,098
						300,348		548,871



7	Creditors: amounts falling due within one year					2016		2015
£							£

	Corporation tax					27,278		7,450
	Other creditors					8,053		6,508
						35,331		13,958

8	Deferred taxation (asset)/liability
	Deferred taxation:					2016		2015
£							£

	Accelerated capital allowances					27,834		(2,517)

	Deferred taxation (assets) Included in debtors (note 6) / liability					27,834		(2,517)


	The movement in the deferred taxation account during the year was:
						2016		2015
£							£

	At 1 April					(2,517)		(6,925)
	Deferred tax charge in profit and loss account					30,351		4,408

	At 31 March					27,834		(2,517)


9	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		148,800		148,800		148,800
	Preference shares	£1 each		148,800		148,800		148,800
						297,600		297,600

	The preference shares are considered to be equity capital on the basis that there is no obligation to redeem the shares. The company has the right to redeem the shares giving at least one month's notice.


10	Revaluation reserve					2016
£

	At 1 April 2015					777,298
	Arising on revaluation during the year					629,596

	At 31 March 2016					1,406,894



11	Profit and loss account					2016
£

	At 1 April 2015					815,991
	Profit for the year					38,775

	At 31 March 2016					854,766



12	Related party transactions					2016		2015
£							£
	Rutland Court (Tenants) Limited
	Monies are paid and collected on the company's behalf by its subsidiary undertakings.
	Amount due					204,417		508,192


13	Ultimate controlling party
	The company is controlled by the shareholders.