REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
FOR |
A & Y STAVRINOU PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
FOR |
A & Y STAVRINOU PROPERTIES LIMITED |
A & Y STAVRINOU PROPERTIES LIMITED (REGISTERED NUMBER: 04182445) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
A & Y STAVRINOU PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
A & Y STAVRINOU PROPERTIES LIMITED (REGISTERED NUMBER: 04182445) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2017 |
31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
A & Y STAVRINOU PROPERTIES LIMITED (REGISTERED NUMBER: 04182445) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2017 |
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 its behalf by: |
A & Y STAVRINOU PROPERTIES LIMITED (REGISTERED NUMBER: 04182445) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
1. | STATUTORY INFORMATION |
A & Y Stavrinou Properties Limited is a |
specified/Other. 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 |
Turnover |
Turnover represents rents receivable from the investment properties owned by company. Rents are |
recognised up to the year end date. |
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. |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
DEPRECIATION |
At 1 April 2016 |
Charge for year |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2016 |
and 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
A & Y STAVRINOU PROPERTIES LIMITED (REGISTERED NUMBER: 04182445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
4. | INVESTMENT PROPERTY - continued |
Investment properties are revalued annually at their open market value in accordance with FRSSE |
(effective April 2008). The surplus or deficit on revaluation is transferred to a revaluation reserve |
except where the deficit reduces the property below its historical cost, in which case it is taken to the |
profit and loss account. |
No depreciation is provided on investment properties which is a departure from the requirements of the |
Companies Act 2006. In the opinion of the members these properties are held primarily for their |
investment potential and so their current value is of more significance that any measure of |
consumption and to depreciate them would not give a true and fair view. The provisions of the FRSSE |
(effective April 2008) in respect of investment properties have therefore been adopted in order to give |
a true and fair view. If this departure from the Act had not been made, the losses for the year would |
have been increased by depreciation. |
However, the amount of depreciation cannot reasonably be quantified and the amount which might |
otherwise have been shown cannot be separately identified or quantified. |
Fair value at 31 March 2017 is represented by: |
£ |
Valuation in 2013 | 509,365 |
Valuation in 2006 | 633,088 |
Valuation in 2015 | (220,000 | ) |
Valuation in 2016 | 100,000 |
Cost | 307,547 |
1,330,000 |
If had not been revalued would have been included at the following historical cost: |
31.3.17 | 31.3.16 |
£ | £ |
Cost | 307,547 | 307,547 |
The directors feel that the property valuation fairly reflects the current market value. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans and overdrafts |
Tax |
Rent deposit | 800 | 800 |
Accruals and deferred income |
Accrued expenses |
A & Y STAVRINOU PROPERTIES LIMITED (REGISTERED NUMBER: 04182445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans more 5 yrs non-inst | 381,623 | 395,903 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
The bank loans are secured by charges over the properties owned by the company. |
8. | PROVISIONS FOR LIABILITIES |
31.3.17 | 31.3.16 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax | 204,491 | 204,491 |
204,975 | 205,755 |
Deferred |
tax |
£ |
Balance at 1 April 2016 |
Provided during year | ( |
) |
Balance at 31 March 2017 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: | £ | £ |
ordinary | 1 | 100 | 100 |
ordinary non-voting 'B' | 1 | 200 | 200 |
300 | 300 |
10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2016 | 817,438 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2017 | 816,916 |
A & Y STAVRINOU PROPERTIES LIMITED (REGISTERED NUMBER: 04182445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
11. | CONTINGENT LIABILITIES |
The company has no contingent liabilities as at 31 March 2017 or 31 March 2016. |
12. | CAPITAL COMMITMENTS |
There are no capital commitments contracted in the year. |
13. | RELATED PARTY DISCLOSURES |
At the year end the directors owed the company £30,134 (2016 : £39,080). |
14. | ULTIMATE CONTROLLING PARTY |
Ultimate control is vested in the directors of the company who are the majority shareholders. |