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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2017 |
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FOR |
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THE SAINES PROPERTIES LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2017 |
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FOR |
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THE SAINES PROPERTIES LIMITED |
THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Chartered Accountants' Report | 3 |
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Statement of Comprehensive Income | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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Reconciliation of Equity | 9 |
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Reconciliation of Profit | 11 |
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THE SAINES PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2017 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
4th Floor Tuition House |
27/37 St George's Road |
Wimbledon |
London |
SW19 4EU |
THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a property investment and management |
company. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2016 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements 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 financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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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 financial statements 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. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
THE SAINES PROPERTIES LIMITED |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of The Saines Properties Limited for the year ended 31 May 2017 which comprise the Statement of |
Comprehensive Income, Balance Sheet and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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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. |
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This report is made solely to the Board of Directors of The Saines 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 The Saines Properties Limited and state those matters that we have agreed to state to the Board of Directors of The Saines 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 The Saines Properties Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that The Saines 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 The Saines Properties Limited. You consider that The Saines Properties Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of The Saines 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. |
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Chartered Accountants |
4th Floor Tuition House |
27/37 St George's Road |
Wimbledon |
London |
SW19 4EU |
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THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MAY 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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74,482 | 73,293 |
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Other operating income |
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Gain/loss on revaluation of investment
property |
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708,136 |
OPERATING PROFIT |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 4 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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BALANCE SHEET |
31 MAY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Fair value reserve | 10 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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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. |
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The financial statements were approved by the Board of Directors on
by: |
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THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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1. | STATUTORY INFORMATION |
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The Saines Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for rent on investment properties, net of VAT due in the period. |
Revenue is recognised with reference to time so that it reflects the right to consideration accrued over the period |
of rental. Accrued rent not received is included in debtors, rent received in excess of the relevant revenue is |
deferred to future periods to which it relates and included in deferred income within creditors. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Financial instruments |
Cash at bank is measured at transaction price. |
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Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Share capital |
Ordinary shares are classified as equity. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating |
unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable |
amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where |
the impairment loss is a revaluation decrease. |
THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average monthly number of employees during the year was
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4. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit | ( |
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UK corporation tax has been charged at 20% . |
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Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2017 | 2016 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2016 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Revaluation Adjustment | - | (141,627 | ) |
Deferred Tax | (16,667 | ) | (1,646 | ) |
Other Adjustment | (130 | ) | - |
Total tax (credit)/charge | (1,165 | ) | 13,647 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2016 |
and 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Investment properties are included in the financial statements at the director, E Zecler's, best estimate of their |
open market value as at the balance sheet date, based on her experience of the trade and locality. No |
depreciation is provided in respect of these properties. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Taxation and social security |
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Other creditors |
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8. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 66,024 | 82,691 |
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Deferred |
tax |
£ |
Balance at 1 June 2016 |
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Deferred tax | (16,667 | ) |
Balance at 31 May 2017 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 June 2016 |
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1,759,784 |
Profit for the year |
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Fair value adjustment | (16,667 | ) | 16,667 | - |
At 31 May 2017 |
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1,838,691 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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As at the balance sheet date the company owed to M Saines £48,525 (2016: £48,525) and owed to A Angel |
£48,525 (2016: £48,525) and owed to E Zecler £21,969 (2016: owed from £8,260) in respect of their directors' |
loan accounts. These loans are unsecured, bear no interest and have no fixed repayment terms. |
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12. | RELATED PARTY DISCLOSURES |
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At the year end £517,073 (2016: £517,073) was due from Saines Limited, a company jointly controlled by A |
Angel and M Saines and in which E Zecler is a director. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company is jointly controlled by the directors A Angel and M Saines. |
THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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RECONCILIATION OF EQUITY |
1 JUNE 2015 |
(DATE OF TRANSITION TO FRS 102) |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 391,864 |
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1,100,000 |
CURRENT ASSETS |
Debtors | 527,334 |
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527,334 |
Cash at bank | 338,599 |
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338,599 |
865,933 |
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865,933 |
CREDITORS |
Amounts falling due within one year | (184,528 | ) |
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(184,528 | ) |
NET CURRENT ASSETS | 681,405 |
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681,405 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
1,073,269 |
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1,781,405 |
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PROVISIONS FOR LIABILITIES | - | ( |
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NET ASSETS | 1,073,269 |
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1,697,068 |
CAPITAL AND RESERVES |
Called up share capital | 100 |
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100 |
Fair value reserve | 1 | - |
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623,799 |
Retained earnings | 1,073,169 |
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1,073,169 |
SHAREHOLDERS' FUNDS | 1,073,269 |
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1,697,068 |
THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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RECONCILIATION OF EQUITY - continued |
31 MAY 2016 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 391,864 |
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1,100,000 |
CURRENT ASSETS |
Debtors | 525,350 |
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525,350 |
Cash at bank | 338,364 |
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338,364 |
863,714 |
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863,714 |
CREDITORS |
Amounts falling due within one year | (121,139 | ) |
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(121,139 | ) |
NET CURRENT ASSETS | 742,575 |
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742,575 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
1,134,439 |
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1,842,575 |
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PROVISIONS FOR LIABILITIES | - | ( |
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NET ASSETS | 1,134,439 |
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1,759,884 |
CAPITAL AND RESERVES |
Called up share capital | 100 |
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100 |
Fair value reserve | 1 | - |
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625,445 |
Retained earnings | 1,134,339 |
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1,134,339 |
SHAREHOLDERS' FUNDS | 1,134,439 |
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1,759,884 |
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Notes to the reconciliation of equity |
1. Changes in the fair value of investment properties are now recognised in profit or loss in accordance with FRS 102. |
Previously under old UK GAAP such changes were recognised in the revaluation reserve. The revaluation reserve b/f |
has therefore been transferred to retained earnings b/f, from which it is then transferred to the fair value reserve to |
emphasise that such gains are unrealised. Under FRS 102, deferred tax is recognised on a timing difference plus |
approach. Previously no deferred tax was recognised. Consequently, deferred tax has been recognised on all fair value |
adjustments. |
THE SAINES PROPERTIES LIMITED (REGISTERED NUMBER: 02716452) |
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RECONCILIATION OF PROFIT |
FOR THE YEAR ENDED 31 MAY 2016 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
TURNOVER | 110,000 |
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110,000 |
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Cost of sales | (3,161 | ) |
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(3,161 | ) |
GROSS PROFIT | 106,839 |
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106,839 |
Administrative expenses | (33,546 | ) |
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(33,546 | ) |
Other operating income | 3,161 |
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3,161 |
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Gain/loss on revaluation of investment
property |
1 |
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708,136 |
708,136 |
OPERATING PROFIT | 76,454 |
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784,590 |
Interest receivable and similar income | 9 |
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9 |
PROFIT BEFORE TAXATION | 76,463 |
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784,599 |
Tax on profit | 2 | (15,293 | ) |
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(13,647 | ) |
PROFIT FOR THE FINANCIAL YEAR | 61,170 |
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770,952 |
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Notes to the reconciliation of profit or loss |
1. Changes in the fair value of investment properties are now recognised in profit or loss in accordance with FRS 102. |
Previously under old UK GAAP such changes were recognised in the revaluation reserve. |
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2. Deferred tax has been recognised on fair value adjustments on investment properties. |