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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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CAMEO PROPERTIES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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CAMEO PROPERTIES LIMITED |
CAMEO PROPERTIES LIMITED (REGISTERED NUMBER: 04127043) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CAMEO PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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311 Ballards Lane |
London |
N12 8LY |
CAMEO PROPERTIES LIMITED (REGISTERED NUMBER: 04127043) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
CAMEO PROPERTIES LIMITED (REGISTERED NUMBER: 04127043) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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CAMEO PROPERTIES LIMITED (REGISTERED NUMBER: 04127043) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Cameo 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. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" |
("FRS 102") and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention as modified by the revaluation of certain assets. |
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Turnover |
Turnover represents net rents receivable. |
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Investment properties |
Investment properties are accounted for in accordance with the provisions of Section 16 of FRS 102. They are |
valued annually by the director, and from time to time by an independent professional valuer, on a fair value |
basis. The surplus or deficit on revaluation is transferred to the income statement. Deferred tax is provided on |
revaluation gains at the rate expected to apply when the property is sold. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement. 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. |
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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. 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. |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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The investment property was independently valued by Patrick Johnson, the director of Cameo Properties |
Limited. Mr Johnson is not a qualified valuer, but he is competent to carry out the valuation. The directors |
believe this valuation provides a reasonable estimate of the value at the balance sheet date. |
CAMEO PROPERTIES LIMITED (REGISTERED NUMBER: 04127043) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | INVESTMENT PROPERTY - continued |
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Cost or valuation at 31 December 2016 is represented by: |
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£ |
Valuation in 2014 | 905,000 |
Valuation in 2015 | 475,000 |
Cost | 2,370,000 |
3,750,000 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Sundry debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Taxation and social security |
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Sundry creditors |
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6. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2016 |
and 31 December 2016 |
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7. | GOING CONCERN |
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The financial statements have been prepared on a going concern basis, which is dependent on the continued |
support of The Round Table Limited, an unconnected third party to which the company owed £2,591,983 (2016: |
2,547,488) at the balance sheet date. The directors do not expect this support to be withdrawn in the foreseeable |
future and therefore the going concern basis is reasonable. |
CAMEO PROPERTIES LIMITED (REGISTERED NUMBER: 04127043) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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8. | FIRST YEAR ADOPTION OF FRS 102 |
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The company has adopted the FRS 102 accounting standard for the first time. A provision for deferred tax has |
been included this year as it is a requirement of FRS 102. A transitional adjustment has been made for a deferred |
tax provision as at 31 December 2016, as a result of which the comparatives are restated as follows: |
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Reconciliation of equity | At 31.12.15 |
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Capital and reserves (as previously stated) | 1,476,428 |
Deferred tax on investment property | (156,078 | ) |
1,320,350 |
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Reconciliation of profit/(loss) for the prior year |
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Profit for the year (as previously stated) | 29,665 |
Revaluation | 475,000 |
Deferred tax on investment properties | (94,526 | ) |
Profit for the year (as restated) | 410,139 |
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