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REGISTERED NUMBER:
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Boyraz Properties Limited |
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Abridged Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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REGISTERED NUMBER:
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Boyraz Properties Limited |
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Abridged Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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Boyraz Properties Limited (Registered number: 10041632) |
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Contents of the Financial Statements |
for the year ended 31 March 2019 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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Boyraz Properties Limited |
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Company Information |
for the year ended 31 March 2019 |
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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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Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Boyraz Properties Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Statement of Financial Position. Readers are cautioned that the Abridged |
Income Statement and certain other primary statements and the Report of the Directors are not |
required to be filed with the Registrar of Companies. |
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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 Boyraz Properties Limited for the year ended 31 March 2019 which |
comprise the Abridged Statement of Income and Retained Earnings, Statement of Financial Position 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 Boyraz 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 Boyraz Properties Limited and state those matters that we have agreed to state to the Board of Directors of Boyraz 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 Boyraz 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 Boyraz 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 Boyraz Properties Limited. You consider that Boyraz 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 Boyraz 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 |
239-241 Kennington Lane |
London |
SE11 5QU |
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Boyraz Properties Limited (Registered number: 10041632) |
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Statement of Financial Position |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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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 |
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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. |
Boyraz Properties Limited (Registered number: 10041632) |
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Statement of Financial Position - continued |
31 March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Boyraz Properties Limited (Registered number: 10041632) |
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Notes to the Financial Statements |
for the year ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Boyraz Properties Limited is a
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The 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 |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Turnover is derived from the ordinary trading activities of the business and is recognised when the |
rents are due. |
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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 statement of financial position 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 statement of financial position 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. |
Boyraz Properties Limited (Registered number: 10041632) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Fair value at 31 March 2019 is represented by: |
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£ |
Valuation in 2017 | 1,026,516 |
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If the investment properties had not been revalued they would have been included at the following |
historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 1,026,516 | 1,028,516 |
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The investment properties were valued on a fair value basis on 31 March 2019 by Mr Metin Boyraz, a director |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Tax |
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Rent received in advance | - | 3,309 |
Directors' current accounts | 334,728 | 297,989 |
Accrued expenses |
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Boyraz Properties Limited (Registered number: 10041632) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans (see note 8) |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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2019 | 2018 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 674,050 | 711,410 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Bank loans are secured on property 503 London Road, Croydon by way of fixed charge to Paragon |
Bank. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
Boyraz Properties Limited (Registered number: 10041632) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 April 2018 |
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Profit for the year |
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At 31 March 2019 |
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12. | RELATED PARTY DISCLOSURES |
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Included within creditors are amounts due to the director of £334,728 (2018: £297,989) at balance |
sheet date. No interest was charged on this balance and no set repayment terms are in place. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr M Boyraz. |