Ask Property Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04447514 (England and Wales)

ASK PROPERTY INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs A M Kohn

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

04447514 (England and Wales)

ACCOUNTANTS:

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Tangible assets

4

609

811

Investment property

5

1,000,000

1,000,000

1,000,609

1,000,811

CURRENT ASSETS

Debtors

6

55,876

55,876

Cash at bank

5,481

8,108

61,357

63,984

CREDITORS

Amounts falling due within one year

7

121,509

124,314

NET CURRENT LIABILITIES

(60,152

)

(60,330

)

TOTAL ASSETS LESS CURRENT LIABILITIES

940,457

940,481

CREDITORS

Amounts falling due after more than one year

8

254,021

266,664

NET ASSETS

686,436

673,817

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

686,434

673,815

SHAREHOLDERS' FUNDS

686,436

673,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 20 February 2019 and were signed by:

Mrs A M Kohn - Director

1.	STATUTORY INFORMATION

Ask Property Investments 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents gross rent receivable and gross property management income. Turnover is recognised when

the rental invoice is raised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

The company's freehold property is included in the Balance Sheet at tits open market value.The surplus(es) or

deficit(s) on revaluation of the freehold property is transferred to the revaluation reserve, apart from when the

revaluation is below the original cost which is charged to the profit and loss account. No depreciation is provided

in these accounts in respect of the freehold propery.

The policy represents a departure from the statutory accounting principles, which require depreciation to be

provided on all fixed assets.The director considers that this policy is necessary in order that the accounts give a

true and fair view. Current values and changes in current values are of prime importance rather than the

calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation

and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 June 2017

and 31 May 2018

45,500

DEPRECIATION

At 1 June 2017

44,689

Charge for year

202

At 31 May 2018

44,891

NET BOOK VALUE

At 31 May 2018

609

At 31 May 2017

811

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2017

and 31 May 2018

1,000,000

NET BOOK VALUE

At 31 May 2018

1,000,000

At 31 May 2017

1,000,000

Fair value at 31 May 2018 is represented by:

£

Valuation in 2017

540,389

Cost

459,611

1,000,000

Investment property was valued on an open market basis on 31 May 2017 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

55,876

55,876

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts (see note 9)

11,186

11,186

Trade creditors

1,001

1,001

Corporation tax

3,043

1,549

Related company

59,400

45,035

Directors' current accounts

40,994

52,847

Accruals and deferred income

5,885

12,696

121,509

124,314

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans (see note 9)

254,021

266,664

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

220,463

233,106

9.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank loans

11,186

11,186

Amounts falling due between one and two years:

Bank loans - 1-2 years

11,186

11,186

Amounts falling due between two and five years:

Bank loans - 2-5 years

22,372

22,372

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

220,463

233,106

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

265,207

277,850

The company bankers hold a fixed and floating charge over the undertaking and its assets.

11.	RELATED PARTY DISCLOSURES

The company receives rent of £7,688 (2017: £38,737) from a related company Living In Space Limited in which

Mrs A M Kohn is a director and shareholder.

At the Balance Sheet date the amount due to Living In Space Limited totalled £59,400 (2017: £45,035).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs A M Kohn.