Cassen Properties Ltd Filleted accounts for Companies House (small and micro)

CASSEN PROPERTIES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 00270822

CASSEN PROPERTIES LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2018

CASSEN PROPERTIES LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

CASSEN PROPERTIES LTD

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	B Weber
	S Higgott
	R Cassen
	J Cassen

Company secretary	J Cassen

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

CASSEN PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION

31 December 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	6		2,200,000		2,225,000

Current assets

Debtors	7	24,465	23,804
Cash at bank and in hand		2,440	24,240
		--------	--------
		26,905	48,044

Creditors: amounts falling due within one year	8	( 31,886)		( 60,391)
		--------		--------
Net current liabilities			( 4,981)		( 12,347)
			------------		------------
Total assets less current liabilities			2,195,019		2,212,653

Provisions	( 151,924)	( 161,330)
	------------	------------
Net assets	2,043,095	2,051,323
	------------	------------

Capital and reserves

Called up share capital		6,000	6,000
Profit and loss account	9	2,037,095	2,045,323
		------------	------------
Shareholders funds		2,043,095	2,051,323
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 6 March 2019 , and are signed on behalf of the board by:

R Cassen
Director

Company registration number: 00270822

CASSEN PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2018

1. General information

The company is a private company limited by shares, registered in UK. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Taxation

The charge to the profit and loss account is made up of:

	2018	2017
	£	£
Corporation tax payable	30,135	20,777
Deferred tax	65,584	(7,246)
	--------	--------
	95,719	13,531
	--------	--------

6. Tangible assets

	Freehold property
	£
Cost or valuation
At 1 January 2018	2,225,000
Revaluations	( 25,000)
	------------
At 31 December 2018	2,200,000
	------------
Carrying amount
At 31 December 2018	2,200,000
	------------
At 31 December 2017	2,225,000
	------------

The freehold investment properties were revalued by Martin Slowe, chartered surveyors, on 27 November 2017. Their historical cost is £66,927.

7. Debtors

	2018	2017
	£	£
Trade debtors	19,054	23,804
Other debtors	5,411	–
	--------	--------
	24,465	23,804
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	–	31,035
Other creditors	31,886	29,356
	--------	--------
	31,886	60,391
	--------	--------

9. Reserves

The balance on the profit and loss account of £2,037,095 is made up of distributable reserves of £55,946 and non-distributable reserves of £1,981,149.