Soel Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03484646 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Soel Properties Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

G Kyriacou

REGISTERED OFFICE:

3rd Floor Solar House

1-9 Romford Road

London

E15 4RG

REGISTERED NUMBER:

03484646 (England and Wales)

ACCOUNTANTS:

Jones & Partners Limited

3rd Floor Solar House

1-9 Romford Road

London

E15 4RG

The following reproduces the text of the report prepared for the director 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Soel Properties Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

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.

This report is made solely to the director of Soel Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Soel Properties Limited and state those matters that we have agreed to state to the director of Soel Properties Limited 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 Soel Properties Limited and its director for our work or for this report.

It is your duty to ensure that Soel 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 loss of Soel Properties Limited. You consider that Soel Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Soel 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.

Jones & Partners Limited

3rd Floor Solar House

1-9 Romford Road

London

E15 4RG

23 December 2021

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,200,000

1,200,000

1,200,000

1,200,000

CURRENT ASSETS

Debtors

6

769

739

CREDITORS

Amounts falling due within one year

7

577,123

591,309

NET CURRENT LIABILITIES

(576,354

)

(590,570

)

TOTAL ASSETS LESS CURRENT LIABILITIES

623,646

609,430

CREDITORS

Amounts falling due after more than one year

8

(641,808

)

(634,437

)

PROVISIONS FOR LIABILITIES

9

(29,153

)

(22,156

)

NET LIABILITIES

(47,315

)

(47,163

)

CAPITAL AND RESERVES

Called up share capital

10

1

1

Fair value reserve

11

94,456

94,456

Retained earnings

11

(141,772

)

(141,620

)

SHAREHOLDERS' FUNDS

(47,315

)

(47,163

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 23 December 2021 and were signed by:

G Kyriacou - Director

1.	STATUTORY INFORMATION

Soel 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

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.

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.

Going concern disclosure

In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the director has given due consideration to the future financial operating requirements of the company. She expects the company to remain in operational existence for the foreseeable future and is satisfied that the necessary financial support will be available for the twelve months from the date of approval of the financial statements.

The director is closely monitoring the impact of COVID-19 on the activities of the company and after making appropriate enquiries, she has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, having taken into account the impact of the pandemic on the business.

Based on the director's assessment, the company continues to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2020

and 31 March 2021

1,149

DEPRECIATION

At 1 April 2020

and 31 March 2021

1,149

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

1,200,000

NET BOOK VALUE

At 31 March 2021

1,200,000

At 31 March 2020

1,200,000

The investment property was valued by the Director at its fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

769

739

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other creditors

577,123

591,309

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

641,808

634,437

Included in Other Creditors due within one year and Other Creditors due after one year is a Loan balance owed to Clydesdale Bank.

This loan is secured against the company's investment property.

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

29,153

22,156

Deferred

tax

£

Balance at 1 April 2020

22,156

Provided during year

6,997

Balance at 31 March 2021

29,153

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

Ordinary

1

1

1

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2020

(141,620

)

94,456

(47,164

)

Deficit for the year

(152

)

(152

)

At 31 March 2021

(141,772

)

94,456

(47,316

)

12.	RELATED PARTY DISCLOSURES

Included in Other Creditors is a loan balance of £443,133 (2019: £461,818) due to close family members of the director.

Interest charged on this loan during year was £19,800 (2020: £36,850).