ACCOUNTS - Final Accounts preparation

THE BEST PROPERTY COMPANY (UK) LIMITED - Company Information

Registered number: 06240532

THE BEST PROPERTY COMPANY (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

THE BEST PROPERTY COMPANY (UK) LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 7

REGISTERED NUMBER:06240532

THE BEST PROPERTY COMPANY (UK) LIMITED

BALANCE SHEET

AS AT 31 MAY 2021

		2021		2020
Note		£		£

Fixed assets
Investment property	4		300,000		300,000
			300,000		300,000
Current assets
Debtors: amounts falling due within one year	5	217,071		194,237
Cash at bank and in hand	6	2,450		1,558
		219,521		195,795
Creditors: amounts falling due within one year	7	(47,440)		(75,200)
Net current assets			172,081		120,595
Total assets less current liabilities			472,081		420,595
Creditors: amounts falling due after more than one year	8		(226,727)		(176,727)
Provisions for liabilities
Deferred tax	9	(29,225)		(29,225)
			(29,225)		(29,225)
Net assets			216,129		214,643

Capital and reserves
Called up share capital	10	100	100
Profit and loss account		216,029	214,543
		216,129	214,643

Page 1

REGISTERED NUMBER:06240532

THE BEST PROPERTY COMPANY (UK) LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

R Soltanie

Director

Date: 25 August 2021

Page 2

THE BEST PROPERTY COMPANY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

1.	General information

The Best Property Company (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Flat 6 David Court, 1044-1046 High Road, London, N20 0QR.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

THE BEST PROPERTY COMPANY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.Accounting policies (continued)

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

THE BEST PROPERTY COMPANY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.Accounting policies (continued)

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Employees

The average monthly number of employees, including the director, during the year was as follows:

	2021	2020
	No.	No.

Director	1	1

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 June 2020	300,000
	At 31 May 2021	300,000

The 2021 valuations were made by Robert Soltanie, on an open market value for existing use basis.

Page 5

THE BEST PROPERTY COMPANY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

Debtors

					2021	2020
					£	£


Other debtors	217,071	194,237
	217,071	194,237

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	2,450	1,558
	2,450	1,558

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Other creditors	45,160	73,160
Accruals and deferred income	2,280	2,040
	47,440	75,200

8.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Bank loans	176,727	176,727
Other loans	50,000	-
	226,727	176,727

The bank loans are secured on the assets of the company.

Page 6

THE BEST PROPERTY COMPANY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

9.	Deferred taxation

		2021
		£

	Charged to profit or loss	(29,225)
	At end of year	(29,225)

The provision for deferred taxation is made up as follows:
	2021	2020
	£	£

	Deferred taxation	(29,225)	(29,225)
		(29,225)	(29,225)

10.	Share capital
		2021	2020
		£	£

Called up share capital

100 Ordinary shares of £1 each	100	100

Page 7