Ask Property Investments Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04447514 (England and Wales)

ASK PROPERTY INVESTMENTS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

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

2

1,082

1,442

Investment property

3

1,000,000

459,611

1,001,082

461,053

CURRENT ASSETS

Debtors

55,876

55,876

Cash at bank

10,060

3,448

65,936

59,324

CREDITORS

Amounts falling due within one year

4

125,408

407,409

NET CURRENT LIABILITIES

(59,472

)

(348,085

)

TOTAL ASSETS LESS CURRENT LIABILITIES

941,610

112,968

CREDITORS

Amounts falling due after more than one year

4

278,818

-

NET ASSETS

662,792

112,968

CAPITAL AND RESERVES

Called up share capital

5

2

2

Profit and loss account

662,790

112,966

SHAREHOLDERS' FUNDS

662,792

112,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27 February 2017 and were signed by:

Mrs A M Kohn - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

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.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred tax is recognised in respect

of all timing differences that have originated but not reversed at the balance sheet date.

However, deferred tax assets are recognised only to the extent that the director considers that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted. Deferred tax is now recognised on revaluation gains. Deferred taxation is measured

on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences

reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

45,500

DEPRECIATION

At 1 June 2015

44,058

Charge for year

360

At 31 May 2016

44,418

NET BOOK VALUE

At 31 May 2016

1,082

At 31 May 2015

1,442

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 June 2015

459,611

Revaluation of property

540,389

At 31 May 2016

1,000,000

NET BOOK VALUE

At 31 May 2016

1,000,000

At 31 May 2015

459,611

4.

CREDITORS

Creditors include an amount of £ 290,004 for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

245,260

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary

£1

2

2

6.	DEFERRED TAX

No provision has been made for deferred taxation in relation to the investment property as the director does not

envisage the sale of the property in the foreseeable future.

The deferred tax that would be due on a future sale of the company's investment property is calculated as

£66,069 (2015 : £Nil) as at the year end. This amount is unprovided at the year end.