Crest Commercial Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02041081

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Crest Commercial Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S A Syed

M J Syed

SECRETARY:

A Bokhari

REGISTERED OFFICE:

04 Whitchurch Parade

Whitchurch Lane

Edgware

HA8 6LR

REGISTERED NUMBER:

02041081

ACCOUNTANTS:

Amity Management Consulting Ltd

Chartered Certified Accountants

04 Whitchurch Parade

Whitchurch Lane

Edgware

Middlesex

HA8 6LR

FIXED ASSETS

Tangible assets

4

11,575,002

2,680,002

CURRENT ASSETS

Debtors

5

76,251

2,052

Cash at bank

61,350

487

137,601

2,539

CREDITORS

Amounts falling due within one year

6

28,774

220,177

NET CURRENT ASSETS/(LIABILITIES)

108,827

(217,638

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,683,829

2,462,364

CREDITORS

Amounts falling due after more than one year

7

(1,350,000

)

(1,019,992

)

PROVISIONS FOR LIABILITIES

(2,064,766

)

-

NET ASSETS

8,269,063

1,442,372

CAPITAL AND RESERVES

Called up share capital

8

10,000

10,000

Retained earnings

9

8,259,063

1,432,372

SHAREHOLDERS' FUNDS

8,269,063

1,442,372

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 18 September 2017 and were signed on its behalf by:

M J Syed - Director

1.	STATUTORY INFORMATION

Crest Commercial Limited is a private company, limited by shares , registered in Not specified/Other.

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 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.

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 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Long

and

property

leasehold

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2016

2,280,000

400,000

24,768

2,704,768

Revaluations

8,195,000

700,000

-

8,895,000

At 31 December 2016

10,475,000

1,100,000

24,768

11,599,768

DEPRECIATION

At 1 January 2016

and 31 December 2016

-

-

24,766

24,766

NET BOOK VALUE

At 31 December 2016

10,475,000

1,100,000

2

11,575,002

At 31 December 2015

2,280,000

400,000

2

2,680,002

Cost or valuation at 31 December 2016 is represented by:

Fixtures

Freehold

Long

and

property

leasehold

fittings

Totals

£

£

£

£

Valuation in 1999

875,000

300,000

-

1,175,000

Valuation in 2005

725,000

-

-

725,000

Valuation in 2008

(570,000

)

(100,000

)

-

(670,000

)

Valuation in 2016

8,195,000

700,000

-

8,895,000

Cost

1,250,000

200,000

24,768

1,474,768

10,475,000

1,100,000

24,768

11,599,768

A) The leasehold property at 5 Talbot Square, London, W2 was valued by an Estate Agent at

£550,000 for each flat.

This £550,000 valuation has given rise to a surplus of £700,000, which has been transferred to the

Profit & Loss account.

B) The freehold investment property as at 31st December 2016 is stated in the Balance Sheet at its

open market value, based on the valuations carried out on 15th February 2016, on the property at

33-34 Leinster Gardens, London, W2, by Lambert Smith Hampton Valuation Division.

This £10,475,000 valuation has given rise to a surplus of £8,195,000, which has been transferred to

the Profit & Loss account.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Directors' current accounts

57,872

-

Prepayments

18,379

2,052

76,251

2,052

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

-

11,130

Trade creditors

5,225

-

Tax

16,096

38,138

Other creditors

5,453

10,710

Directors' current accounts

-

160,199

Accrued expenses

2,000

-

28,774

220,177

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans more 5 yrs non-inst

1,350,000

1,019,992

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,350,000

1,019,992

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

1,000

Ordinary

1

1,000

1,000

9,000

Ordinary Class A

1

9,000

9,000

10,000

10,000

9.

RESERVES

Retained

earnings

£

At 1 January 2016

1,432,372

Profit for the year

6,894,619

Dividends

(67,928

)

At 31 December 2016

8,259,063

The reserves comprises of Non-Distributable Reserves of £8,259,063 as of 31st December 2016.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016

and 31 December 2015:

31.12.16

31.12.15

£

£

M J Syed

Balance outstanding at start of year

-

-

Amounts advanced

57,872

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

57,872

-