Khalsmith (Portfolio) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07303568 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Khalsmith (Portfolio) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Khalastchi

M R Khalastchi

T J Smith

REGISTERED OFFICE:

20 York Place

Leeds

Yorkshire

LS1 2EX

REGISTERED NUMBER:

07303568 (England and Wales)

ACCOUNTANTS:

Fizz Accounting Limited

6a St Andrews Court

Wellington Street

Thame

Oxfordshire

OX9 3WT

FIXED ASSETS

Tangible assets

3

3,547

4,307

Investment property

4

2,070,826

2,070,826

2,074,373

2,075,133

CURRENT ASSETS

Debtors

8,092

72,194

Cash at bank

6,807

13,374

14,899

85,568

CREDITORS

Amounts falling due within one year

96,866

127,106

NET CURRENT LIABILITIES

(81,967

)

(41,538

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,992,406

2,033,595

CREDITORS

Amounts falling due after more than one year

5

1,719,977

1,794,036

NET ASSETS

272,429

239,559

CAPITAL AND RESERVES

Called up share capital

12

12

Fair value reserve

7

109,692

109,692

Retained earnings

162,725

129,855

SHAREHOLDERS' FUNDS

272,429

239,559

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 20 December 2017 and were signed on its behalf by:

M R Khalastchi - Director

1.	STATUTORY INFORMATION

Khalsmith (Portfolio) 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.

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.

The transition to FRS 102 section 1A small entities has resulted in one change in accounting policies to those

used previously. The nature of these changes and their impact on opening equity and profit for the

comparative period are explained in note 4 to the full accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover represents rental income receivable, excluding value added tax.

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.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

48,423

Additions

2,623

Disposals

(749

)

At 31 March 2017

50,297

DEPRECIATION

At 1 April 2016

44,116

Charge for year

3,234

Eliminated on disposal

(600

)

At 31 March 2017

46,750

NET BOOK VALUE

At 31 March 2017

3,547

At 31 March 2016

4,307

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

2,070,826

NET BOOK VALUE

At 31 March 2017

2,070,826

At 31 March 2016

2,070,826

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.17

31.3.16

as restated

£

£

Repayable by instalments

Bank loans more than 5 years

403,400

503,233

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

as restated

£

£

Bank loans

809,722

890,986

The bank loans have been secured by way of a fixed charge over the existing properties owned by the

company, as well as any new properties purchased by the company.

7.

RESERVES

Fair

value

reserve

£

At 1 April 2016

and 31 March 2017

109,692

8.	ULTIMATE CONTROLLING PARTY

The company was controlled by its directors throughout the period.