01 Property Investment Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06291865 (England and Wales)

01 Property Investment Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2018

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M G Lower

Mrs G E Lower

SECRETARY:

M G Lower

REGISTERED OFFICE:

The Old Factory

30-31 Devonshire Place

Brighton

East Sussex

BN2 1QB

REGISTERED NUMBER:

06291865 (England and Wales)

ACCOUNTANTS:

M Goddard & Co

Chartered Accountants

69 Tupwood Lane

Caterham

Surrey

CR3 6DD

FIXED ASSETS

Intangible assets

3

188,021

-

Tangible assets

4

9,654,805

8,951,239

9,842,826

8,951,239

CURRENT ASSETS

Debtors

2,350

4,235

Cash at bank

3,937

856

6,287

5,091

CREDITORS

Amounts falling due within one year

610,759

668,513

NET CURRENT LIABILITIES

(604,472

)

(663,422

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,238,354

8,287,817

CREDITORS

Amounts falling due after more than one year

5

(4,306,966

)

(2,893,085

)

PROVISIONS FOR LIABILITIES

(652,261

)

(670,232

)

NET ASSETS

4,279,127

4,724,500

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

4,279,125

4,724,498

SHAREHOLDERS' FUNDS

4,279,127

4,724,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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 30 June 2018 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 13 February 2019 and were signed on its behalf by:

M G Lower - Director

1.	STATUTORY INFORMATION

01 Property Investment Ltd 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rents receivable and associated charges made to tenants, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Investment properties

Investment properties are not depreciated and are shown at market value at the year end date with the revalued

amount being credited to the revenue reserves. All the companies properties are investment properties. Deferred

tax has been calculated on the increase in property values with the charge being debited to revenue reserves and a

deferred tax liability being shown on the balance sheet under provisions for liabilities.

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

190,000

At 30 June 2018

190,000

AMORTISATION

Amortisation for year

1,979

At 30 June 2018

1,979

NET BOOK VALUE

At 30 June 2018

188,021

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 July 2017

9,005,936

Additions

1,324,103

Disposals

(616,005

)

At 30 June 2018

9,714,034

DEPRECIATION

At 1 July 2017

54,697

Charge for year

4,532

At 30 June 2018

59,229

NET BOOK VALUE

At 30 June 2018

9,654,805

At 30 June 2017

8,951,239

Cost or valuation at 30 June 2018 is represented by:

Totals

£

Valuation in 2012

570,896

Valuation in 2013

250,143

Valuation in 2014

545,559

Valuation in 2015

2,190,699

Valuation in 2016

398,499

Valuation in 2017

43,947

Valuation in 2018

(153,535

)

Cost

5,867,826

9,714,034

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.6.18

30.6.17

£

£

Repayable by instalments

Bank loans more 5 yr by instal

3,356,030

1,858,085

6.	RELATED PARTY DISCLOSURES

M Lower, a director of the company was owed £476,776 (2017:£21,024) at the year end. R Lucraft, a director of

the company was owed £Nil (2017:£389,674) at the year end.

7.	RETAINED EARNINGS

Under FRS 102 a revaluation reserve is no longer separately identifiable. The unrealised gains on revalued

investment properties net of deferred tax amounts to £3,205,146 (2017:£3,329,511) and is included in retained

earnings.