REGISTERED NUMBER: 02938356 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

DAWNELIA PROPERTIES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mr A Solomou

REGISTERED OFFICE:

13 Goodwin Street

London

N4 3HQ

REGISTERED NUMBER:

02938356 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

BANKERS:

Bank of Cyprus UK

Corporate & Business Banking Centre

87 Chase Side

London

N14 5BU

SOLICITORS:

Philip Ross

34 Queen Anne St

London

W1G 8HE

FIXED ASSETS

Tangible assets

2

173,046

206,860

Investments

3

1,100

1,961,939

Investment property

4

57,300,000

40,546,401

57,474,146

42,715,200

CURRENT ASSETS

Stocks

1,597,816

1,112,864

Debtors

244,979

173,077

Cash at bank

1,166,527

54,413

3,009,322

1,340,354

CREDITORS

Amounts falling due within one year

5,623,221

11,608,503

NET CURRENT LIABILITIES

(2,613,899

)

(10,268,149

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,860,247

32,447,051

CREDITORS

Amounts falling due after more than one year

5

25,613,782

18,968,359

NET ASSETS

29,246,465

13,478,692

CAPITAL AND RESERVES

Called up share capital

6

100

100

Revaluation reserve

23,842,415

8,569,336

Profit and loss account

5,403,950

4,909,256

SHAREHOLDERS' FUNDS

29,246,465

13,478,692

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

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

The director acknowledges his 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 31 March 2017 and were signed by:

Mr A Solomou - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

The financial statements have been prepared on a going concern basis with a view that there will be continuous

support by the shareholders. Whilst the current liabilities exceed current assets, the shareholders have stated

their intention to support the company for the foreseeable future and consequently consider it appropriate to

prepare the financial statements on a going concern basis.

Group accounts

The company has not prepared group accounts as it is exempt from the requirement to do so by Section 399 of

the Companies Act 2006 as the company and its subsidiary undertakings comprise a small-sized group.

Changes in accounting policies

During the year, the company changed its accounting policy with respect to the treatment of its buildings. The

company now recognises the properties as investment properties. Prior to this change in policy, the company

recognised the properties as freehold buildings. The company believes the new policy is preferable as it more

closely aligns the accounting for such transactions. This change did not result in any material impact on the

current year or any years included within this financial statement.

Turnover

Turnover represents rental income received during the year.

Depreciation

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated

residual value over their expected useful lives, on the following basis:

Freehold Land & Buildings No depreciation is provided

Investment properties No depreciation is provided

Plant and machinery 20% reducing balance basis

Investment property

The company's investment properties are held as long-term investments and kept in a continual good state of

repair, and they are carried at their open market value. They are not depreciated and their values are reviewed

annually by the directors. Any change in value is transferred to revaluation reserve unless a deficit (or its

reversal) is expected to be permanent, in which case it is charged or credited to the profit and loss account for

the period.

Although this accounting policy is in accordance with the FRSSE (effective January 2015) it is a departure from

the general requirement of Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the

directors, compliance with this standard is necessary for the financial statements to give a true and fair view.

Depreciation & amortisation is only one of many factors reflected in the annual valuation and the amount of this

which might otherwise have been charged, cannot be separately identified or quantified.

Stocks

Stock is valued at the lower of cost and net realisable value. Stock represents a property currently under

development. Sales of development properties are treated as turnover.

Deferred taxation

Deferred tax is provided in respect of the tax effect of all timing differences, to the extent that it is probable that a

liability or asset will crystallize in the foreseeable future , at the rates of tax expected to apply when the timing

differences reverse.

Repairs and maintenance

All repairs, maintenance costs and renewals are written off as incurred. Certain refurbishment costs which are

part of major property refurbishment programmes may, depending on the nature of the works being undertaken,

be capitalised in the balance sheet as part of investment properties.

Listed and unlisted investments

Listed and Unlisted investments are stated at cost less provision for permanent diminution in value.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

417,159

Additions

9,448

At 31 March 2016

426,607

DEPRECIATION

At 1 April 2015

210,299

Charge for year

43,262

At 31 March 2016

253,561

NET BOOK VALUE

At 31 March 2016

173,046

At 31 March 2015

206,860

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2015

1,961,939

Disposals

(1,960,839

)

At 31 March 2016

1,100

NET BOOK VALUE

At 31 March 2016

1,100

At 31 March 2015

1,961,939

The company's investments at the Balance Sheet date in the share capital of companies include the following:

I C Construction Limited

Nature of business: Other building completion and finishing

%

Class of shares:

holding

Ordinary

100.00

2016

2015

£

£

Aggregate capital and reserves

73,424

41,231

Profit for the year

32,193

9,022

Antalex Properties Ltd

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2015

40,546,401

Additions

1,480,520

Revaluations

15,273,079

At 31 March 2016

57,300,000

NET BOOK VALUE

At 31 March 2016

57,300,000

At 31 March 2015

40,546,401

5.

CREDITORS

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

2016

2015

£

£

Repayable by instalments

13,636,427

10,895,859

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

90

Ordinary "A" Shares

£1

90

90

10

Ordinary "B" Shares

£1

10

10

100

100

The Ordinary "B" shares have no voting rights.

7.	CONTRIBUTION TO REMUNERATION TRUST

During the year, the company has made a contribution to a Creditor Protection Trust in the amount of £665,000

(2015: £764,871). The terms of the trust are set out in a trust deed executed by the company and the original

trustees.