ACCOUNTS - Final Accounts


Caseware UK (AP4) 2018.0.196 2018.0.196 2019-03-312019-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-04-01 731977 2018-04-01 2019-03-31 731977 2017-04-01 2018-03-31 731977 2019-03-31 731977 2018-03-31 731977 c:Director1 2018-04-01 2019-03-31 731977 c:Director2 2018-04-01 2019-03-31 731977 c:Director3 2018-04-01 2019-03-31 731977 d:FreeholdInvestmentProperty 2019-03-31 731977 d:FreeholdInvestmentProperty 2018-03-31 731977 d:CurrentFinancialInstruments 2019-03-31 731977 d:CurrentFinancialInstruments 2018-03-31 731977 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 731977 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 731977 d:ShareCapital 2019-03-31 731977 d:ShareCapital 2018-03-31 731977 d:RetainedEarningsAccumulatedLosses 2018-04-01 2019-03-31 731977 d:RetainedEarningsAccumulatedLosses 2019-03-31 731977 d:RetainedEarningsAccumulatedLosses 2018-03-31 731977 d:AcceleratedTaxDepreciationDeferredTax 2019-03-31 731977 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 731977 c:FRS102 2018-04-01 2019-03-31 731977 c:AuditExempt-NoAccountantsReport 2018-04-01 2019-03-31 731977 c:FullAccounts 2018-04-01 2019-03-31 731977 c:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 731977 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-04-01 2019-03-31 iso4217:GBP xbrli:pure

Registered number: 731977










S. LEVITT PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

 
S. LEVITT PROPERTIES LIMITED
REGISTERED NUMBER: 731977

BALANCE SHEET
AS AT 31 MARCH 2019

2019
2018
Note
£
£

Fixed assets
  

Investment property
 4 
2,000,000
2,000,000

  
2,000,000
2,000,000

Current assets
  

Debtors: amounts falling due within one year
 5 
26,388
-

Cash at bank and in hand
 6 
20,604
42,593

  
46,992
42,593

Creditors: amounts falling due within one year
 7 
(35,124)
(50,129)

Net current assets/(liabilities)
  
 
 
11,868
 
 
(7,536)

Total assets less current liabilities
  
2,011,868
1,992,464

Provisions for liabilities
  

Deferred tax
 8 
(208,837)
(208,754)

  
 
 
(208,837)
 
 
(208,754)

Net assets
  
1,803,031
1,783,710


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Profit and loss account
 9 
1,778,031
1,758,710

  
1,803,031
1,783,710


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2019.





Page 1

 
S. LEVITT PROPERTIES LIMITED
REGISTERED NUMBER: 731977

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019




B A Levitt
B E F Cohen
Director
Director







L S Cohen
Director








The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

1.Accounting policies (continued)

 
1.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

 
1.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
1.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
1.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

S. Levitt Properties Limited is a limited company incorporated in England and Wales.
The registered office is 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE.

Page 4

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2018 - 3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2018
2,000,000



At 31 March 2019
2,000,000

The 2019 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2019
2018
£
£


Prepayments and accrued income
26,388
-



6.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
20,604
42,593



7.


Creditors: Amounts falling due within one year

2019
2018
£
£

Trade creditors
12,035
14,275

Corporation tax
20,746
9,157

Other creditors
2,343
26,697

35,124
50,129



8.


Deferred taxation

Page 5

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
 
8.Deferred taxation (continued)




2019


£






At beginning of year
(208,754)


Charged to profit or loss
(83)



At end of year
(208,837)

The provision for deferred taxation is made up as follows:

2019
2018
£
£


Accelerated capital allowances
208,837
208,754

208,837
208,754


9.


Reserves

Profit and loss account

The profit and loss account comprises the retained profits and losses of the company, of which £1,416,252 (2018 : £1,416,252) is non-distributable as at 31 March 2019 as it relates to gains on fair value adjustments to investment property.


10.


Related party transactions

During the year dividends of £24,600 (2018: £49,200) were paid as follows;
B A Levitt £ 12,000 (2018 : £24,000)
B E F Cohen £ 6,300 (2018 : £12,600)
L S Cohen £ 6,300 (2018 : £12,600)


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