ACCOUNTS - Final Accounts


Caseware UK (AP4) 2020.0.247 2020.0.247 2021-03-312021-03-313The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2020-04-01falseNo description of principal activity3truetrue 731977 2020-04-01 2021-03-31 731977 2019-04-01 2020-03-31 731977 2021-03-31 731977 2020-03-31 731977 c:Director1 2020-04-01 2021-03-31 731977 c:Director2 2020-04-01 2021-03-31 731977 c:Director3 2020-04-01 2021-03-31 731977 d:FreeholdInvestmentProperty 2021-03-31 731977 d:FreeholdInvestmentProperty 2020-03-31 731977 d:CurrentFinancialInstruments 2021-03-31 731977 d:CurrentFinancialInstruments 2020-03-31 731977 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 731977 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 731977 d:ShareCapital 2021-03-31 731977 d:ShareCapital 2020-03-31 731977 d:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 731977 d:RetainedEarningsAccumulatedLosses 2021-03-31 731977 d:RetainedEarningsAccumulatedLosses 2020-03-31 731977 c:FRS102 2020-04-01 2021-03-31 731977 c:AuditExempt-NoAccountantsReport 2020-04-01 2021-03-31 731977 c:FullAccounts 2020-04-01 2021-03-31 731977 c:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 731977 d:OtherDeferredTax 2021-03-31 731977 d:OtherDeferredTax 2020-03-31 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 2021

 
S. LEVITT PROPERTIES LIMITED
REGISTERED NUMBER: 731977

BALANCE SHEET
AS AT 31 MARCH 2021

2021
2020
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 
5,240
14,408

Cash at bank and in hand
 6 
11,456
16,030

  
16,696
30,438

Creditors: amounts falling due within one year
 7 
(33,577)
(25,399)

Net current (liabilities)/assets
  
 
 
(16,881)
 
 
5,039

Total assets less current liabilities
  
1,983,119
2,005,039

Provisions for liabilities
  

Deferred tax
 8 
(208,869)
(208,869)

  
 
 
(208,869)
 
 
(208,869)

Net assets
  
1,774,250
1,796,170


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Profit and loss account
 9 
1,749,250
1,771,170

  
1,774,250
1,796,170


Page 1

 
S. LEVITT PROPERTIES LIMITED
REGISTERED NUMBER: 731977

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021

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 the 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 17 November 2021.








B A Levitt
B E F Cohen
Director
Director







L S Cohen
Director








The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

1.Accounting policies (continued)

 
1.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

 
1.5

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 profit or loss.

 
1.6

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.

 
1.7

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.

 
1.8

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.

Page 4

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

1.Accounting policies (continued)

 
1.9

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 profit or loss 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.

 
1.10

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 ordinary shares.

 
1.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

Page 5

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2020
2,000,000



At 31 March 2021
2,000,000

The 2021 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2021
2020
£
£


Historic cost
374,993
374,993

374,993
374,993


5.


Debtors

2021
2020
£
£


Prepayments and accrued income
5,240
14,408

5,240
14,408



6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
11,458
16,030

11,458
16,030


Page 6

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
5,921
7,528

Corporation tax
14,618
12,381

Other creditors
2,793
1,707

Accruals and deferred income
10,245
3,783

33,577
25,399



8.


Deferred taxation




2021


£






At beginning of year
(208,869)


Charged to profit or loss
-



At end of year
(208,869)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Tax on revaluation of investment properties
(208,869)
(208,869)

(208,869)
(208,869)


9.


Reserves

Profit and loss account

The profit and loss account comprises the retained profits and losses of the company, of which £1,416,138 (2020 : £1,416,138) is non-distributable as at 31 March 2021 as it relates to gains on fair value adjustments to investment property.


10.


Related party transactions

During the year dividends of £24,600 (2020: £49,200) were paid to directors.
 


Page 7