ACCOUNTS - Final Accounts


Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueNo description of principal activityfalse2017-04-01 731977 2017-04-01 2018-03-31 731977 2016-04-01 2017-03-31 731977 2018-03-31 731977 2017-03-31 731977 c:CompanySecretary1 2017-04-01 2018-03-31 731977 c:Director1 2017-04-01 2018-03-31 731977 c:Director2 2017-04-01 2018-03-31 731977 c:Director3 2017-04-01 2018-03-31 731977 c:RegisteredOffice 2017-04-01 2018-03-31 731977 d:FreeholdInvestmentProperty 2018-03-31 731977 d:FreeholdInvestmentProperty 2017-03-31 731977 d:CurrentFinancialInstruments 2018-03-31 731977 d:CurrentFinancialInstruments 2017-03-31 731977 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 731977 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 731977 d:ShareCapital 2018-03-31 731977 d:ShareCapital 2017-03-31 731977 d:RetainedEarningsAccumulatedLosses 2017-04-01 2018-03-31 731977 d:RetainedEarningsAccumulatedLosses 2018-03-31 731977 d:RetainedEarningsAccumulatedLosses 2016-04-01 2017-03-31 731977 d:RetainedEarningsAccumulatedLosses 2017-03-31 731977 d:RetainedEarningsAccumulatedLosses 2016-04-01 731977 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 731977 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 731977 c:FRS102 2017-04-01 2018-03-31 731977 c:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 731977 c:FullAccounts 2017-04-01 2018-03-31 731977 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 731977










S. LEVITT PROPERTIES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

 
S. LEVITT PROPERTIES LIMITED
 

COMPANY INFORMATION


Directors
B A Levitt 
B E F Cohen 
L S Cohen 




Company secretary
B A Levitt



Registered number
731977



Registered office
601 London Road

Westcliff on Sea

Essex

SS0 9PE




Accountants
MWS
Chartered Accountants

Kingsridge House

601 London Road

Westcliff on Sea

Essex

SS0 9PE





 
S. LEVITT PROPERTIES LIMITED
 

CONTENTS



Page
Directors' report
 
1
Accountants' report
 
2
Statement of income and retained earnings
 
3
Balance sheet
 
4 - 5
Notes to the financial statements
 
6 - 9


 
S. LEVITT PROPERTIES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2018

The directors present their report and the financial statements for the year ended 31 March 2018.

Directors

The directors who served during the year were:

B A Levitt 
B E F Cohen 
L S Cohen 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 16 October 2018 and signed on its behalf.
 





B A Levitt
Director

Page 1

 
S. LEVITT PROPERTIES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF S. LEVITT PROPERTIES LIMITED
FOR THE YEAR ENDED 31 MARCH 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S. Levitt Properties Limited for the year ended 31 March 2018 which comprise the Statement of income and retained earnings, the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of S. Levitt Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of S. Levitt Properties Limited and state those matters that we have agreed to state to the Board of directors of S. Levitt Properties Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S. Levitt Properties Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that S. Levitt Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of S. Levitt Properties Limited. You consider that S. Levitt Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of S. Levitt Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff on Sea
Essex
SS0 9PE
16 October 2018
Page 2

 
S. LEVITT PROPERTIES LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2018

2018
2017
Note
£
£

  

Turnover
  
75,440
102,892

Gross profit
  
75,440
102,892

Administrative expenses
  
(27,248)
(24,275)

Gain from changes in fair value of investment property
  
-
900,000

Operating profit
  
48,192
978,617

Tax on profit
  
2,389
(172,117)

Profit after tax
  
50,581
806,500

  

  

Retained earnings at the beginning of the year
  
1,768,129
1,021,629

Profit for the year
  
50,581
806,500

Dividends declared and paid
  
(60,000)
(60,000)

Retained earnings at the end of the year
  
1,758,710
1,768,129
The notes on pages 6 to 9 form part of these financial statements.

Page 3

 
S. LEVITT PROPERTIES LIMITED
REGISTERED NUMBER: 731977

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2017
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 
-
5,454

Cash at bank and in hand
 6 
42,593
26,520

  
42,593
31,974

Creditors: amounts falling due within one year
 7 
(50,129)
(18,545)

Net current (liabilities)/assets
  
 
 
(7,536)
 
 
13,429

Total assets less current liabilities
  
1,992,464
2,013,429

Provisions for liabilities
  

Deferred tax
 8 
(208,754)
(220,300)

  
 
 
(208,754)
 
 
(220,300)

Net assets
  
1,783,710
1,793,129


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Profit and loss account
 9 
1,758,710
1,768,129

  
1,783,710
1,793,129


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 were approved and authorised for issue by the board and were signed on its behalf on 16 October 2018.








B A Levitt
B E F Cohen
Director
Director
Page 4

 
S. LEVITT PROPERTIES LIMITED
REGISTERED NUMBER: 731977

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018








L S Cohen
Director








The notes on pages 6 to 9 form part of these financial statements.

Page 5

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

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 6

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

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.

Page 7

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

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 (2017 - 3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2017
2,000,000



At 31 March 2018
2,000,000

The 2018 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2018
2017
£
£


Other debtors
-
5,454



6.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
42,593
26,520


Page 8

 
S. LEVITT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
14,275
1,542

Corporation tax
9,157
15,723

Other creditors
26,697
1,280

50,129
18,545



8.


Deferred taxation




2018


£






At beginning of year
(220,300)


Charged to profit or loss
11,546



At end of year
(208,754)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
208,754
220,300

208,754
220,300


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 (2017 : £1,404,706) is non-distributable as at 31 March 2018 as it relates to gains on fair value adjustments to investment property.


10.


Related party transactions

During the year dividends of £49,200 (2017: £49,200) were paid as follows;
B A Levitt £24,000 (2017 : £24,000)
B E F Cohen £12,600 (2017 : £12,600)
L S Cohen £12,600 (2017 : £12,600)


Page 9