ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
Registered number:
UNAUDITED
FOR THE YEAR ENDED 31 MARCH 2018
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S. LEVITT PROPERTIES LIMITED
COMPANY INFORMATION
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S. LEVITT PROPERTIES LIMITED
CONTENTS
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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.
The directors who served during the year were:
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
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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.
Chartered Accountants
Kingsridge House
601 London Road
Essex
SS0 9PE
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S. LEVITT PROPERTIES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2018
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S. LEVITT PROPERTIES LIMITED
REGISTERED NUMBER: 731977
BALANCE SHEET
AS AT 31 MARCH 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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S. LEVITT PROPERTIES LIMITED
REGISTERED NUMBER: 731977
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
The notes on pages 6 to 9 form part of these financial statements.
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S. LEVITT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
1.Accounting policies
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:
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:
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
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.
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S. LEVITT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
1.Accounting policies (continued)
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.
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.
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.
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.
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.
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.
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S. LEVITT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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.
The 2018 valuations were made by the directors, on an open market value for existing use basis.
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S. LEVITT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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.
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