REGISTERED NUMBER: |
OPTIMA PROPERTY MANAGEMENT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
REGISTERED NUMBER: |
OPTIMA PROPERTY MANAGEMENT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
OPTIMA PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 08421970) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
Accountants' Report | 7 |
OPTIMA PROPERTY MANAGEMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Delandale House |
37 Old Dover Road |
Canterbury |
Kent |
CT1 3JF |
OPTIMA PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 08421970) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 | 61,799 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
OPTIMA PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 08421970) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
OPTIMA PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 08421970) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
1. | STATUTORY INFORMATION |
Optima Property Management Limited is a |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are produced in sterling (£) which is also the functional currency for the company and |
rounded to the nearest £1. |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
After reviewing the company's forecasts and projections and taking into account the economic conditions and |
possible changes in trading performance, the directors of the company have a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. The |
company therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover comprises revenue |
earned from the value of rents and other property management charges receivable in the year. |
Tangible fixed assets |
Computer equipment | - |
Trade and other payables |
Trade and other payables are measured at their transaction price unless the arrangement constitutes a |
financing transaction in which case the transaction is measured at present value of future payments |
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net |
of their transaction costs. They are subsequently measured at amortised cost using the effective interest |
method. |
Investment property |
Investment property is carried at fair value determined annually 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 comprehensive income. |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current |
or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting |
date. |
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and |
other deferred tax assets are recognised only to the extent that it is probable that they will be recovered |
against future taxable profits or against the reversal of deferred tax liabilities. |
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting |
date that are expected to apply to the reversal of the timing difference. |
OPTIMA PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 08421970) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified, and accounted for, according to the substance of the contractual |
arrangement, as for financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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. |
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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest |
payable. |
3. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2017 |
Additions |
Disposals | ( |
) |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
and 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
OPTIMA PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 08421970) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Taxation and social security |
Other creditors |
6. | LEASING AGREEMENTS |
The company earns rental income from property. At the balance sheet date, future minimum rentals |
receivable by the Company are as follows: |
2018 | 2017 |
£ | £ |
Not later than 1 year | 24,000 | 24,000 |
Later than 1 year and not later than 5 years | 96,000 | 96,000 |
Later than 5 years | 2,000 | 26,000 |
----------- | ------------ |
122,000 | 146,000 |
----------- | ------------ |
7. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 3,901 | 3,448 |
Deferred |
tax |
£ |
Balance at 1 April 2017 |
Provided during year |
Accelerated capital allowances |
Balance at 31 March 2018 |
8. | RESERVES |
Included within retained earnings are distributable reserves of £61,299 (2017 - £61,299). |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
OPTIMA PROPERTY MANAGEMENT LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Optima Property Management Limited for the year ended 31 March 2018 which comprise the |
Income Statement, Statement of Financial Position and the related notes from the company's accounting records and |
from information and explanations you have given us. |
This report is made solely to the Board of Directors of Optima Property Management Limited, as a body, in accordance |
with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial |
statements of Optima Property Management Limited and state those matters that we have agreed to state to the |
Board of Directors of Optima Property Management Limited, as a body, in this report. To the fullest extent permitted |
by law, we do not accept or assume responsibility to anyone other than Optima Property Management Limited and its |
Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Optima Property Management 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 of Optima Property Management Limited. You consider that Optima Property Management Limited is exempt |
from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Optima Property |
Management 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. |
Delandale House |
37 Old Dover Road |
Canterbury |
Kent |
CT1 3JF |