REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
FOR |
LEVANTE DESIGN AND MANAGEMENT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
FOR |
LEVANTE DESIGN AND MANAGEMENT LIMITED |
LEVANTE DESIGN AND MANAGEMENT LIMITED (REGISTERED NUMBER: 09312976) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
LEVANTE DESIGN AND MANAGEMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
LEVANTE DESIGN AND MANAGEMENT LIMITED (REGISTERED NUMBER: 09312976) |
STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors on |
LEVANTE DESIGN AND MANAGEMENT LIMITED (REGISTERED NUMBER: 09312976) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
1. | STATUTORY INFORMATION |
Levante Design And 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 have been prepared on a going concern basis as the directors are satisfied that the |
company will have adequate resources to meet its liabilities to third parties as they fall due. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair |
value is recognised in profit or loss. |
In accordance with the Financial Reporting Standard for Smaller Entities, (FRSSE), (effective January 2015), |
investment properties are re-valued annually and the aggregate surplus or deficit is transferred to the profit and loss |
account. No depreciation is provided in respect of investment properties. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the |
generally accepted accounting principle set out in FRSSE. The directors consider that, because these properties are |
not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and |
that it is necessary to adopt FRSSE in order to give a true and fair view. If this departure from the Act had not been |
made, the loss for the financial period would have been increased by the amount of depreciation. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement |
of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
LEVANTE DESIGN AND MANAGEMENT LIMITED (REGISTERED NUMBER: 09312976) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2016 |
Disposals | ( |
) |
At 30 November 2017 |
NET BOOK VALUE |
At 30 November 2017 |
At 30 November 2016 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
K2 Square Ltd |
Other debtors | 636 | - |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other loans more 5yrs non installment | 832,689 | 923,037 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non installment |
LEVANTE DESIGN AND MANAGEMENT LIMITED (REGISTERED NUMBER: 09312976) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
7. | RELATED PARTY DISCLOSURES |
Included in debtors, amounts falling due within one year, is an interest free amount of £417,676 owed by K2 |
Kaysquare Limited (2016: £105,000 owed to K2 Kaysquare Limited).The companies are connected by the fact that |
Mr M Karamalis, who is a shareholder of Levante Design and Management Limited being a director of K2 Kaysquare |
Limited. |
Included in creditors, amounts falling due after more than one year, is an amount of £832,689 (2016: £818,037) |
owed to Mr G Karamalis and Mr K Karamalis, shareholders of K2 Kaysquare Limited and spouses of shareholders in |
Levante Design and Management Limited. Capitalised interest amounting to £39,652 (2016: £37,370) was charged |
on the loan account at 4.76% per annum. |
8. | ULTIMATE CONTROLLING PARTY |
During the period under review, there were no ultimate controlling party. |