For the year ended 31 March 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 03040868
Abode Lettings Limited
For the year ended 31 March 2016
1
Balance Sheet
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Notes to the Abbreviated Financial Statements
| Notes to the Abbreviated Financial Statements |
Abode Lettings Limited
For the year ended 31 March 2016
| Date approved by the board: 09 December 2016 |
| Signed on behalf of the board of directors |
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| Notes to the Abbreviated Financial Statements |
Abode Lettings Limited
For the year ended 31 March 2016
| The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
| Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
| Rentals payable under operating leases are charged against income on a straight line basis over the lease |
| term. |
| Finance lease and hire purchase charges |
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
| Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.Deferred tax assets are only recognised if it is more likely than not that they will be recovered either against future taxable profits or against the reversal of other deferred tax liabilities. |
| Proposed dividends are only included as liabilities in the financial statements when their payment has |
| been approved by the shareholders prior to the balance sheet date. |
| Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
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| Notes to the Abbreviated Financial Statements |
Abode Lettings Limited
For the year ended 31 March 2016
Plant and Machinery
Motor Vehicles
Fixtures and Fittings
| The company's freehold properties were professionally valued in December 2014. This valuation has been |
| reduced by subsequent depreciation. Under the transitional provisions of the Financial Reporting Standard |
| for Smaller Entities (effective January 2015) the properties continue to be stated at that valuation less |
| accumulated depreciation to date and that valuation has not been updated. |
| The company's freehold properties are revalued in full every five years. Interim valuations are carried out |
| when it is likely that there has been a material change in value. |
| No depreciation is provided on the company's freehold properties since in the opinion of the directors the |
| expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any |
| such depreciation would be immaterial. The directors undertake an annual impairment review of these |
| properties. |
| Stocks and work in progress |
| Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
958,933
5,250
964,183
86,738
9,363
Charge for year
96,101
868,082
872,195
| If freehold land had not been revalued it would have been included at the historical cost of £646,228 (2015: £646,228). The freehold land and buildings were revalued in December 2014 as at 31st March 2014 by James Fleming MRICS of James Fleming Associates. |
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| Notes to the Abbreviated Financial Statements |
Abode Lettings Limited
For the year ended 31 March 2016
2016
| 3 Creditors: amounts falling due within one year |
2015
18,200
18,200
Bank loans and overdrafts (secured)
The secured creditors are mortgages which are secured on the freehold property.
2015
2016
| 4 Creditors due after more than one year |
407,282
424,994
Bank loans and overdrafts (secured)
| The mortages are secured on the freehold properties. |
| Amounts falling due after 5 years are which are repayable otherwise than by instalments are £316,289 |
| (2015: £316,289). Amounts payable after 5 years which are repayable by instalment are £49,778 (2015: |
| £58,131). |
| Allotted called up and fully paid |
2016
2015
| 6,002 Class A shares of £1.00 each |
6,002
6,002
| 6,000 Class B shares of £1.00 each |
6,000
6,000
12,002
12,002
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