Registered number
07137396
ABELES PROPERTY LIMITED
Filleted Accounts
31 January 2017
ABELES PROPERTY LIMITED
Registered number: 07137396
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 350,000 350,000
Current assets
Debtors 3 269,407 263,391
Cash at bank and in hand 1,134 4,192
270,541 267,583
Creditors: amounts falling due within one year 4 (357,950) (358,020)
Net current liabilities (87,409) (90,437)
Total assets less current liabilities 262,591 259,563
Creditors: amounts falling due after more than one year 5 (267,793) (261,540)
Net liabilities (5,202) (1,977)
Capital and reserves
Called up share capital 8 8
Profit and loss account (5,210) (1,985)
Shareholders' funds (5,202) (1,977)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gabriel Abeles
Director
Approved by the board on 23 October 2017
ABELES PROPERTY LIMITED
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Valuation of Investment Properties
Investment Properties are included in the Accounts at a Valuation carried out by the
Director in accordance with Statement of Standard Accounting Practice Number 19.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Investment Properties
Investment properties are included in the balance sheet at their market value. Surpluses and temporary deficits are transferred to the revaluation reserve and on realisation transferred to the Profit and Loss Account as a reserve movement. Deficits which are expected to be permanent are charged to the Profit and Loss Account and subsequent reversals are credited to the Profit and Loss Account in the same way.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2016 350,000
At 31 January 2017 350,000
Depreciation
At 31 January 2017 -
Net book value
At 31 January 2017 350,000
At 31 January 2016 350,000
3 Debtors 2017 2016
£ £
Other debtors 269,407 263,391
4 Creditors: amounts falling due within one year 2017 2016
£ £
Other creditors 357,950 358,020
5 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 267,793 261,540
6 Other information
ABELES PROPERTY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
423 Bury New Road
Salford
M74ED
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