Company Registration No. SC081210 (Scotland)
ABBEY PROPERTIES (DUNFERMLINE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
ABBEY PROPERTIES (DUNFERMLINE) LIMITED
COMPANY INFORMATION
Directors
Elizabeth Dobbin
Andrew Dobbin
Secretary
Elizabeth Dobbin
Company number
SC081210
Registered office
38 Burnside Crescent
Rosyth
Dunfermline
Fife
KY11 2NT
Accountants
Henderson Black & Co
Chestney House
149 Market Street
St Andrews
Fife
KY16 9PF
Business address
118 Queensferry Road
Rosyth
Dunfermline
Fife
KY11 2QZ
ABBEY PROPERTIES (DUNFERMLINE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ABBEY PROPERTIES (DUNFERMLINE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,441
5,227
Investment properties
4
32,000
32,000
36,441
37,227
Current assets
Debtors
5
145
181
Creditors: amounts falling due within one year
6
(10,494)
(8,248)
Net current liabilities
(10,349)
(8,067)
Total assets less current liabilities
26,092
29,160
Provisions for liabilities
(888)
(1,045)
Net assets
25,204
28,115
Capital and reserves
Called up share capital
7
300
300
Revaluation reserve
8
13,696
13,696
Profit and loss reserves
11,208
14,119
Total equity
25,204
28,115

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

ABBEY PROPERTIES (DUNFERMLINE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 December 2017 and are signed on its behalf by:
Elizabeth Dobbin
Director
Company Registration No. SC081210
ABBEY PROPERTIES (DUNFERMLINE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information

Abbey Properties (Dunfermline) Limited is a private company limited by shares incorporated in Scotland. The registered office is 38 Burnside Crescent, Rosyth, Dunfermline, Fife, KY11 2NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 March 2017 are the first financial statements of Abbey Properties (Dunfermline) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Revenue recognition

Rental income is recognised as earned when the company obtains the right to consideration in exchange for the provision of chairs in the salon.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% per annum on reducing balance
Computer equipment
33.33% per annum on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ABBEY PROPERTIES (DUNFERMLINE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price.

 

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).

ABBEY PROPERTIES (DUNFERMLINE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
20,285
Depreciation and impairment
At 1 April 2016
15,058
Depreciation charged in the year
786
At 31 March 2017
15,844
Carrying amount
At 31 March 2017
4,441
At 31 March 2016
5,227
4
Investment property
2017
£
Fair value
At 1 April 2016 and 31 March 2017
32,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2017 by the directors. No valuation was carried out by an independent valuer. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. On a historical cost basis the property would have been included at a cost of £18,304.

5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
145
181
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
743
976
Trade creditors
-
326
Corporation tax
1,680
1,556
Other taxation and social security
258
210
Other creditors
7,813
5,180
10,494
8,248
ABBEY PROPERTIES (DUNFERMLINE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
300 ordinary shares of £1 each
300
300
300
300
8
Revaluation reserve
2017
2016
£
£
At beginning and end of year
13,696
13,696
2017-03-312016-04-01falseCCH SoftwareCCH Accounts Production 2017.400No description of principal activity19 December 2017SC0812102016-04-012017-03-31SC081210bus:CompanySecretaryDirector12016-04-012017-03-31SC081210bus:Director12016-04-012017-03-31SC081210bus:RegisteredOffice2016-04-012017-03-31SC0812102017-03-31SC0812102016-03-31SC081210core:OtherPropertyPlantEquipment2017-03-31SC081210core:OtherPropertyPlantEquipment2016-03-31SC081210core:CurrentFinancialInstruments2017-03-31SC081210core:CurrentFinancialInstruments2016-03-31SC081210core:ShareCapital2017-03-31SC081210core:ShareCapital2016-03-31SC081210core:RevaluationReserve2017-03-31SC081210core:RevaluationReserve2016-03-31SC081210core:RetainedEarningsAccumulatedLosses2017-03-31SC081210core:RetainedEarningsAccumulatedLosses2016-03-31SC081210core:ShareCapitalOrdinaryShares2017-03-31SC081210core:ShareCapitalOrdinaryShares2016-03-31SC081210core:FurnitureFittings2016-04-012017-03-31SC081210core:ComputerEquipment2016-04-012017-03-31SC081210core:OtherPropertyPlantEquipment2016-03-31SC081210core:OtherPropertyPlantEquipment2016-04-012017-03-31SC081210bus:OrdinaryShareClass12016-04-012017-03-31SC081210bus:OrdinaryShareClass12017-03-31SC081210bus:PrivateLimitedCompanyLtd2016-04-012017-03-31SC081210bus:FRS1022016-04-012017-03-31SC081210bus:AuditExemptWithAccountantsReport2016-04-012017-03-31SC081210bus:SmallCompaniesRegimeForAccounts2016-04-012017-03-31SC081210bus:FullAccounts2016-04-012017-03-31xbrli:purexbrli:sharesiso4217:GBP