Company Registration No. SC229391 (Scotland)
ABBOTSFORD PROPERTY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ABBOTSFORD PROPERTY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBOTSFORD PROPERTY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
474,693
474,743
Current assets
Debtors
4,994
1,572
Cash at bank and in hand
36,742
28,634
41,736
30,206
Creditors: amounts falling due within one year
(5,533)
(5,472)
Net current assets
36,203
24,734
Total assets less current liabilities
510,896
499,477
Creditors: amounts falling due after more than one year
3
(397,066)
(397,066)
113,830
102,411
Capital and reserves
Called up share capital
4
100
100
Revaluation reserve
116,300
116,300
Profit and loss account
(2,570)
(13,989)
Shareholders' funds
113,830
102,411
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 12 December 2016
Mr H R Lindsay
Director
Company Registration No. SC229391
ABBOTSFORD PROPERTY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% reducing balance
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015 & at 31 March 2016
475,511
Depreciation
At 1 April 2015
767
Charge for the year
51
At 31 March 2016
818
Net book value
At 31 March 2016
474,693
At 31 March 2015
474,743
ABBOTSFORD PROPERTY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
-
(397,066)
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £397,066).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100