REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
FOR |
AGNEW & FARRELLY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
FOR |
AGNEW & FARRELLY LIMITED |
AGNEW & FARRELLY LIMITED (REGISTERED NUMBER: NI021078) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
AGNEW & FARRELLY LIMITED (REGISTERED NUMBER: NI021078) |
BALANCE SHEET |
31 MARCH 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserves |
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. |
AGNEW & FARRELLY LIMITED (REGISTERED NUMBER: NI021078) |
BALANCE SHEET - continued |
31 MARCH 2017 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
AGNEW & FARRELLY LIMITED (REGISTERED NUMBER: NI021078) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
1. | STATUTORY INFORMATION |
Agnew & Farrelly Limited is a |
company's registered number and registered office address are as below: |
Registered number: | NI021078 |
Registered office: | 85 University Street |
Belfast |
Co. Antrim |
BT7 1HP |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents rental income for the year. |
Tangible fixed assets |
Tools & equipment | - |
Fixtures and fittings | - |
No depreciation is provided on investment properties as recommended in Statement of Standard Accounting |
Practice No 19 This is a departure from the requirements of the Companies Act 2006 which requires all |
properties to be depreciated. Such properties are not held for consumption but for investment and the directors |
consider that to depreciate them would not give a true and fair view. |
Depreciation is only one amongst many factors reflected in the annual valuation of properties and accordingly |
the amount of depreciation which might otherwise have been charged cannot separately identified or quantified. |
The directors consider that this policy results in the accounts giving a true and fair view. |
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. |
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 balance sheet date. |
AGNEW & FARRELLY LIMITED (REGISTERED NUMBER: NI021078) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet 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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, |
as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that |
evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
Tools & | and |
equipment | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
and 31 March 2017 |
DEPRECIATION |
At 1 April 2016 |
Charge for year |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2016 |
and 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
AGNEW & FARRELLY LIMITED (REGISTERED NUMBER: NI021078) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2017 is represented by: |
£ |
Valuation in 2017 | 170,000 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Corporation tax |
Other creditors |
Directors' current accounts | 31,590 | 19,790 |
Accruals and deferred income |