REGISTERED NUMBER: SC124434 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2016

FOR

ABACUS PROPERTY LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D G Mudie CA

J C MacGregor BA, FCA

G Anderson CA

K F M Oxland CEng, MRINA

Mrs F M McGlynn CA

D Grout ACCA

A G Newiss ACCA

SECRETARY:

K F M Oxland CEng, MRINA

REGISTERED OFFICE:

C/o Abacus Services

Abacus Building

8 High Street

Oban

Argyll

PA34 4BG

REGISTERED NUMBER:

SC124434 (Scotland)

ACCOUNTANTS:

R A Clement Associates

Chartered Accountants

Argyll Square

Oban

Argyll

PA34 4AZ

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

1,605,000

1,609,600

1,605,000

1,609,600

CURRENT ASSETS

Debtors

19,310

25,100

Cash at bank

21,575

3,532

40,885

28,632

CREDITORS

Amounts falling due within one year

4

80,435

73,104

NET CURRENT LIABILITIES

(39,550

)

(44,472

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,565,450

1,565,128

CREDITORS

Amounts falling due after more than one year

4

(505,632

)

(552,012

)

PROVISIONS FOR LIABILITIES

(13,475

)

(88,000

)

NET ASSETS

1,046,343

925,116

CAPITAL AND RESERVES

Called up share capital

5

60,000

60,000

Revaluation reserve

420,937

346,412

Profit and loss account

565,406

518,704

SHAREHOLDERS' FUNDS

1,046,343

925,116

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24 March 2017 and were signed on its behalf by:

D Grout ACCA - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Fixtures and fittings

-

10% on cost

Heritable property has not been depreciated since it is the asset of a property investment company.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

and 30 September 2016

170,000

AMORTISATION

At 1 October 2015

and 30 September 2016

170,000

NET BOOK VALUE

At 30 September 2016

-

At 30 September 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 October 2015

and 30 September 2016

1,736,014

DEPRECIATION

At 1 October 2015

126,414

Charge for year

4,600

At 30 September 2016

131,014

NET BOOK VALUE

At 30 September 2016

1,605,000

At 30 September 2015

1,609,600

4.

CREDITORS

Creditors include an amount of £ 550,632 (2015 - £ 597,012 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

325,632

372,012

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

60,000

Ordinary

£1

60,000

60,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

G Anderson , Mrs F M McGlynn, D J Grout and A G Newiss are partners in the firm of R A Clement Associates

which rents premises and trades with the company on a normal commercial basis.

R A Clement Associates advanced a loan of £642,000 to the company with an interest rate of 2.55% over base

per annum in September 2014.

As at the 30th September 2016 there is an outstanding balance of £550,632.