Registered Number 03184868

EXPRESSPACE LIMITED

Abbreviated Accounts

30 June 2015

EXPRESSPACE LIMITED Registered Number 03184868

Abbreviated Balance Sheet as at 30 June 2015

Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 - -
Tangible assets 3 2,053,953 2,077,001
Investments 4 1 1
2,053,954 2,077,002
Current assets
Debtors 4,016,218 4,101,525
Cash at bank and in hand 34,927 11,390
4,051,145 4,112,915
Creditors: amounts falling due within one year (962,985) (1,052,180)
Net current assets (liabilities) 3,088,160 3,060,735
Total assets less current liabilities 5,142,114 5,137,737
Creditors: amounts falling due after more than one year (2,592,018) (2,868,966)
Total net assets (liabilities) 2,550,096 2,268,771
Capital and reserves
Called up share capital 5 50,000 50,000
Revaluation reserve 410,612 410,612
Profit and loss account 2,089,484 1,808,159
Shareholders' funds 2,550,096 2,268,771
  • For the year ending 30 June 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 March 2016

And signed on their behalf by:
Mr J.A. Patel, Director
Mr B.P. Patel, Director

EXPRESSPACE LIMITED Registered Number 03184868

Notes to the Abbreviated Accounts for the period ended 30 June 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company has taken advantage of the exemption provided by S.398 of the Companies Act 2006 not to prepare group accounts. The financial statements therefore present information about the company as an individual undertaking and not about its group.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Freehold Property (excluding land) - 4% on straight line basis
Fixtures & Fittings - 25% on reducing balance basis

Intangible assets amortisation policy
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill - Written off

Valuation information and policy
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Other accounting policies
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs

The company operates a money purchase pension scheme called The Expresspace Pension Scheme to provide retirement benefits to its employees. The pension charged represents the amounts paid by the company to the funds in respect of the year.

2Intangible fixed assets
£
Cost
At 1 July 2014 600,000
Additions -
Disposals -
Revaluations -
Transfers -
At 30 June 2015 600,000
Amortisation
At 1 July 2014 600,000
Charge for the year -
On disposals -
At 30 June 2015 600,000
Net book values
At 30 June 2015 0
At 30 June 2014 0
3Tangible fixed assets
£
Cost
At 1 July 2014 2,855,554
Additions 113,473
Disposals -
Revaluations -
Transfers -
At 30 June 2015 2,969,027
Depreciation
At 1 July 2014 778,553
Charge for the year 136,521
On disposals -
At 30 June 2015 915,074
Net book values
At 30 June 2015 2,053,953
At 30 June 2014 2,077,001

Although there was no independent professional valuation carried out as at the balance sheet date, the directors are satisfied with the disclosure of the company's freehold investment property as shown above.

4Fixed assets Investments
The company holds 100% of the ordinary share capital of Expresspace (Victoria) Limited, a company which provides serviced apartments. The aggregate deficit of shareholders funds of Expresspace (Victoria) Limited as at 30 June 2015 was £1,133,656 (2014 - £1,113,538) and loss for the year ended on that date was £20,118 (2014 - £71,856).

5Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
50,000 Ordinary shares of £1 each 50,000 50,000