Standfast Properties Limited - Period Ending 2014-11-30

Registration number: 05611541

Standfast Properties Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2014
 

Standfast Properties Limited
Contents

Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Standfast Properties Limited
Abbreviated Balance Sheet at 30 November 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			220,759			200,705
Current assets
Debtors					381			507
Cash at bank and in hand					12,222			4,602
					12,603			5,109
Creditors: Amounts falling due within one year					(126,453)			(127,419)
Net current liabilities					(113,850)			(122,310)
Net assets					106,909			78,395
Capital and reserves
Called up share capital		3			1,000			1,000
Revaluation reserve					49,664			29,664
Profit and loss account					56,245			47,731
Shareholders' funds					106,909			78,395

For the year ended 30 November 2014 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 for issue by the Board on 9 February 2015 and signed on its behalf by:

......................................... Mr I S Grant Director

......................................... Mrs L M Grant Director

Registration number: 05611541

The notes on pages 2 to 3 form an integral part of these financial statements.

Page 1

Standfast Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Departures from Companies Act requirements

The financial statements depart from the Companies Act 2006 as shown below in the Investment Property accounting policy.

Turnover

Turnover represents rental income invoiced during the period.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures & fittings	25% reducing balance

Investment properties

In accordance with the Financial Reporting Standard for Smaller Entities freehold properties are treated as investment properties and are included in the Balance Sheet at their open market value. The directors regularly review property values and any adjustment arising is taken to the Revaluation Reserve. Depreciation is therefore not appropriate. The directors consider that this accounting policy results in the financial statements giving a true and fair view and this departure from the provisions of the Companies Act 2006, in that depreciation is not charged, is therefore permitted by that Act.

Page 2

Standfast Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014

2	Fixed assets

		Tangible assets £			Total £
Cost or valuation
At 1 December 2013		203,557			203,557
Revaluations		20,000			20,000
Additions		307			307
At 30 November 2014		223,864			223,864
Depreciation
At 1 December 2013		2,852			2,852
Charge for the year		253			253
At 30 November 2014		3,105			3,105
Net book value
At 30 November 2014		220,759			220,759
At 30 November 2013		200,705			200,705

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 3