Westerham Properties Limited - Period Ending 2014-06-30

Registration number: 03579923

Westerham Properties Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

Lambert Chapman LLP
Chartered Accountants
Heybridge Business Centre
110 The Causeway
Maldon
Essex
CM9 4ND

Westerham Properties Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Registration number: 03579923

Westerham Properties Limited
Balance Sheet as at 30 June 2014

		Note			2014 £			(As restated) 2013 £
Fixed assets
Tangible fixed assets		2			2,679,000			2,268,100
Current assets
Debtors					433,841			258,649
Cash at bank and in hand					437			8
					434,278			258,657
Creditors: Amounts falling due within one year		3			(158,366)			(557,879)
Net current assets/(liabilities)					275,912			(299,222)
Total assets less current liabilities					2,954,912			1,968,878
Creditors: Amounts falling due after more than one year		3			(1,824,022)			(1,824,022)
Net assets					1,130,890			144,856
Capital and reserves
Called up share capital		4			1,000			1,000
Revaluation reserve					1,347,570			237,297
Profit and loss account					(217,680)			(93,441)
Shareholders' funds					1,130,890			144,856

For the year ending 30 June 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 27 March 2015 and signed on its behalf by:

Mr J M Williams
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Westerham Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

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).

Turnover

Turnover represents the value of properties sold in the period. A sale is recognised when contracts are exchanged.

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
Computer equipment	25% on cost

Investment properties

Investment properties are revalued annually at their open market value in accordance with FRSSE (effective April 2008). The surplus on revaluation is transferred to a revaluation reserve. No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of the FRSSE (effective April 2008) in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation. However the amount of depreciation cannot be reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2013		2,283,042			2,283,042
Revaluations		1,110,273			1,110,273
Disposals		(699,373)			(699,373)
At 30 June 2014		2,693,942			2,693,942
Depreciation
At 1 July 2013		14,942			14,942
At 30 June 2014		14,942			14,942
Net book value
At 30 June 2014		2,679,000			2,679,000
At 30 June 2013		2,268,100			2,268,100

Page 2

Westerham Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		17,461			134,769
Amounts falling due after more than one year		1,824,022			1,824,022
Total secured creditors		1,841,483			1,958,791

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		1,824,022			1,824,022

4	Share capital

Allotted, called up and fully paid shares

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

5	Prior period adjustments

The profit and loss account has been amended to show rent receivable as turnover rather than other operating income. Rents received from properties is the Company's principal income stream. Income and associated expenses on the sale of investment properties are now shown within other operating income. Neither of the above adjustments have an effect on the net profit for the prior period.

6	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr J M Williams
	340,736	40,493	87,208	22,290

Page 3