Online Property Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05983544 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

FOR

ONLINE PROPERTY LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mr T Tsirtsipis

REGISTERED OFFICE:

Solar House

282 Chase Road

London

N14 6NZ

REGISTERED NUMBER:

05983544 (England and Wales)

ACCOUNTANTS:

Freemans Partnership LLP

Chartered Certified Accountants

Solar House

282 Chase Road

London

N14 6NZ

CURRENT ASSETS

Stocks

2,025,000

6,214,940

Debtors

-

9,510

Cash at bank

33,700

7,730

2,058,700

6,232,180

CREDITORS

Amounts falling due within one year

2

2,060,206

6,396,835

NET CURRENT LIABILITIES

(1,506

)

(164,655

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,506

)

(164,655

)

CAPITAL AND RESERVES

Called up share capital

3

4

4

Profit and loss account

(1,510

)

(164,659

)

SHAREHOLDERS' FUNDS

(1,506

)

(164,655

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 30 June 2015 and were signed by:

Mr T Tsirtsipis - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 work completed during the year excluding value added taxes.

Profit is recognised as a percentage of work certified at the year-end date where profitability can be assured with

reasonable certainty.

Turnover includes the sale of land, completed developments and the proportion of sales where contracts have

been exchanged that relates to the state of completion of developments together with amounts invoiced or

certified for the year for contract building work and fees.

Stock and work in progress

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Contracts where the work is expected to extend for a period exceeding one year, are valued at cost plus

attributable profit less any foreseeable losses. Attributable profit is that amount which is estimated to reflect

fairly the profit arising on the current contracts up to the balance sheet date. Foreseeable losses are those, which

are currently estimated to arise over the duration of existing contracts after taking into account costs, including

appropriate overheads to be incurred in the future.

Deferred tax

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

sheet date.

2.

CREDITORS

Creditors include an amount of £ 300,418 (2013 - £ 4,488,731 ) for which security has been given.

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

4

Ordinary

1

4

4