Costa Brava Property Limited - Period Ending 2014-12-31

Registration number: 7159669

Costa Brava Property Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Wincham Accountants Limited
Wincham House
Back Lane
Greenfield Farm Trad Estate
Congleton
Cheshire
CW12 4TR

Costa Brava Property Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Costa Brava Property Limited
(Registration number: 7159669)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					100,723			100,723
Current assets
Cash at bank and in hand					14,159			11,885
Creditors: Amounts falling due within one year					(8,070)			(6,107)
Net current assets					6,089			5,778
Total assets less current liabilities					106,812			106,501
Creditors: Amounts falling due after more than one year					(15,354)			(15,353)
Net assets					91,458			91,148
Capital and reserves
Called up share capital		3			92,862			92,862
Profit and loss account					(1,404)			(1,714)
Shareholders' funds					91,458			91,148

For the year ending 31 December 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 by the Board on 12 June 2015 and signed on its behalf by:

.........................................
Miss Lucy Tabor
Director

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

Costa Brava Property Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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).

Going concern

The accounts have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers

Depreciation

Depreciation is charged across the expected economic life of the assets with reference to the residual values.

Asset class	Depreciation method and rate
Freehold Property	No depreciation

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, 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 treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Costa Brava Property Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		100,723			100,723
At 31 December 2014		100,723			100,723
Depreciation
At 31 December 2014		-			-
Net book value
At 31 December 2014		100,723			100,723
At 31 December 2013		100,723			100,723

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2
Redeemable Preference of £1 each		92,860			92,860			92,860			92,860
		92,862			92,862			92,862			92,862

Redeemable preference shares

The Redeemable Preference are redeemable at the option of the company. They are redeemable at £1 per share and carry full voting rights.

4

Control

The company is controlled by Mrs Janina Finbow & Miss Lucy Tabor (Company Directors) who each own 50% of the share capital.

Page 3