Cosmos Properties Limited - Limited company - abbreviated

REGISTERED NUMBER: SC309746 (Scotland)

Abbreviated Accounts

For The Year Ended 31 March 2015

for

Cosmos Properties Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr M J H Kitson

Mr M H Kitson

SECRETARY:

Mr M J H Kitson

REGISTERED OFFICE:

580 Lawmoor Street

Glasgow

Strathclyde

G5 0TX

REGISTERED NUMBER:

SC309746 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

BANKERS:

The Royal Bank of Scotland

10 Gordon Street

Glasgow

G1 3PL

SOLICITORS:

Tods Murray LLP

33 Bothwell Street

Glasgow

G2 6NL

FIXED ASSETS

Investment property

2

1,242,250

717,250

CURRENT ASSETS

Cash at bank

236,192

92,667

CREDITORS

Amounts falling due within one year

938,603

322,071

NET CURRENT LIABILITIES

(702,411

)

(229,404

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

539,839

487,846

CAPITAL AND RESERVES

Called up share capital

3

3,456

Profit and loss account

536,383

484,390

SHAREHOLDERS' FUNDS

539,839

487,846

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 9 December 2015 and were signed on its behalf
by:

Mr M J H Kitson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents invoices raised during the year for the provision of rented premises.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

In accordance with Statement of Standard Accounting Practice No 19, certain of the company's properties are

held for long-term investment and are included in the balance sheet at their open market values. The surpluses or

deficits on annual revaluation of such properties are transferred to the investment property revaluation reserve.

Depreciation is not provided in respect of freehold investment properties. This policy represents a departure

from the statutory accounting principles and the Companies Act 1985, which require depreciation to be provided

on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may

give a true and fair view, because changes in current values are of prime importance rather than the calculation of

annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount

which might otherwise have been shown cannot be quantified.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2014

717,250

Additions

525,000

At 31 March 2015

1,242,250

NET BOOK VALUE

At 31 March 2015

1,242,250

At 31 March 2014

717,250

3.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.15

31.3.14

value:

£

3,456

Share capital 1

1

3,456

4.	RELATED PARTY DISCLOSURES

Cosmos Decorators Limited and Cosmos Properties Limited have certain common shareholders. Property owned

by Cosmos Properties was rented to Cosmos Decorators Limited for an annual rental of £32,000 (2014 -

£32,000) which is included within rental income for the year.

During the year a loan outstanding due to Cosmos Decorators Limited was written off in the profit and loss

account which amounted to £50,000 (2014 - £60,000). Included within creditors due within one year is an

amount of £401,000 (2014 - £308,000) due to Cosmos Decorators Limited.

Included in other creditors was an amount of £525,000 due to Mr M. Kitson director. This loan outstanding

relates to the transfer of property to Cosmos Properties Limited for the same amount.

The dividend of £20,000 paid during the year was paid to a shareholder who was not a director.

5.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors the ultimate controlling party is Mr M.J.H. Kitson who owns 63% of the ordinary

share capital.

Cosmos Properties Limited - Limited company - abbreviated - 11.9

Cosmos Properties Limited - Limited company - abbreviated - 11.9