Abbreviated Company Accounts - RENTINCOME LIMITED

RENTINCOME LIMITED - Company Information

SC297930 RENTINCOME LIMITED 2015-02-28 false 2014-03-01 2015-02-28 true SC297930 2014-03-01 2015-02-28 SC297930 2015-02-28 SC297930 2014-02-28 SC297930 uk-gaap-cd-bus:Director1 2014-03-01 2015-02-28 SC297930 uk-gaap-cd-bus:Director2 2014-03-01 2015-02-28 uk-gaap-cd-bus:Director3 2014-03-01 2015-02-28 uk-gaap-cd-bus:Director3 2015-02-28 uk-gaap-cd-bus:Director3 2014-02-28 uk-gaap-cd-bus:OrdinaryShareClass1 2014-03-01 2015-02-28 uk-gaap-cd-bus:OrdinaryShareClass1 2015-02-28 uk-gaap-cd-bus:OrdinaryShareClass1 2014-02-28 uk-gaap-cd-bus:OrdinaryShareClass2 2014-03-01 2015-02-28 uk-gaap-cd-bus:OrdinaryShareClass2 2015-02-28 uk-gaap-cd-bus:OrdinaryShareClass2 2014-02-28 iso4217:GBP shares

Registered Number SC297930

RENTINCOME LIMITED

Abbreviated Accounts

28 February 2015

RENTINCOME LIMITED Registered Number SC297930

Abbreviated Balance Sheet as at 28 February 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	142,078	143,097
		142,078	143,097
Current assets
Cash at bank and in hand		5,736	6,776
		5,736	6,776
Creditors: amounts falling due within one year	3	(74,233)	(73,143)
Net current assets (liabilities)		(68,497)	(66,367)
Total assets less current liabilities		73,581	76,730
Creditors: amounts falling due after more than one year	3	(20,948)	(29,351)
Total net assets (liabilities)		52,633	47,379
Capital and reserves
Called up share capital	4	1,000	1,000
Profit and loss account		51,633	46,379
Shareholders' funds		52,633	47,379

For the year ending 28 February 2015 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 17 December 2015

And signed on their behalf by:
Eric Chiong, Director

RENTINCOME LIMITED Registered Number SC297930

Notes to the Abbreviated Accounts for the period ended 28 February 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard for Smaller Entities. (Effective April 2008).

Turnover policy
Turnover represents amount invoiced for the rental Income inclusive of the VAT.

Tangible assets depreciation policy
Depreciation is provided at the following rate so as to write off each assets over its useful life. Depreciation is provided full in the year of acquisition and none in the year of disposal.

Property: No Depreciation
Plant and Machinery: 20% of the cost.

There is also a departure from the Companies Act 2006, concerning the depreciation of the fixed asset for the Investment Properties. However, this is in accordance with the Statement of Standard Accounting Practice 19. The Director believes that adaptation of this policy is required in order to give true and fair view of the financial statements.

Intangible assets amortisation policy
Not applicable.

Valuation information and policy
Not applicable.

Other accounting policies
The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained from the previous year and also have been consistently applied within the same year.

2Tangible fixed assets

	£
Cost
At 1 March 2014	150,742
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 28 February 2015	150,742
Depreciation
At 1 March 2014	7,645
Charge for the year	1,019
On disposals	-
At 28 February 2015	8,664
Net book values
At 28 February 2015	142,078
At 28 February 2014	143,097

Depreciation is provided at the following rate so as to write off each assets over its useful life. Depreciation is provided full in the year of acquisition and none in the year of disposal.

Land and Building - No Depreciation
Plant and Machinery - 20% of the cost

There is also a departure from the Companies Act 2006, concerning the depreciation of the fixed asset for the Investment Properties. However, this is in accordance with the Statement of Standard Accounting Practice 19. The Director believes that adaptation of this policy is required in order to give true and fair view of the financial statements.

3Creditors

	2015 £	2014 £
Secured Debts	20,948	29,351

4Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
1,000 Ordinary shares of £1 each	1,000	1,000
1,000 Ordinary shares of £1 each	1,000	1,000

5Transactions with directors

Name of director receiving advance or credit:	Eric Chiong
Description of the transaction:	Loan to company
Balance at 1 March 2014:	£ 61,975
Advances or credits made:	-
Advances or credits repaid:	£ 1,246
Balance at 28 February 2015:	£ 60,729

At 01.03.2014, the company owed director Mr. Eric Chiong £61975.00. During the year, the company paid the balance of £1246.00. The balance at 28.02.2015 is £ 60729.00. This amount is interest free with no fixed terms of repayments.