First Stop Properties Limited - Period Ending 2015-03-31

Registration number: SC237095

First Stop Properties Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Alexander Marshall
Chartered Accountants
84 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY

First Stop Properties Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
First Stop Properties Limited
for the Year Ended 31 March 2015

In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Stop Properties Limited for the year ended 31 March 2015 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with best practice guidance issued by the Institute of Chartered Accountants of Scotland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the preparation of financial statements. .

This report is made solely to the Board of Directors of First Stop Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken to enable us to prepare the financial statements of First Stop Properties Limited on behalf of the Board of Directors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Stop Properties Limited and its Board of Directors as a body for our work or for this report.

You have acknowledged on the balance sheet your duty to ensure that First Stop Properties Limited has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that First Stop Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the financial statements of First Stop Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Alexander Marshall
Chartered Accountants
84 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY

23 December 2015

Page 1

First Stop Properties Limited
(Registration number: SC237095)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					13,765			24,318
Investments					2			2
					13,767			24,320
Current assets
Debtors					86,395			167,411
Cash at bank and in hand					58,640			47,929
					145,035			215,340
Creditors: Amounts falling due within one year					(200,423)			(256,277)
Net current liabilities					(55,388)			(40,937)
Total assets less current liabilities					(41,621)			(16,617)
Creditors: Amounts falling due after more than one year					(254,653)			(245,707)
Net liabilities					(296,274)			(262,324)
Capital and reserves
Called up share capital		3			25,100			25,100
Profit and loss account					(321,374)			(287,424)
Shareholders' deficit					(296,274)			(262,324)

For the year ending 31 March 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 23 December 2015 and signed on its behalf by:

Miss JJ Laurie
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

First Stop Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... 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

At the balance sheet date the company's liabilities exceeded its total assets by £296,274. In order to meet its day to day working capital requirements, the cmpany requires the continuing support of the directors.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce balance sheet values of assets to their recoverable amounts and to provide for further liabilities that may arise.

The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Fixtures and fittings	20% straight line
Office equipment	20% straight line
Motor vehicles	25% reducing balance
Plant and machinery	20% straight line
Tenant's Improvements	10% straight line

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

First Stop Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

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.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 April 2014		97,647			2			97,649
Additions		1,018			-			1,018
Disposals		(14,334)			-			(14,334)
At 31 March 2015		84,331			2			84,333
Depreciation
At 1 April 2014		73,329			-			73,329
Charge for the year		7,973			-			7,973
Eliminated on disposals		(10,736)			-			(10,736)
At 31 March 2015		70,566			-			70,566
Net book value
At 31 March 2015		13,765			2			13,767
At 31 March 2014		24,318			2			24,320

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Let's Let Limited	Scotland	Ordinary £1 share	100%	Dormant
Let's Move U Limited	Scotland	Ordinary £1 share	100%	Dormant

Page 4

First Stop Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		25,100			25,100			25,100			25,100

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr R Laurie
Advance in year - no fixed repayment terms and interest is not charged	-	2,460	12,361	-

Page 5