Longmead Properties Limited - Period Ending 2015-03-31

Company No. 00608038

Longmead Properties Limited

Abbreviated Accounts

Year Ended

31 March 2015
 

Brett Pittwood

Chartered Accountants

Longmead Properties Limited   Accounts Year Ended 31 March 2015

INDEX Page

Abbreviated balance sheet 1

Notes to the abbreviated accounts 2 - 3

Longmead Properties Limited Abbreviated balance sheet at 31 March 2015

page 787878787 Company No. 00608038

		Note			2015						2014
Fixed assets
Tangible fixed assets								1,023,250						1,028,685
Investments								797						797
								1,024,047						1,029,482
Current assets
Debtors					26,442						45,896
Cash at bank and in hand					4,874						4,869
					31,316						50,765
CREDITORS: amounts falling due within one year					(165,917)						(216,690)
Net current liabilities								(134,601)						(165,925)
Net assets								£889,446						£863,557
Capital and reserves
Called up share capital		3			99						99
Revaluation reserve					529,927						534,577
Profit and loss account					359,420						328,881
								£889,446						£863,557

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 31 December 2015 and signed on its behalf by:

J R Jones
Director

Longmead Properties Limited Notes to the abbreviated accounts   Year Ended 31 March 2015

page 787878787

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).

Turnover

Turnover represents rents receivable accounted for on the accruals basis.

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), 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 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 many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

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

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Longmead Properties Limited Notes to the abbreviated accounts   Year Ended 31 March 2015

page 787878787

2	Fixed assets

		Tangible assets			Investments			Total
Cost
At 1 April 2014		1,041,366			797			1,042,163
Revaluations		(4,650)			-			(4,650)
Disposals		(13,466)			-			(13,466)
At 31 March 2015		1,023,250			797			1,024,047
Amortisation
At 1 April 2014		12,681			-			12,681
Eliminated on disposals		(12,681)			-			(12,681)
At 31 March 2015		-			-			-
Net book value
At 31 March 2015		£1,023,250			£797			£1,024,047
At 31 March 2014		£1,028,685			£797			£1,029,482

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		99			99			99			99