James_Potter_Properties_L - Accounts

JAMES POTTER PROPERTIES LIMITED - Company Information

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Company Registration No. SC107161 (Scotland)

James Potter Properties Limited

Abbreviated financial statements

for the year ended 30 April 2015

James Potter Properties Limited

Contents

Page

Abbreviated balance sheet

Notes to the abbreviated financial statements

James Potter Properties Limited

Abbreviated balance sheet

as at 30 April 2015

- 1 -

2015

2014

Notes

Current assets

Stocks

298,030

Debtors

5,005

13,514

Cash at bank and in hand

2,312

8,849

305,347

320,393

Creditors: amounts falling due within one year

(76,613)

(43,200)

Total assets less current liabilities

228,734

277,193

Creditors: amounts falling due after more than one year

(176,424)

(200,819)

52,310

76,374

Capital and reserves

Called up share capital

Profit and loss account

52,308

76,372

Shareholders' funds

52,310

76,374

For the financial year ended 30 April 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 20 January 2016

Linda Potter

Director

Company Registration No. SC107161

James Potter Properties Limited

Notes to the abbreviated financial statements

for the year ended 30 April 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

They have been drawn up on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependant on continued profitable trading and on the support of the shareholders and bankers. If the company was unable to trade, adjustments would have to be made for future liabilities that may arise, and to reclassify fixed assets as current assets.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

3 years

Motor vehicles

5 years

1.4

Stock and work in progress

Work in progress is valued at the lower of cost and net realisable value.

1.5

Taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes, except where a deferred tax asset arises and consideration is given to its recoverability. The deferred tax balance has not been discounted.

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary shares of £1 each