GET Property Management Limited - Period Ending 2015-06-30

Registration number: 04462867

GET Property Management Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

GET Property Management Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

GET Property Management Limited
(Registration number: 04462867)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					10,209			3,936
Current assets
Debtors					1,598,871			1,418,485
Cash at bank and in hand					125,500			40,139
					1,724,371			1,458,624
Creditors: Amounts falling due within one year					(2,531,149)			(2,126,214)
Net current liabilities					(806,778)			(667,590)
Net liabilities					(796,569)			(663,654)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(796,570)			(663,655)
Shareholders' deficit					(796,569)			(663,654)

For the year ending 30 June 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 director acknowledges his 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 director on 10 December 2015

.........................................
Mr Zia Mohsan
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

GET Property Management Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 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

The financial statements have been prepared on a going concern basis. The company had a deficit on reserves at the period end of £796,570. Continuing financial support has been pledged from fellow group undertakings for the foreseeable future.

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
Plant and machinery	25% Reducing Balance
Motor Vehicles	25% Reducing Balance

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.

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.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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GET Property Management Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2014		8,168			8,168
Additions		9,259			9,259
At 30 June 2015		17,427			17,427
Depreciation
At 1 July 2014		4,232			4,232
Charge for the year		2,986			2,986
At 30 June 2015		7,218			7,218
Net book value
At 30 June 2015		10,209			10,209
At 30 June 2014		3,936			3,936

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Share of £1 each		1			1			1			1

4

Control

The company is controlled by Time Group Middle East Limited a company registered in the Bahamas. The ultimate controlling party is Mr T Mohsan.

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