Accounts filed on 30-06-2015
Accounts filed on 30-06-2015
trueUniversal Assets Limited03379596697 2918 732015-06-301020721387481662442029201001006407264072166244202920121237166365203157-184242-147602203742147608195006195006350607350759350607350759Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with applicable UK accounting standards.
Cash flow statement
The directors have taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from including a cash flow statement in the financial statements on the grounds that the company is small.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from
the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or
its reversal, on an individual investment property is expected to be permanent, in which case it
is recognised in the profit and loss account for the year.
This is in accordance with SSAP 19 which, unlike the Companies
Act 2006, does not require depreciation of investment properties. Investment properties are held for
their investment potential and not for use by the company and so their current value is of prime
importance. The departure from the provisions of the Act is required in order to give a true and fair view.Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Land & BuildingsInvestment property that is not depreciated0.0000EquipmentReducing balance basis0.2000461044461044110437110285152The investment property is a freehold property costing £285,928 that is not depreciated. The property was revalued during the year ended 30th June 2012. In the directors' opinion the value of £350,000 has not significantly changed at 30th June 2015. 461044461044110437110285152
The investment property is a freehold property costing £285,928 that is not depreciated. The property was revalued during the year ended 30th June 2012. In the directors' opinion the value of £350,000 has not significantly changed at 30th June 2015.
Ordinary11001001002016-03-31Mr. F. Anstocktruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureUniversal Assets Limited2014-07-012015-06-30Universal Assets Limited2013-07-012014-06-30Universal Assets Limited2013-06-30Universal Assets Limited2014-06-30Universal Assets Limited2014-06-30Universal Assets Limited2015-06-30 2016-03-31