Accounts filed on 31-07-2015

Accounts filed on 31-07-2015

FIVEWAYS PROPERTIES LIMITED - Company Information

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FIVEWAYS PROPERTIES LIMITED

Company Registration Number:
07321275 (England and Wales)

Report of the Directors and Unaudited Financial Statements

Period of accounts

Start date: 01 August 2014

End date: 31 July 2015

FIVEWAYS PROPERTIES LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2015

Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

FIVEWAYS PROPERTIES LIMITED

Company Information

for the Period Ended 31 July 2015




Director: Geoffrey Houghton
Susan Houghton
Secretary: Geoffrey Houghton
Registered office: 14
Grenham Road
Birchington
Margate
Kent
CT7 9JH
Company Registration Number: 07321275 (England and Wales)

FIVEWAYS PROPERTIES LIMITED

Directors' Report Period Ended 31 July 2015

The directors present their report with the financial statements of the company for the period ended 31 July 2015

Principal activities

The principal activity of the company in the year under review was property investment and rental.

Directors
 The directors shown below have held office during the whole of the period from
01 August 2014 to 31 July 2015
Geoffrey Houghton
Susan Houghton

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 26 April 2016
And Signed On Behalf Of The Board By:

Name: Geoffrey Houghton
Status: Director

FIVEWAYS PROPERTIES LIMITED

Profit and Loss Account

for the Period Ended 31 July 2015


Notes
2015
£
2014
£
Turnover: 2 55,373 56,949
Cost of sales: ( 4,541 ) ( 6,885 )
Gross profit or (loss): 50,832 50,064
Administrative expenses: ( 47,601 ) ( 35,013 )
Operating profit or (loss): 3,231 15,051
Interest receivable and similar income: 5
Interest payable and similar charges: ( 75 ) ( 297 )
Profit or (loss) on ordinary activities before taxation: 3,156 14,759
Tax on profit or (loss) on ordinary activities: 3 ( 657 ) ( 2,903 )
Profit or (loss) for the financial year: 2,499 11,856

The notes form part of these financial statements

FIVEWAYS PROPERTIES LIMITED

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report

FIVEWAYS PROPERTIES LIMITED

Balance sheet

As at 31 July 2015


Notes
2015
£
2014
£
Fixed assets
Tangible assets: 5 907,501 819,104
Total fixed assets: 907,501 819,104
Current assets
Debtors: 6 37,346 35,453
Cash at bank and in hand: 4,404 1,182
Total current assets: 41,750 36,635
Creditors: amounts falling due within one year: 7 ( 55,402 ) 0
Net current assets (liabilities): ( 13,652 ) 36,635
Total assets less current liabilities: 893,849 855,739
Creditors: amounts falling due after more than one year: 8 ( 98,211 )
Provision for liabilities: 9 ( 507,500 ) ( 557,500 )
Total net assets (liabilities): 288,138 298,239

The notes form part of these financial statements

FIVEWAYS PROPERTIES LIMITED

Balance sheet continued

As at 31 July 2015


Notes
2015
£
2014
£
Capital and reserves
Called up share capital: 10 2 2
Revaluation reserve: 11 306,273 306,273
Profit and loss account: 12 ( 18,137 ) ( 8,036 )
Shareholders funds: 288,138 298,239

For the year ending 31 July 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 26 April 2016

SIGNED ON BEHALF OF THE BOARD BY:

Name: Geoffrey Houghton
Status: Director

The notes form part of these financial statements

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial statements have been prepared under the historical cost convention as modified by the revaluation of Revalued assets as leasehold properties, and in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008)

    Turnover policy

    Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

    Tangible fixed assets depreciation policy

    Tangible Fixed Assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value over their expected useful life on the following basis:
    Freehold Property – is shown at current market value & not depreciated
    L/term Leasehold property – is shown at revaluation transfer and not depreciated
    Fixture & Fittings – 10% Straight Line
    Computer Equipment – 33.33% Straight Line Basis

    Valuation information and policy

    Individual freehold and leasehold properties are carried at current year value at the balance sheet date. A full valuation is obtained from a qualified valuer for each property every five years, with an interim valuation three years after the previous full valuation, and in any year where it is likely that there has been a material change in value.

    Revaluation gains and losses are recognised in the statement of total recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the losses are recognised in the Profit and Loss account.

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 2. Turnover

    Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 3. Taxation

    The tax charge on the profit on ordinary activities for the period was as follows:


    2015
    £
    2014
    £
    UK Corporation tax: 657 2,903
    Tax on profit or (loss) on ordinary activities: 657 2,903
    Profit or (loss) on ordinary activities before taxation: 3,156 14,759
    Profit or (loss) on ordinary activities before taxation multiplied by the rate(s) of Corporation Tax applicable: 631 2,952
    Expense not deductable for tax purposes: 130 130
    Accelerated capital allowances: 0 372
    Any other adjustments: ( 104 ) 193
    Current tax charge or (credit): 657 2,903

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 4. Dividends


    2015
    £
    2014
    £
    Dividends paid on ordinary shares: 12,600 10,000
    Total dividends paid: 12,600 10,000

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 5. Tangible assets

    Land and buildings Plant and Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    01 August 2014: 818,773 - 120 353 - 819,246
    Additions: 148,527 - - - - 148,527
    Disposals: ( 60,000 ) - - - - ( 60,000 )
    Revaluations: - - - - - 0
    Transfers: - - - - - 0
    31 July 2015: 907,300 - 120 353 - 907,773
    Depreciation
    01 August 2014: 0 - 24 118 - 142
    Charge for year: - - 12 118 - 130
    On disposals: - - - - - 0
    Other adjustments: - - - - - 0
    31 July 2015: 0 - 36 236 - 272
    Net book value
    31 July 2015: 907,300 - 84 117 - 907,501
    31 July 2014: 818,773 - 96 235 - 819,104

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 6. Debtors


    2015
    £
    2014
    £
    Trade debtors: 28,500 28,500
    Prepayments and accrued income: 8,846 6,953
    Total: 37,346 35,453

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 7. Creditors: amounts falling due within one year


    2015
    £
    2014
    £
    Trade creditors: 22,761
    Taxation and social security: 653
    Accruals and deferred income: 11,569
    Other creditors: 20,419
    Total: 55,402 0

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 8. Creditors: amounts falling due after more than one year


    2015
    £
    2014
    £
    Bank loans and overdrafts: 98,211
    Total: 98,211 0

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 9. Provisions for liabilities


    2015
    £
    At 01 August 2014: 557,500
    Charge to the profit and loss account: ( 50,000 )
    At 31 July 2015: 507,500

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 10. Called up share capital

    Allotted, called up and paid

    Previous period
    2014
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 2 1.00 2
    Preference shares: 0
    Total share capital (£): 2
    Current period
    2015
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 2 1.00 2
    Preference shares: 0
    Total share capital (£): 2

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 11. Revaluation reserve

    £
    At 01 August 2014: 306,273
    At 31 July 2015: 306,273

FIVEWAYS PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2015

  • 12. Profit and loss account


    2015
    £
    2014
    £
    Opening balance: ( 8,036 ) ( 9,892 )
    Profit or (loss) for the period: 2,499 11,856
    Equity dividends paid: ( 12,600 ) ( 10,000 )
    Retained profit: ( 18,137 ) ( 8,036 )