Company Registration No. 07712091 (England and Wales)
DEEP SOUTH PROPERTY CO LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2015
DEEP SOUTH PROPERTY CO LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
DEEP SOUTH PROPERTY CO LTD
ABBREVIATED BALANCE SHEET
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
334,920
334,920
Current assets
Cash at bank and in hand
414
1,509
Creditors: amounts falling due within one year
(197,355)
(175,430)
Net current liabilities
(196,941)
(173,921)
Total assets less current liabilities
137,979
160,999
Creditors: amounts falling due after more than one year
(144,172)
(164,681)
(6,193)
(3,682)
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
(7,193)
(4,682)
Shareholders' funds
(6,193)
(3,682)
For the financial year ended 31 July 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 18 April 2016
J Arbuckle
Director
Company Registration No. 07712091
DEEP SOUTH PROPERTY CO LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2015
- 2 -
1
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).
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
Turnover
Turnover represents gross rental income from property investments.
1.4
Tangible fixed assets and depreciation
No depreciation or amortisation is provided in repect of freeholds or leaseholds of over 50 years. The requirement of Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepeted accounting principle set out in FRSSE. However, the directors believe that, as the property is not held for consumption but for investment, to depreciate it would not give a true and fair view, and that is necessary to adopt FRSSE in order to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be seperately identified or quantified. Property is included at full cost in the accounts once an irrevocable contract has been entered into and restated to open market value once historical cost no longer provides a true and fair view of their value.
Property is included at full cost in the accounts once an irrevocable contract has been entered into and restated to open market value once historical cost no longer provides a true and fair view of their value.
Land and buildings Freehold
Nil
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2014 & at 31 July 2015
334,920
At 31 July 2014
334,920
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
500 'A' Ordinary shares of £1 each
500
500
500 'B' Ordinary shares of £1 each
500
500
1,000
1,000
