Penta Residential Lettings Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03318732 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Penta Residential Lettings Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs R N Mack

Mrs P M Stickells

SECRETARY:

Mr R J Stickells

REGISTERED OFFICE:

66 Stormore

Dilton Marsh

Westbury

Wiltshire

BA13 4BH

REGISTERED NUMBER:

03318732 (England and Wales)

ACCOUNTANTS:

Moore Stephens

Chartered Accountants

30 Gay Street

Bath

BA1 2PA

FIXED ASSETS

Investment property

2

227,000

301,000

CURRENT ASSETS

Debtors

6,511

2,585

Cash at bank

75,546

73,787

82,057

76,372

CREDITORS

Amounts falling due within one year

38,007

105,085

NET CURRENT ASSETS/(LIABILITIES)

44,050

(28,713

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

271,050

272,287

CAPITAL AND RESERVES

Called up share capital

3

2

Revaluation reserve

120,000

160,700

Profit and loss account

151,048

111,585

SHAREHOLDERS' FUNDS

271,050

272,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 May 2016 and were signed on its
behalf by:

Mrs P M Stickells - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents rents due during the year.

Investment property

In accordance with Financial Reporting Standard for Smaller Entities (effective April 2008) no

depreciation or amortisation is provided in respect of freehold properties.

The Company's investment property is shown at open market value. Changes in the open market

value of the property are taken to the revaluation reserve. Where revaluation is less than cost and is

considered to be permanent in nature., the shortfall is charged to the profit and loss account. Where

the fall in value is considered to be temporary, and adjustment is taken to the revaluation reserve.

Acquisition and disposal of property is considered to have taken place where, by the end of the

accounting period, there is a legally binding, unconditional, irrevocable contract.

Deferred tax

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 right to pay less or to receive more tax, with the following exceptions:

Provisions 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 directors consider that 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either 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 financial liabilities.

2.	INVESTMENT PROPERTY

Total

£

COST

At 1 April 2015

301,000

Disposals

(74,000

)

At 31 March 2016

227,000

NET BOOK VALUE

At 31 March 2016

227,000

At 31 March 2015

301,000

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

2

Ordinary

£1

2