MAGNOLIA_LETTINGS_LIMITED - Accounts

MAGNOLIA LETTINGS LIMITED - Company Information

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Company Registration No. 08750769 (England and Wales)

MAGNOLIA LETTINGS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

MAGNOLIA LETTINGS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

MAGNOLIA LETTINGS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

1,050,000

1,039,736

Current assets

Debtors

Cash at bank and in hand

58,358

6,956

58,358

7,000

Creditors: amounts falling due within one year

(1,032,458)

(1,016,965)

Net current liabilities

(974,100)

(1,009,965)

Total assets less current liabilities

75,900

29,771

Capital and reserves

Called up share capital

Revaluation reserve

10,264

Profit and loss account

65,634

29,769

Shareholders' funds

75,900

29,771

For the financial year ended 31 December 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 31 May 2016

Ms S Patel

Mr R W J Zijlstra

Director

Company Registration No. 08750769

MAGNOLIA LETTINGS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents rental income receivable net of VAT. In reporting rental income receivable the cost of rent free periods is spread on a straight line basis over the period to the next rent review.

1.3

Tangible fixed assets and depreciation

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Fixed assets

Tangible assets

Cost or valuation

At 1 January 2015

1,039,736

Revaluation

10,264

At 1 January 2015 & at 31 December 2015

1,050,000

Net book value

At 31 December 2015

1,050,000

At 31 December 2014

1,039,736

Share capital

2015

2014

Allotted, called up and fully paid

1 Ordinary ''A'' share of £1 each

1 Ordinary ''B'' share of £1 each