Prentice Properties (Scotland) Limited - Period Ending 2015-10-31

Registration number: SC153672

Prentice Properties (Scotland) Limited
 
 Unaudited Abbreviated Accounts
 
 for the Year Ended 31 October 2015
 

Alexander Marshall
Chartered Accountants
84 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY

Prentice Properties (Scotland) Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Prentice Properties (Scotland) Limited
for the Year Ended 31 October 2015

In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prentice Properties (Scotland) Limited for the year ended 31 October 2015 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with best practice guidance issued by the Institute of Chartered Accountants of Scotland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the preparation of financial statements. .

This report is made solely to the Board of Directors of Prentice Properties (Scotland) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken to enable us to prepare the financial statements of Prentice Properties (Scotland) Limited on behalf of the Board of Directors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prentice Properties (Scotland) Limited and its Board of Directors as a body for our work or for this report.

You have acknowledged on the balance sheet your duty to ensure that Prentice Properties (Scotland) Limited has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that Prentice Properties (Scotland) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the financial statements of Prentice Properties (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Alexander Marshall
Chartered Accountants
84 Hamilton Road
Motherwell
Lanarkshire
ML1 3BY

28 June 2016

Page 1

Prentice Properties (Scotland) Limited
(Registration number: SC153672)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					23,947			24,662
Current assets
Debtors					19,677			25,611
Creditors: Amounts falling due within one year					(6,539)			(11,823)
Net current assets					13,138			13,788
Net assets					37,085			38,450
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					36,985			38,350
Shareholders' funds					37,085			38,450

For the year ending 31 October 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 director acknowledges his 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 .

Approved by the director on 28 June 2016

Mr P O'Rourke
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Prentice Properties (Scotland) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents the amounts invoiced in respect of rents receivable and services provided during the financial year.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	2% Straight line

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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 liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2014		33,484			33,484
At 31 October 2015		33,484			33,484
Depreciation
At 1 November 2014		8,822			8,822
Charge for the year		715			715
At 31 October 2015		9,537			9,537
Net book value
At 31 October 2015		23,947			23,947
At 31 October 2014		24,662			24,662

Page 3

Prentice Properties (Scotland) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr P O'Rourke
Balance brought forward	(132)	-	2,188	2,188
Amount credited during the year	-	-	(132)	-
Amount advanced in the year	700	-	-	-
	568	-	2,055	2,188

Page 4