General Property Trust Limited Small abbreviated accounts

General Property Trust Limited Small abbreviated accounts

GENERAL PROPERTY TRUST LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 00018723
GENERAL PROPERTY TRUST LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDING
31 March 2016
JAMESONS
Chartered Accountants
7 Kings Court
Newcomen Way
Colchester
Essex
CO4 9RA
GENERAL PROPERTY TRUST LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GENERAL PROPERTY TRUST LIMITED
YEAR ENDED 31 MARCH 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of General Property Trust Limited for the year ended 31 March 2016 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of General Property Trust Limited, as a body, in accordance with the terms of our engagement letter dated 29 May 2013. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of General Property Trust Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 02/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than General Property Trust Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that General Property Trust Limited has kept adequate accounting records and to prepare statutory abbreviated accounts that give a true and fair view of the assets, liabilities, financial position and loss of General Property Trust Limited. You consider that General Property Trust Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the abbreviated accounts of General Property Trust 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 abbreviated accounts.
JAMESONS Chartered Accountants
7 Kings Court Newcomen Way Colchester Essex CO4 9RA
22 July 2016
GENERAL PROPERTY TRUST LIMITED
ABBREVIATED BALANCE SHEET
31 March 2016
2016
2015
Note
£
£
FIXED ASSETS
2
Tangible assets
2,241,333
1,722,176
Investments
296,858
283,128
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------------
2,538,191
2,005,304
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CURRENT ASSETS
Debtors
3
46,980
46,547
Cash at bank and in hand
14,581
65,884
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61,561
112,431
CREDITORS: Amounts falling due within one year
4
78,241
87,026
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NET CURRENT (LIABILITIES)/ASSETS
( 16,680)
25,405
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------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,521,511
2,030,709
CREDITORS: Amounts falling due after more than one year
5
185,507
197,558
PROVISIONS FOR LIABILITIES
141
281
------------
------------
2,335,863
1,832,870
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CAPITAL AND RESERVES
Called up equity share capital
6
10,000
10,000
Revaluation reserve
1,761,764
1,241,764
Other reserves
10,000
10,000
Profit and loss account
554,099
571,106
------------
------------
SHAREHOLDERS' FUNDS
2,335,863
1,832,870
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------------
For the year ended 31 March 2016 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 accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on 22 July 2016 , and are signed on their behalf by:
Mrs G Bresler Mr P Chittenden
Company Registration Number: 00018723
GENERAL PROPERTY TRUST LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 MARCH 2016
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, 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 amounts earned during the year.
Fixed assets
All fixed assets are initially recorded at cost .
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings-25% reducing balance
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2. FIXED ASSETS
Tangible Assets
Loans & Investments
Total
£
£
£
COST OR VALUATION
At 1 April 2015
1,757,419
283,128
2,040,547
Additions
–
13,730
13,730
Revaluation
520,000
–
520,000
------------
----------
------------
At 31 March 2016
2,277,419
296,858
2,574,277
------------
----------
------------
DEPRECIATION
At 1 April 2015
35,243
–
35,243
Charge for year
843
–
843
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At 31 March 2016
36,086
–
36,086
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NET BOOK VALUE
At 31 March 2016
2,241,333
296,858
2,538,191
------------
----------
------------
At 31 March 2015
1,722,176
283,128
2,005,304
------------
----------
------------
Investment property is held at open market value as estimated by the directors. All of the Investment Property is used to generate the income disclosed in the profit and loss account.
The company owns the entire share capital of Astley & Butcher Properties Ltd. The company had £15,718 of profit for the year ended 31 March 2016. The reserves of the company at 31 March 2016 are £27,893.
3. DEBTORS
Debtors include amounts of £19,816 (2015 - £22,100) falling due after more than one year.
4. CREDITORS: Amounts falling due within one year
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2016
2015
£
£
Bank loans and overdrafts
11,631
10,581
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--------
5. CREDITORS: Amounts falling due after more than one year
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2016
2015
£
£
Bank loans and overdrafts
185,507
197,558
----------
----------
Included within creditors falling due after more than one year is an amount of £148,363 (2015 - £150,633) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.
6. SHARE CAPITAL
Allotted, called up and fully paid:
2016
2015
No
£
No
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
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