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Registered number: 3733579
SNAP PROPERTIES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
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SNAP PROPERTIES LIMITED
REGISTERED NUMBER: 3733579
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ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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CREDITORS: amounts falling due within one year
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NET CURRENT (LIABILITIES)/ASSETS
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 11 July 2016.
The notes on pages 2 to 4 form part of these financial statements.
Page 1
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Fixtures, fittings and equipment
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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Revaluation Surpluses and Deficits
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Revaluation surpluses or deficits against book value are transferred to the revaluation reserve, except for those deficits expected to be permanent, which are transferred to the profit and loss account.
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2.TANGIBLE FIXED ASSETS
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At 1 April 2015 and 31 March 2016
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At 1 April 2015 and 31 March 2016
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Page 2
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
3.INVESTMENT PROPERTY
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Surplus/(deficit) on revaluation
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Annual revaluation surplus/(deficit):
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The 2016 valuations were made by the directors, on an open market value for existing use basis.
4.SHARE CAPITAL
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Allotted, called up and fully paid
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4 Ordinary shares of £1 each
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5.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES
Included in other creditors due within one year is a loan from the directors, Mr P R Turck and Mrs S Turck amounting to £(680,465) [2015 - £(380,465) and Mr N W Turck amounting to £(2,948) [2015 - £(NIL)]. Included in other debtors due within one year is a loan to the director, Mr N W Turck amounting to £NIL (2015 - £551,432).
During the year advances were made to Mr P R Turck and Mrs S Turck amounting to £NIL (2015 - £NIL) and Mr N W Turck amounting to £NIL (2015 - £585,768). Credits were received from Mr P R Turck and Mrs S Turck amounting to £300,000 (2015 - £NIL) and Mr N W Turck amounting to £558,515 (2015 - £NIL). Interest has been charged on Mr N W Turck's loan.
Page 3
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
6.RELATED PARTY TRANSACTIONS
The director Mr N W Turck is also a director and shareholder of NST Property Services Limited, a UK registered company.
During the year Snap Properties Limited received rent from NST Property Services Limited amounting to £24,000 (2015 - £24,000) and received net loans from NST Property Services Limited amounting to £NIL (2015 - £7,000).
Included in other creditors due within one year is a loan from NST Property Services Limited amounting to £(7,000) [2015 - £(7,000)].
7.CONTROLLING PARTY
The company was controlled throughout the current and previous period by its directors, Mr N W Turck,
Mr P R Turck and Mrs S Turck, by virtue of the fact that between them they own all of the company's ordinary issued share capital.
Page 4
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