TOWER_ESTATES_(YORK)_LTD - Accounts
TOWER_ESTATES_(YORK)_LTD - Accounts
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2016
COMPANY REGISTRATION NO. 00498429 (England and Wales)
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
5 APRIL 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
-
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(61,583 )
(4,286 )
Net current assets
Total assets less current liabilities
Provisions for liabilities
(2,719 )
-
2,123,322
2,130,172
Capital and reserves
Called up share capital
3
Other reserves
Profit and loss account
Shareholders' funds
Directors' responsibilities:
-
-
Approved by the Board for issue on 10 August 2016
Director
Company Registration No. 00498429
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Plant and equipment
Motor vehicles
In accordance with the FRSSE investment properties should be revalued annually and the aggregate surplus or deficit transferred to a revaluation reserve. No depreciation has been provided in respect of investment properties.
The Companies Act 2006 requires all properties to be depreciated. However this requirement conflicts with the generally accepted accounting principle set out in the FRSSE. The directors consider that because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view.
If this departure from the Act had not been made the profit or loss for the financial year would have been adjusted by depreciation. However the amount of depreciation cannot be reasonably quantified.
The Companies Act 2006 requires all properties to be depreciated. However this requirement conflicts with the generally accepted accounting principle set out in the FRSSE. The directors consider that because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view.
If this departure from the Act had not been made the profit or loss for the financial year would have been adjusted by depreciation. However the amount of depreciation cannot be reasonably quantified.
1.5
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Remuneration Trust
In accordance with UITF abstract 32 "Employee Benefit Trusts and other intermediate payment arrangements" the company does not include the assets and liabilities of the trust on its balance sheet to the extent that it considers that it will not retain any economic benefit from the assets of the trust and will not have control of the rights or other access to those present economic benefits.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 6 April 2015
1,303,256
Additions
85,207
Disposals
(836)
At 5 April 2016
1,387,627
Depreciation
At 6 April 2015
34,239
On disposals
(836)
Charge for the year
5,464
At 5 April 2016
38,867
Net book value
At 5 April 2016
1,348,760
At 5 April 2015
1,269,018
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid