TOWER_ESTATES_(YORK)_LTD - Accounts


TOWER ESTATES (YORK) LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2016
COMPANY REGISTRATION NO. 00498429 (England and Wales)
TOWER ESTATES (YORK) LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
TOWER ESTATES (YORK) LTD
ABBREVIATED BALANCE SHEET
AS AT
5 APRIL 2016
05 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,348,760
1,269,018
Current assets
Stocks
-
444,428
Debtors
61,372
85,303
Cash at bank and in hand
777,492
335,709
838,864
865,440
Creditors: amounts falling due within one year
(61,583)
(4,286)
Net current assets
777,281
861,154
Total assets less current liabilities
2,126,041
2,130,172
Provisions for liabilities
(2,719)
-
2,123,322
2,130,172
Capital and reserves
Called up share capital
3
900
900
Other reserves
100
100
Profit and loss account
2,122,322
2,129,172
Shareholders'  funds
2,123,322
2,130,172
For the financial year ended 5 April 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 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 10 August 2016
Mr R Gorwood
Director
Company Registration No. 00498429
TOWER ESTATES (YORK) LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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

Turnover represents amounts receivable for goods and services.

1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and equipment
20% reducing balance and 3 years straight line
Motor vehicles
25% reducing balance
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.
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.
TOWER ESTATES (YORK) LTD
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
900 Ordinary shares of £1 each
900
900
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