OWARK_RESIDENTIAL_PROPERT - Accounts
OWARK_RESIDENTIAL_PROPERT - Accounts
Company Registration No. 6000653 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Creditors: amounts falling due within one year
(43,497 )
(41,348 )
Net current liabilities
(43,143 )
(41,298 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
3
(81,122 )
(81,122 )
(26,006)
(24,161)
Capital and reserves
Called up share capital
4
Profit and loss account
(27,006 )
(25,161 )
Shareholders' funds
(26,006 )
(24,161 )
Directors' responsibilities:
-
-
Approved by the Board for issue on 15 August 2016
Director
Director
Company Registration No. 6000653
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
No depreciation or amortisation is provided in respect of freehold or leaseholds of over 50 years. The requirement of Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRSSE. However, the directors believe that, as these properties are not held for consumption but investment, to depreciate them would not give a true and fair view, and that it is necessary to adopt FRSSE in order to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.
Properties are included at their full cost in the accounts once an irrevocable contract has been entered into.
Properties are included at their full cost in the accounts once an irrevocable contract has been entered into.
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2014 & at 30 November 2015
98,259
At 30 November 2014
98,259
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
Analysis of loans repayable in more than five years
Total not repayable by instalments and due in more than five years
-
81,122
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 3 -
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid