Abbreviated Company Accounts - DEREK MARK PROPERTIES LIMITED

Abbreviated Company Accounts - DEREK MARK PROPERTIES LIMITED


Registered Number 02762957

DEREK MARK PROPERTIES LIMITED

Abbreviated Accounts

30 November 2015

DEREK MARK PROPERTIES LIMITED Registered Number 02762957

Abbreviated Balance Sheet as at 30 November 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 5,279,943 4,303,024
5,279,943 4,303,024
Current assets
Debtors 37,678 35,916
Cash at bank and in hand 8,993 11,025
46,671 46,941
Creditors: amounts falling due within one year (188,497) (193,786)
Net current assets (liabilities) (141,826) (146,845)
Total assets less current liabilities 5,138,117 4,156,179
Creditors: amounts falling due after more than one year (849,237) (848,802)
Provisions for liabilities (12,827) (12,827)
Total net assets (liabilities) 4,276,053 3,294,550
Capital and reserves
Called up share capital 3 100 100
Revaluation reserve 4,131,525 3,156,525
Profit and loss account 144,428 137,925
Shareholders' funds 4,276,053 3,294,550
  • For the year ending 30 November 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 25 August 2016

And signed on their behalf by:
DK Mark, Director

DEREK MARK PROPERTIES LIMITED Registered Number 02762957

Notes to the Abbreviated Accounts for the period ended 30 November 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and the net rent payable by tenants and guests.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
DMP Plant Hire plant and machinery - 20% reducing balance
Plant and machinery - 20% reducing balance
Motor vehicles - 20% straight line

Other accounting policies
Investment Property
No depreciation has been provided on the freehold investment properties, such properties are held for their investment potential and not for consumption within the business. This is a departure form the Companies House 2006 which requires all properties to be depreciated and the director considers that to depreciate them would not enable the financial statements to give a true and fair view. Investment properties are stated at their market value at the balance sheet date.

Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

2Tangible fixed assets
£
Cost
At 1 December 2014 4,417,840
Additions 1,074,332
Disposals (55,900)
Revaluations -
Transfers -
At 30 November 2015 5,436,272
Depreciation
At 1 December 2014 114,816
Charge for the year 52,693
On disposals (11,180)
At 30 November 2015 156,329
Net book values
At 30 November 2015 5,279,943
At 30 November 2014 4,303,024
3Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
100 Ordinary shares of £1 each 100 100