Weymouth Harbour Estates Limited - Period Ending 2016-03-31

Registration number: 02994828

Weymouth Harbour Estates Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Weymouth Harbour Estates Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Weymouth Harbour Estates Limited
(Registration number: 02994828)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					5,209,177			4,718,976
Current assets
Debtors		3			1,782,970			608,430
Cash at bank and in hand					378,847			1,140,508
					2,161,817			1,748,938
Creditors: Amounts falling due within one year					(98,922)			(65,084)
Net current assets					2,062,895			1,683,854
Total assets less current liabilities					7,272,072			6,402,830
Provisions for liabilities					(45,739)			(37,864)
Net assets					7,226,333			6,364,966
Capital and reserves
Called up share capital		4			6,000			6,000
Revaluation reserve					2,374,485			1,890,235
Profit and loss account					4,845,848			4,468,731
Shareholders' funds					7,226,333			6,364,966

Page 1

Weymouth Harbour Estates Limited
(Registration number: 02994828)
Abbreviated Balance Sheet at 31 March 2016

For the year ending 31 March 2016 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 23 August 2016 and signed on its behalf by:

Mrs K Jones Director

Mr M Jones Director

Page 2

Weymouth Harbour Estates Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts received from the rental of property and is recognised in the period to which they relate.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% of written down value

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: (i) No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. (ii) No depreciation is provided in respect of leasehold investment properties where the lease has over 20 years to run. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation 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.

Page 3

Weymouth Harbour Estates Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		4,749,668			4,749,668
Revaluations		484,250			484,250
Additions		5,981			5,981
At 31 March 2016		5,239,899			5,239,899
Depreciation
At 1 April 2015		30,692			30,692
Charge for the year		30			30
At 31 March 2016		30,722			30,722
Net book value
At 31 March 2016		5,209,177			5,209,177
At 31 March 2015		4,718,976			4,718,976

3

Debtors

Debtors includes £151,747 (2015 - £359,199) receivable after more than one year.

 

Page 4

Weymouth Harbour Estates Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
A Ordinary shares of £1 each		6,000			6,000			6,000			6,000

Page 5