Edwill Properties Limited - Period Ending 2015-12-31

Registration number: 03525280

Edwill Properties Limited

Annual Report and Unaudited Abbreviated Accounts


for the Year Ended 31 December 2015
 

Edwill Properties Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Edwill Properties Limited
(Registration number: 03525280)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					646,330			721,339
Current assets
Debtors					100,000			100,000
Cash at bank and in hand					2,700			2,785
					102,700			102,785
Creditors: Amounts falling due within one year					(187,628)			(158,905)
Net current liabilities					(84,928)			(56,120)
Total assets less current liabilities					561,402			665,219
Creditors: Amounts falling due after more than one year					(274,496)			(310,945)
Provisions for liabilities					(12)			(13)
Net assets					286,894			354,261
Capital and reserves
Called up share capital		4			100			100
Revaluation reserve					62,381			137,381
Profit and loss account					224,413			216,780
Shareholders' funds					286,894			354,261

For the year ending 31 December 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.

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Edwill Properties Limited
(Registration number: 03525280)
Abbreviated Balance Sheet at 31 December 2015
......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 6 September 2016 and signed on its behalf by:

.........................................
M W Barton BSc FCA
Director

.........................................
G S Barton BA
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Edwill Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

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 comprises the values of rents receivable from third parties. Income is recognised when the Company earns the right to consideration, in exchange for the performance of a contract

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
Fixtures and fittings	15% reducing balance

Investment properties

Investment properties are included in the balance sheet at the directors' assessment of open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Edwill Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		721,506			721,506
Revaluations		(75,000)			(75,000)
At 31 December 2015		646,506			646,506
Depreciation
At 1 January 2015		167			167
Charge for the year		9			9
At 31 December 2015		176			176
Net book value
At 31 December 2015		646,330			646,330
At 31 December 2014		721,339			721,339

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		35,897			33,320
Amounts falling due after more than one year		274,496			310,945
Total secured creditors		310,393			344,265

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		120,987			167,786

Page 4

Edwill Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

Page 5