First Rung Enterprises Limited - Period Ending 2016-03-31

Registration number: 04298720

First Rung Enterprises Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

First Rung Enterprises Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

First Rung Enterprises Limited
(Registration number: 04298720)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					255,035			255,052
Current assets
Debtors					2,612			2,295
Cash at bank and in hand					1,930			1,453
					4,542			3,748
Creditors: Amounts falling due within one year					(7,643)			(4,611)
Net current liabilities					(3,101)			(863)
Total assets less current liabilities					251,934			254,189
Creditors: Amounts falling due after more than one year					(186,001)			(186,001)
Net assets					65,933			68,188
Capital and reserves
Called up share capital		4			100			100
Revaluation reserve					20,463			20,463
Profit and loss account					45,370			47,625
Shareholders' funds					65,933			68,188

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 19 September 2016 and signed on its behalf by:

.........................................
R G Fenton
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

First Rung Enterprises Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 represents rents receivable from let properties

Depreciation

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

Asset class	Depreciation method and rate
Plant and Machinery	33% reducing balance basis

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: 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. 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.

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 2

First Rung Enterprises Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		256,842			256,842
At 31 March 2016		256,842			256,842
Depreciation
At 1 April 2015		1,790			1,790
Charge for the year		17			17
At 31 March 2016		1,807			1,807
Net book value
At 31 March 2016		255,035			255,035
At 31 March 2015		255,052			255,052

3

Creditors

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

		2016 £			2015 £
Amounts falling due after more than one year		186,001			186,001

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

		2016 £			2015 £
After more than five years not by instalments		186,001			186,001

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 3

First Rung Enterprises Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
R G Fenton
	2,358	-	300	4,360

Page 4