Currentasset Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 03224186

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2013

for

Currentasset Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P I H Pressland

J E Pressland

SECRETARY:

J R Gayner

REGISTERED OFFICE:

14 Church Street

Whitchurch

Basingstoke

Hampshire

RG28 7AB

REGISTERED NUMBER:

03224186

ACCOUNTANTS:

Wheeler & Co Ltd

Chartered Accountants

The Shrubbery

14 Church Street

Whitchurch

Hampshire

RG28 7AB

FIXED ASSETS

Tangible assets

2

5,356

7,141

Investment property

3

4,860,254

3,946,922

4,865,610

3,954,063

CURRENT ASSETS

Debtors

4

421,475

1,070,217

Cash at bank

317,317

9,844

738,792

1,080,061

CREDITORS

Amounts falling due within one year

5

2,510,723

2,132,167

NET CURRENT LIABILITIES

(1,771,931

)

(1,052,106

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,093,679

2,901,957

CREDITORS

Amounts falling due after more than one year

-

5,167

NET ASSETS

3,093,679

2,896,790

CAPITAL AND RESERVES

Called up share capital

6

100

100

Revaluation reserve

412,175

253,609

Profit and loss account

2,681,404

2,643,081

SHAREHOLDERS' FUNDS

3,093,679

2,896,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 September 2014 and were signed on its behalf by:

J E Pressland - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents rents receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2013

and 31 December 2013

12,695

DEPRECIATION

At 1 January 2013

5,554

Charge for year

1,785

At 31 December 2013

7,339

NET BOOK VALUE

At 31 December 2013

5,356

At 31 December 2012

7,141

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2013

3,946,922

Additions

954,303

Disposals

(199,537

)

Revaluations

158,566

At 31 December 2013

4,860,254

NET BOOK VALUE

At 31 December 2013

4,860,254

At 31 December 2012

3,946,922

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 97,787 (2012 - £ 97,787 )

5.

CREDITORS

Creditors include an amount of £ 1,359,792 (2012 - £ 1,439,254 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

£

100

Ordinary

£1

100

100

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors loan was repaid to the company on 3rd May 2012.