GORSE_LANE_PROPERTIES_LIM

GORSE LANE PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

GORSE LANE PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

28 FEBRUARY 2016

- 1 -

2016

2015

Notes

£

Fixed assets

Tangible assets

2

241,098

235,888

Investments

2

251,339

285,627

492,437

521,515

Current assets

Debtors

132,687

257,237

Cash at bank and in hand

298,545

36,724

431,232

293,961

Creditors: amounts falling due within one year

(217,747)

(16,556)

Net current assets

213,485

277,405

Total assets less current liabilities

705,922

798,920

Creditors: amounts falling due after more than one year

(109,287)

(222,821)

596,635

576,099

Capital and reserves

Called up share capital

3

100

Revaluation reserve

5,349

-

Profit and loss account

591,186

575,999

Shareholders' funds

596,635

576,099

GORSE LANE PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

28 FEBRUARY 2016

- 2 -

For the financial year ended 28 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

-

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

-

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 24 October 2016

Mr S N Jones

Director

Company Registration No. 03056583

GORSE LANE PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2016

- 3 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of value added tax and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

25% on reducing balance

Investment properties are included in the balance sheet at their open market values. Depreciation is provided only on those investment properties which are leasehold and where the unexpected lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2008 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Deferred taxation

The accounting policy in respect of deferred tax is to reflect the requirements of FRS19. Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

GORSE LANE PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2016

- 4 -

2

Fixed assets

Tangible assets

Investments

Total

£

Cost or valuation

At 1 March 2015

237,014

337,949

574,963

Additions

666

2,988

3,654

Revaluation

5,349

-

5,349

Disposals

(587)

(31,003)

(31,590)

At 28 February 2016

242,442

309,934

552,376

Depreciation

At 1 March 2015

1,125

52,073

53,198

On disposals

(257)

-

(257)

Charge for the year

476

6,522

6,998

At 28 February 2016

1,344

58,595

59,939

Net book value

At 28 February 2016

241,098

251,339

492,437

At 28 February 2015

235,888

285,627

521,515

3

Share capital

2016

2015

£

Allotted, called up and fully paid

40 Ordinary "A" shares of £1 each

40

20 Ordinary "B" shares of £1 each

20

40 Ordinary "C" shares of £1 each

40

100

GORSE_LANE_PROPERTIES_LIM - Accounts

GORSE_LANE_PROPERTIES_LIM - Accounts