MAGNAPARK_PROPERTIES_LIMI - Accounts

MAGNAPARK PROPERTIES LIMITED - Company Information

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Company Registration No. SC117165 (Scotland)

MAGNAPARK PROPERTIES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

MAGNAPARK PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

MAGNAPARK PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

505,000

Current assets

Debtors

734

2,466

Cash at bank and in hand

137,073

97,004

137,807

99,470

Creditors: amounts falling due within one year

(27,778)

(25,428)

Net current assets

110,029

74,042

Total assets less current liabilities

615,029

579,042

Capital and reserves

Called up share capital

20,000

Revaluation reserve

90,240

Profit and loss account

504,789

468,802

Shareholders' funds

615,029

579,042

For the financial year ended 30 September 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 for issue on 3 November 2016

J S Cairns

P T H Lowrie

Director

Company Registration No. SC117165

MAGNAPARK PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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 comprises revenue recognised by the company in respect of amounts invoiced during the year, exclusive of Value Added Tax. year, exclusive of Value Added Tax.

1.4

Tangible fixed assets and depreciation

1.5

Investment properties

Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) 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.

The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Fixed assets

Tangible assets

Cost or valuation

At 1 October 2015 & at 30 September 2016

505,000

At 30 September 2015

505,000

Share capital

2016

2015

Allotted, called up and fully paid

20,000 Ordinary shares of £1 each

20,000