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Registered number: 00911857
LIN PROPERTIES (SERVICE) LIMITED
 
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
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LIN PROPERTIES (SERVICE) LIMITED
REGISTERED NUMBER: 00911857
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ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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1
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LIN PROPERTIES (SERVICE) LIMITED
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ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2016
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 27 September 2016.
The notes on pages 3 to 4 form part of these financial statements.
2
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LIN PROPERTIES (SERVICE) LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of certain fixed asset and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises rent receivable from properties held.
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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.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.INVESTMENT PROPERTY
The 2016 valuations were made by director, on an open market value for existing use basis.
The investment properties are revalued at their open market value in accordance with SSAP 19. The historical cost of the investment properties was a total of £889,753.The director RJ Kendle has since reviewed the open market value of the properties as at the balance sheet date, 31 March 2016, and based on his experience in the property market and taking into consideration the current market conditions, the properties have been revalued to £1,250,000.
3
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LIN PROPERTIES (SERVICE) LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
3.DEBTORS
In the current reporting period, the service charge reserve held by an agent (£5,104) has not been included as a debtor in the financial statements. Please note, although the prior period accounts did include this as a trade debtor (£4,118), it will not feature in future financial statements.
4.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
The bank has registered a legal charge on 3 July 2014 to secure part of the property portfolio of the
company.
5.SHARE CAPITAL
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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4
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