Accounts filed on 05-04-2016
Accounts filed on 05-04-2016
trueRest Bay Property Company Ltd006679512016-04-057630507944921809790185395025000250009225909353089915099150180979018539501809790185395057384983151523049981726141482962143513840511791344561752406175563513080731308001444333447634Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Investment properties
Until 5th April 1990 freehold investment properties were stated at cost less depreciation. This policy was not in accordance with Statement of Standard Accounting Practice No 19 which states that they should not be depreciated but instead included at their open market value. The treatment has now been corrected and properties included at their market value. Depreciation has not been provided since 1990. In view of the fact that the properties need to continue to attract tenants to maintain the rental income, it is likely that sufficient improvements will be carried out to maintain their value.It is likely therefore that the residual value of the properties at the end of their estimated residual life will be at least equal to their cost.
Fixed Assets
Freehold land and development costs are stated in the balance sheet at cost. Freehold buildings, long leasehold land and buildings and fixtures, fittings, tools and equipment are stated in the balance sheet at cost less depreciation.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Land & Buildingsnot depreciated since 19900.0000Fixtures & Fittingson a straight line basis0.10001317746131767414710-1920-1271896739673Properties were valued as at 18th January 2015 by a professional firm of Chartered Surveyors. The directors do not believe that there would be any significant change in the valuation to date. If the properties were sold at their market value, the maximum tax payable would be £184,500. This does not take into account indexation allowance. 44611644941715727-1902817831783xx
1763862176709130437-20948-127181145611456
Properties were valued as at 18th January 2015 by a professional firm of Chartered Surveyors. The directors do not believe that there would be any significant change in the valuation to date. If the properties were sold at their market value, the maximum tax payable would be £184,500. This does not take into account indexation allowance.
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Ordinary2500012500025000Ordinary12500025000250002016-11-15R H Knighttruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureRest Bay Property Company Ltd2015-04-062016-04-05Rest Bay Property Company Ltd2014-04-062015-04-05Rest Bay Property Company Ltd2014-04-05Rest Bay Property Company Ltd2015-04-05Rest Bay Property Company Ltd2015-04-05Rest Bay Property Company Ltd2016-04-05 2016-11-28
