Wintertime Properties Limited
Wintertime Properties Limited
Registered number: 05082862
Abbreviated accounts
For The Year Ended 31 March 2016
Wintertime Properties Limited
Company No. 05082862
Abbreviated Balance Sheet
31 March 2016
Abbreviated Balance Sheet
| 2016 | 2015 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 2 |
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| 9,803,798 | 21,705,000 | ||||
| CURRENT ASSETS | |||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 4 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Revaluation reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS |
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Wintertime Properties Limited
Company No. 05082862
Abbreviated Balance Sheet (continued)
31 March 2016
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
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Wintertime Properties Limited
Notes to the Abbreviated Accounts
For The Year Ended 31 March 2016
Notes to the Abbreviated Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
1.4.
Investment properties
Investment properties are revalued annually at open market value with the aggregate revaluation surplus or deficit being transferred directly to revaluation reserve. No depreciation is provided in respect of these propeerties which are not held for consumption but for investment and the director is of the opinion that systematic annual depreciation is not appropriate. This treatment although a departure from the requirements of the companies Act 2006 is necessary to give a true and fair view.
2.
Tangible Assets
| Total | |
|---|---|
| Cost | £ |
| As at |
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| Disposals |
( |
| Revaluation |
( |
| As at |
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| Net Book Value | |
| As at |
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| As at |
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The above investment properties are stated at an open market valuation as at 31 March 2016 by the director. If the properties had not been revlaued, they would have been included at their historic cost of £ 7,687,118 (2015 - £ 19,537,716).
No provsion for deferred tax has been made. Should all the properties be sold at their revalued amounts, tax liability of approximately £320,000 would result.
3.
Debtors
Debtors include an amount of £
-
(2015 - £
8,756
)
falling due after more than one year.
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Wintertime Properties Limited
Notes to the Abbreviated Accounts (continued)
For The Year Ended 31 March 2016
4.
Creditors: Amounts Falling Due After More Than One Year
| 2016 | 2015 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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| Directors loan account | - |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2016 | 2015 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 7,668,228 | 20,005,706 |
5.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured. The bank loans are secured on the underlying properties.
| 2016 | 2015 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
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7.
Controlling Party
The company's controlling party is director by virtue of his shareholding.
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