AUTUMN_SKY_PROPERTIES_LIM - Accounts

AUTUMN SKY PROPERTIES LIMITED - Company Information

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Company Registration No. 02663705 (England and Wales)

AUTUMN SKY PROPERTIES LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

AUTUMN SKY PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

AUTUMN SKY PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2014

Notes

Fixed assets

Tangible assets

970,066

Current assets

Debtors

325,791

63,060

Cash at bank and in hand

11,092

3,522

336,883

66,582

Creditors: amounts falling due within one year

(29,850)

(42,186)

Net current assets

307,033

24,396

Total assets less current liabilities

307,089

994,462

Creditors: amounts falling due after more than one year

(591,681)

307,089

402,781

Capital and reserves

Called up share capital

264

Revaluation reserve

402,444

Other reserves

Profit and loss account

306,759

Shareholders' funds

307,089

402,781

For the financial year ended 31 March 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 2 June 2016

Dr D B Mistry

Director

Company Registration No. 02663705

AUTUMN SKY PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

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).

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 the total rent receivable during the period excluding VAT.

1.4

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 less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

15% Reducing Balance

The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired 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 2006 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.

AUTUMN SKY PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 January 2015

972,628

Additions

(970,000)

At 31 March 2016

2,628

Depreciation

At 1 January 2015

2,562

Charge for the year

At 31 March 2016

2,572

Net book value

At 31 March 2016

At 31 December 2014

970,066

Creditors: amounts falling due after more than one year

2016

2014

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

468,488

Share capital

2016

2014

Allotted, called up and fully paid

264 Ordinary Shares of £1 each

264