Square Mile Business Services Limited - Abbreviated accounts 16.3
Square Mile Business Services Limited - Abbreviated accounts 16.3
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts for the Year Ended 28 February 2016 |
| for |
| Square Mile Business Services Limited |
| Square Mile Business Services Limited (Registered number: 04675506) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 28 February 2016 |
| Page |
| Abbreviated Balance Sheet | 1 |
| Notes to the Abbreviated Accounts | 3 |
| Square Mile Business Services Limited (Registered number: 04675506) |
| Abbreviated Balance Sheet |
| 28 February 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 2 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
3 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Revaluation reserve |
| Profit and loss account | ( |
) |
| SHAREHOLDERS' FUNDS |
| Square Mile Business Services Limited (Registered number: 04675506) |
| Abbreviated Balance Sheet - continued |
| 28 February 2016 |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director on |
| Square Mile Business Services Limited (Registered number: 04675506) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 28 February 2016 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation |
| of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January |
| 2015). |
| Exemption from preparing a cash flow statement |
| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
| small company. |
| Turnover |
| Turnover represents the total rent receivable for the year. |
| Investment property |
| In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2015) investment |
| properties are revalued annually and the aggregate surplus or deficit is transferred to the revaluation reserve. Any |
| surplus of deficit not expected to be temporary is written off in the Profit and Loss Account. No depreciation is |
| provided in respect of freehold properties held as investments. |
| This is a departure from the requirements of the Companies Act 2006 which requires all properties to be |
| depreciated. Such properties are held for investment and not for consumption and the director considers that to |
| depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in |
| the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been |
| charged cannot be separately identified or quantified. The director considers that this policy results in the |
| accounts giving a true and fair view. |
| Deferred tax |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the |
| treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
| respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
| deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
| they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred |
| taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing |
| differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. |
| Going concern |
| The balance sheet recorded net current liabilities. However, the director believes that sufficient finance is |
| available to the business to enable it to continue trading into the foreseeable future. Therefore, the financial |
| statements have been prepared on a going concern basis. |
| 2. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST OR VALUATION |
| At 1 March 2015 |
| Revaluations |
| At 28 February 2016 |
| NET BOOK VALUE |
| At 28 February 2016 |
| At 28 February 2015 |
| Square Mile Business Services Limited (Registered number: 04675506) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 28 February 2016 |
| 3. | CREDITORS |
| Creditors include an amount of £ |
| They also include the following debts falling due in more than five years: |
| 2016 | 2015 |
| £ | £ |
| Repayable otherwise than by instalments | 132,157 | 132,157 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | £1 |