Philip Freeman Properties Limited,Ltd - Accounts

PHILIP FREEMAN PROPERTIES LIMITED - Company Information

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Philip Freeman Properties Limited

For the year ended 31 March 2016

Unaudited Abbreviated Report and Financial Statements

Scotland

Registered Number: SC245574

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Contents Page

Philip Freeman Properties Limited

For the year ended 31 March 2016

Balance Sheet

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Notes to the Abbreviated Financial Statements

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Abbreviated Balance Sheet

Philip Freeman Properties Limited

As at 31 March 2016

SC245574

Registered Number :

2016

Notes

2015

Fixed assets

Tangible assets

275,197

Current assets

Debtors

Cash at bank and in hand

3,930

4,013

Creditors: amounts falling due within one year

(47,781)

(43,768)

Net current liabilities

Total assets less current liabilities

231,429

Net assets

231,429

Capital and reserves

Called up share capital

Revaluation reserve

30,000

Profit and loss account

201,427

231,429

Shareholders funds

For the 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.

Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Date approved by the board: 14 December 2016

Philip Freeman Director

Signed on behalf of the board of directors

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Notes to the Abbreviated Financial Statements

Philip Freeman Properties Limited

For the year ended 31 March 2016

1 Accounting Policies

Basis of accounting

The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).The accounts contain provisional figures.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Computer Equipment

33% Straight line

Fixtures and Fittings

20% Straight line

The company's freehold properties were professionally valued in . This valuation has been reduced by subsequent

depreciation. Under the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective

January 2015) the properties continue to be stated at that valuation less accumulated depreciation to date and that

valuation has not been updated.

The company's freehold properties are revalued in full every five years. Interim valuations are carried out when it is

likely that there has been a material change in value.

Investment properties

Investment properties are included in the balance sheet at their open market value at the balance sheet date. The

resulting aggregate surplus or deficit is transferred to a revaluation reserve. 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

January 2015), 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.

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Notes to the Abbreviated Financial Statements

Philip Freeman Properties Limited

For the year ended 31 March 2016

2 Tangible fixed assets

Tangible fixed

assets

Cost or valuation

285,925

At 01 April 2015

At 31 March 2016

285,925

Depreciation

10,728

At 01 April 2015

10,728

At 31 March 2016

Net book values

At 31 March 2016

275,197

At 31 March 2015

3 Share capital

Allotted called up and fully paid

2016

2015

2 Class A shares of £1.00 each

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