Mode Property Developments Limited Small abbreviated accounts

MODE PROPERTY DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 05029662

MODE PROPERTY DEVELOPMENTS LIMITED

ABBREVIATED ACCOUNTS

31 March 2016

ELLIOT, WOOLFE & ROSE

Chartered Accountants

Equity House

128-136 High Street

Edgware

Middlesex

HA8 7TT

MODE PROPERTY DEVELOPMENTS LIMITED

ABBREVIATED BALANCE SHEET

31 March 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Tangible assets			24,184	8,923
			---------	-------

CURRENT ASSETS

Stocks	20,000		24,300
Debtors	352,812		376,377
Cash at bank and in hand	182,151		100,747
	----------		----------
	554,963		501,424
CREDITORS: Amounts falling due within one year	558,906		433,427
	----------		----------
NET CURRENT (LIABILITIES)/ASSETS		( 3,943)	67,997
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		20,241	76,920
		---------	---------

CAPITAL AND RESERVES

Called up equity share capital	3	100	100
Profit and loss account		20,141	76,820
		---------	---------
SHAREHOLDERS' FUNDS		20,241	76,920
		---------	---------

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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their 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 special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 21 December 2016 , and are signed on their behalf by:

N R Childs Director

Company Registration Number: 05029662

MODE PROPERTY DEVELOPMENTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 MARCH 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, 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, exclusive of Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Motor Vehicles-25% Reducing balance

Equipment-25% Reducing balance

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 April 2015	23,644
Additions	29,234
Disposals	( 14,511)
	---------
At 31 March 2016	38,367
	---------

DEPRECIATION

At 1 April 2015	14,721
Charge for year	8,062
On disposals	( 8,600)
	---------
At 31 March 2016	14,183
	---------

NET BOOK VALUE

At 31 March 2016	24,184
	---------

At 31 March 2015	8,923
	---------

3. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

4. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Mode Property Holdings Limited , a company incorporated in England and Wales. The directors of the company, Mr N R Childs and Mr G Irvine, are also directors of Mode Property Holdings Limited.