James Gibb Property Management Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC299465 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

James Gibb Property Management Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Intangible assets

2

946,773

1,210,285

Tangible assets

3

172,944

152,196

1,119,717

1,362,481

CURRENT ASSETS

Debtors

615,390

873,153

Cash at bank and in hand

286,334

251,777

901,724

1,124,930

CREDITORS

Amounts falling due within one year

4

(702,949

)

(944,418

)

NET CURRENT ASSETS

198,775

180,512

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,318,492

1,542,993

CREDITORS

Amounts falling due after more than one year

4

(1,017,450

)

(1,354,950

)

PROVISIONS FOR LIABILITIES

(20,051

)

(13,345

)

NET ASSETS

280,991

174,698

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

280,891

174,598

SHAREHOLDERS' FUNDS

280,991

174,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 4 July 2016 and were signed on its behalf by:

Douglas Charles Weir - Director

Stuart MacPherson Pender - Director

1.	ACCOUNTING POLICIES

Accounting convention

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).

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 value of all property management services delivered during the year, at selling price exclusive of

Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the

customer.

Goodwill

Goodwill, being the amounts paid in connection with two business acquisitions in 2007 and 2015, is being amortised evenly

over their estimated useful lives of ten and five years respectively.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on cost and 20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of

acquisition.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date,

where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by

the balance sheet date with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the

timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet

date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

1,467,558

AMORTISATION

At 1 April 2015

257,273

Amortisation for year

263,512

At 31 March 2016

520,785

NET BOOK VALUE

At 31 March 2016

946,773

At 31 March 2015

1,210,285

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

211,091

Additions

102,193

Disposals

(53,797

)

At 31 March 2016

259,487

DEPRECIATION

At 1 April 2015

58,895

Charge for year

49,348

Eliminated on disposal

(21,700

)

At 31 March 2016

86,543

NET BOOK VALUE

At 31 March 2016

172,944

At 31 March 2015

152,196

4.

CREDITORS

Creditors include an amount of £ 1,354,950 (31.3.15 - £ 1,354,950 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary share capital

£1

100

6.	ULTIMATE PARENT COMPANY

Strathspey Capital Limited is regarded by the directors as the company's ultimate parent company.