Property Plus Extra Limited Small abbreviated accounts
Property Plus Extra Limited Small abbreviated accounts
COMPANY REGISTRATION NUMBER
03024810
ABBREVIATED BALANCE SHEET
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2016 |
2015 |
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Note |
£ |
£ |
£ |
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|
FIXED ASSETS |
2 |
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Tangible assets |
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------- |
------- |
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CURRENT ASSETS
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Cash at bank and in hand |
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CREDITORS: Amounts falling due within one year |
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------- |
------- |
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NET CURRENT LIABILITIES |
(
|
(
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------- |
------- |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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------- |
------- |
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CAPITAL AND RESERVES
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Called up equity share capital |
3 |
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Profit and loss account |
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------- |
------- |
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SHAREHOLDERS' FUNDS |
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------- |
------- |
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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 were approved by the directors and authorised for issue on
21 November 2016
, and are signed on their behalf by:
Company Registration Number:
03024810
NOTES TO THE
ABBREVIATED ACCOUNTS
YEAR ENDED 31 MARCH 2016
1.
ACCOUNTING POLICIES
Basis of accounting
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.
Fixed assets
All fixed assets are initially recorded at cost.
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
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.
Finance lease agreements
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Post retirement benefits
The company has agreed to provide certain additional post-retirement benefits to selected senior employees. The estimated cost of providing such benefits is charged against profits on a systematic basis over the employees' working lives within the company.
Deferred taxation
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 have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
2.
FIXED ASSETS
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Tangible Assets |
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|
£ |
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COST
|
At 1 April 2015 and 31 March 2016 |
8,600 |
|
------- |
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DEPRECIATION |
– |
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------- |
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NET BOOK VALUE
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At 31 March 2016 |
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|
------- |
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At 31 March 2015 |
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------- |
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3.
SHARE CAPITAL
Allotted, called up and fully paid:
|
2016 |
2015 |
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No. |
£ |
No. |
£ |
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---- |
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ACCOUNTANTS' REPORT TO THE DIRECTORS OF PROPERTY PLUS
EXTRA LIMITED
YEAR ENDED 31 MARCH 2016
As described on the balance sheet, the directors of the company are responsible for the preparation of the abbreviated accounts for the year ended 31 March 2016.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited abbreviated accounts in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.