Magenta Orchard Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03106123 (England and Wales)

Abbreviated Accounts

for the Year Ended 31 March 2016

for

Magenta Orchard Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

R C Morley

Mrs I E Morley

SECRETARY:

Mrs I E Morley

REGISTERED OFFICE:

Gable End

Sparrow Hall Business Park

Leighton Road

Edlesborough

Bedfordshire

LU6 2ES

REGISTERED NUMBER:

03106123 (England and Wales)

ACCOUNTANT:

Roberts Accountancy & Tax Limited

Gable End

Sparrow Hall Business Park

Leighton Road

Edlesborough

Bedfordshire

LU6 2ES

FIXED ASSETS

Tangible assets

2

76

101

Investment property

3

700,000

700,000

700,076

700,101

CURRENT ASSETS

Debtors

43,333

-

Cash at bank

57,476

26,588

100,809

26,588

CREDITORS

Amounts falling due within one year

159,761

61,415

NET CURRENT LIABILITIES

(58,952

)

(34,827

)

TOTAL ASSETS LESS CURRENT LIABILITIES

641,124

665,274

CAPITAL AND RESERVES

Called up share capital

4

2

2

Revaluation reserve

385,777

385,777

Profit and loss account

255,345

279,495

SHAREHOLDERS' FUNDS

641,124

665,274

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 12 December 2016 and were signed on its behalf by:

R C Morley - Director

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 net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment properties

In accordance with Statement of Standard Accounting Practice No. 19, certain of the company's properties are

held for long-term investment and are included in the Balance Sheet at their open market values. The

surplus(es) or deficit(s) on annual revaluation of such properties are transferred to the investment property

revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Leasehold

investment properties are not amortised where the unexpired term is over twenty years.

This policy represents a departure from statutory accounting principles, which require depreciation to be

provided an all fixed assets. The directors consider that this policy is necessary in order that the accounts may

give a true and fair view because current values and changes in current values are of prime importance rather

than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the

annual valuation and the amount which might otherwise have been shown cannot be separately identified or

quantified.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at

the balance sheet date. No timing differences are recognised in respect of property revaluation surpluses where

there is no commitment to sell the asset.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

12,010

DEPRECIATION

At 1 April 2015

11,909

Charge for year

25

At 31 March 2016

11,934

NET BOOK VALUE

At 31 March 2016

76

At 31 March 2015

101

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2015

and 31 March 2016

700,000

NET BOOK VALUE

At 31 March 2016

700,000

At 31 March 2015

700,000

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary

£1

2

2

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES