Abbreviated Company Accounts - CHURTON PROPERTY DEVELOPMENTS LIMITED
Abbreviated Company Accounts - CHURTON PROPERTY DEVELOPMENTS LIMITED
Registered Number 02959104
CHURTON PROPERTY DEVELOPMENTS LIMITED
Abbreviated Accounts
31 March 2016
CHURTON PROPERTY DEVELOPMENTS LIMITED Registered Number 02959104
Abbreviated Balance Sheet as at 31 March 2016
Notes | 2016 | 2015 | |
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Called up share capital not paid |
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Fixed assets | |||
Intangible assets |
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Tangible assets | 2 |
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Investments | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Investments |
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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 assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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( |
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Provisions for liabilities |
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Accruals and deferred income |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Share premium account |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their 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.
Approved by the Board on
And signed on their behalf by:
CHURTON PROPERTY DEVELOPMENTS LIMITED Registered Number 02959104
Notes to the Abbreviated Accounts for the period ended 31 March 2016
1Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
Turnover policy
Turnover comprises of the fair value of rental income of the company, received and receivable during the year.
Other accounting policies
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's shareholders at the annual general meeting.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows:
Fixtures, fittings and equipment - 10% Reducing balance
Motor vehicles - 20% Reducing balance
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Investment properties
Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value with changes in fair value recognised in the Profit and Loss Account. Revalued investment properties are not depreciated or amortised, unless the fair value cannot be measured reliably or without undue cost or effort.
Not depreciating or amortising property is a departure from the requirement of Company Law to provide depreciation on all fixed assets which have a limited useful life. However, these investment properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. If depreciation were to be provided it would be provided at a rate of 4% Straight line per annum on the revalued amount.
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
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 tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing difference are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Statement of compliance
The financial statements of the company for the year ended 31st March 2016 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102 (see note 5 for an explanation of the transition)
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
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At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 13,969,462 |
At 31 March 2015 | 19,206,760 |
3Fixed assets Investments
Group and
participating
interests/
joint ventures
Investments £
Cost
Additions 1
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At 31 March 2016 1
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Net book value
At 31 March 2016 1
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