Abbreviated Company Accounts - PORTER PROPERTY ESTATES LIMITED

Abbreviated Company Accounts - PORTER PROPERTY ESTATES LIMITED

PORTER PROPERTY ESTATES LIMITED - Company Information

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Registered Number NI621280

PORTER PROPERTY ESTATES LIMITED

Abbreviated Accounts

31 March 2016

PORTER PROPERTY ESTATES LIMITED Registered Number NI621280

Abbreviated Balance Sheet as at 31 March 2016

Notes 2016 2015
£ £
Current assets
Stocks 122,109 173,149
Debtors 647,340 100,807
Cash at bank and in hand 7,700 2,179
777,149 276,135
Creditors: amounts falling due within one year (512,336) (41,648)
Net current assets (liabilities) 264,813 234,487
Total assets less current liabilities 264,813 234,487
Creditors: amounts falling due after more than one year (245,697) (130,982)
Total net assets (liabilities) 19,116 103,505
Capital and reserves
Called up share capital 2 100 100
Profit and loss account 19,016 103,405
Shareholders' funds 19,116 103,505
  • 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 23 December 2016

And signed on their behalf by:
Mr William Porter, Director

PORTER PROPERTY ESTATES LIMITED Registered Number NI621280

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
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.

Other accounting policies
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.

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.

2Called Up Share Capital
Allotted, called up and fully paid:
2016
£		 2015
£
100 Ordinary shares of £1 each 100 100