WHETSTONE_PROPERTY_LTD - Accounts

WHETSTONE PROPERTY LIMITED - Company Information

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Company Registration No. 09602782 (England and Wales)

WHETSTONE PROPERTY LTD

ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 30 APRIL 2016

WHETSTONE PROPERTY LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

WHETSTONE PROPERTY LTD

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

Notes

Fixed assets

Tangible assets

2,019,724

Current assets

Cash at bank and in hand

70,773

Creditors: amounts falling due within one year

(2,073,194)

Net current liabilities

(2,002,421)

Total assets less current liabilities

17,303

Capital and reserves

Called up share capital

Profit and loss account

17,302

Shareholders' funds

17,303

For the financial period ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 9 January 2017

Mr V Goldstein

Director

Company Registration No. 09602782

WHETSTONE PROPERTY LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 30 APRIL 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents rent received.rent received.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

2% straight line on the cost of the building

1.5

Investments

Completed Investment properties are included in the balance sheet at their open market value. The valuations are carried out annually by the directors in accordance with the Finanacial Reporting Standard for smaller Entities (effective April 2008) (FRSSE) and the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors. Surpluses or deficits arising on the revaluation are dealt with through the revaluation reserve (except that in the event of a permanent diminution in value of an investment property below its cost the deficit is written off in the profit and loss account). Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

WHETSTONE PROPERTY LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 30 APRIL 2016

- 3 -

Tangible fixed assets

Investment properties

Cost

At 21 May 2015

Additions

2,047,018

At 30 April 2016

2,047,018

Depreciation

At 21 May 2015

Charge for the period

27,294

At 30 April 2016

27,294

Net book value

At 30 April 2016

2,019,724

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £1,300,000.

Share capital

2016

Allotted, called up and fully paid

1 Ordinary share of £1 each