LAYCOURT_PROPERTIES_LIMIT - Accounts

LAYCOURT PROPERTIES LIMITED - Company Information

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Company Registration No. 02838980 (England and Wales)

LAYCOURT PROPERTIES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

LAYCOURT PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

LAYCOURT PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

680,142

680,471

Current assets

Debtors

541,408

535,721

Cash at bank and in hand

8,371

5,320

549,779

541,041

Creditors: amounts falling due within one year

(60,010)

(48,933)

Net current assets

489,769

492,108

Total assets less current liabilities

1,169,911

1,172,579

Creditors: amounts falling due after more than one year

(377,775)

(377,758)

792,136

794,821

Capital and reserves

Called up share capital

50,000

Revaluation reserve

162,029

Profit and loss account

580,107

582,792

Shareholders' funds

792,136

794,821

For the financial year 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 year 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 20 January 2017

Mr M J Cotton

Director

Company Registration No. 02838980

LAYCOURT PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.

1.2

Turnover

Turnover represents amounts receivable for services provided.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties revalued by the director on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Investment properties are included in the balance sheet at their open market value. 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 January 2015), 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.

LAYCOURT PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 May 2015

701,747

Disposals

(11,259)

At 30 April 2016

690,488

Depreciation

At 1 May 2015

21,276

On disposals

(11,001)

Charge for the year

At 30 April 2016

10,346

Net book value

At 30 April 2016

680,142

At 30 April 2015

680,471

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

377,775

377,758

The aggregate amount of creditors for which security has been given amounted to £377,775 (2015 - £377,758).

Share capital

2016

2015

Allotted, called up and fully paid

50,000 Ordinary shares of £1 each

50,000

Ultimate parent company

The company's ultimate parent company is Albabridge Limited, a company incorporated in England and Wales.