Worthyshare Property Management Limited - Abbreviated accounts 16.3

Worthyshare Property Management Limited - Abbreviated accounts 16.3

WORTHYSHARE PROPERTY MANAGEMENT LIMITED - Company Information

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REGISTERED NUMBER: 02280569 (England and Wales)















WORTHYSHARE PROPERTY MANAGEMENT LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016






WORTHYSHARE PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 02280569)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016










Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

WORTHYSHARE PROPERTY MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2016







DIRECTORS: P M Denning
J E Edwards





SECRETARY: G J C Morris





REGISTERED OFFICE: c/o Horace John Forse & Co.
208 Whitchurch Road
CARDIFF
CF14 3NB





REGISTERED NUMBER: 02280569 (England and Wales)





ACCOUNTANTS: Watts Gregory LLP
Chartered Accountants
Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS
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WORTHYSHARE PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 02280569)

ABBREVIATED BALANCE SHEET
31 MAY 2016

2016 2015
Notes £    £   
FIXED ASSETS
Investment property 2 5,000 4,500

CURRENT ASSETS
Debtors 512 501
Cash at bank 7,108 5,929
7,620 6,430
CREDITORS
Amounts falling due within one year (1,853 ) (1,969 )
NET CURRENT ASSETS 5,767 4,461
TOTAL ASSETS LESS CURRENT LIABILITIES 10,767 8,961

CAPITAL AND RESERVES
Called up share capital 3 6 6
Revaluation reserve 5,000 4,500
Profit and loss account 5,761 4,455
SHAREHOLDERS' FUNDS 10,767 8,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 for issue by the Board of Directors on 13 January 2017 and were signed on its behalf by:





P M Denning - Director


The notes form part of these abbreviated accounts

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WORTHYSHARE PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 02280569)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016


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).

A definitive decision regarding the treatment of service charges in company financial statements has not yet been
provided. Consequently, the company will continue to include such charges and related expenditure in its financial
statements until such time as a definitive decision is made to treat such charges in an alternative manner.

Turnover
Turnover represents ground rents and service charges receivable for the year.

Investment property
Investment properties are shown at their market value. The surplus or deficit arising from the annual revaluation is
transferred to an investment revaluation reserve unless a deficit or its reversal on an individual property is expected to be
permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which, unlike the
Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their
investment potential and not for use by the company so their current value is of prime importance. This departure from the
Act is required in order to give a true and fair view.

Deferred tax
No provision has been made for deferred tax on gains recognised on revaluing property to its market value or on the sale
of properties where potentially taxable gains have been rolled over into replacement assets. Such tax would become
payable only if the property were sold without it being possible to claim rollover relief.

2. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 June 2015 4,500
Revaluations 500
At 31 May 2016 5,000
NET BOOK VALUE
At 31 May 2016 5,000
At 31 May 2015 4,500

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2016 2015
value: £    £   
6 Ordinary £1 6 6

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