David Stanley Commercials Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 01692699 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31st August 2016

for

David Stanley Commercials Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr D Stanley

Mr I C Stanley

Mr A J Stanley

SECRETARY:

Mr D Stanley

REGISTERED OFFICE:

Bank Chambers

Market Place

Melbourne

Derbyshire

DE73 8DS

REGISTERED NUMBER:

01692699 (England and Wales)

ACCOUNTANTS:

Baldwins (Ashby) Limited

Bank Chambers

Market Place

Melbourne

Derbyshire

DE73 8DS

FIXED ASSETS

Tangible assets

2

5,113

7,733

Investment property

3

4,528,000

4,458,000

4,533,113

4,465,733

CURRENT ASSETS

Debtors

19,217

19,320

Cash at bank

19,700

13,291

38,917

32,611

CREDITORS

Amounts falling due within one year

4

2,035,261

2,012,738

NET CURRENT LIABILITIES

(1,996,344

)

(1,980,127

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,536,769

2,485,606

CREDITORS

Amounts falling due after more than one
year

4

1,492,366

1,647,676

NET ASSETS

1,044,403

837,930

CAPITAL AND RESERVES

Called up share capital

5

100

Revaluation reserve

103,143

79,868

Profit and loss account

941,160

757,962

SHAREHOLDERS' FUNDS

1,044,403

837,930

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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 by the Board of Directors on 20th February 2017 and were signed
on its behalf by:

Mr I C Stanley - Director

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).

Turnover

Turnover represents net invoiced property rental income, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on reducing balance

Investment property

Investment properties are revalued annually at their open market value in accordance with FRSSE

(effective January 2015). The surplus or deficit on revaluation is transferred to a revaluation reserve

except where the deficit permanently reduces the property below its historical cost, in which case it is

taken to the profit and loss account.

No depreciation is provided on investment properties which is a departure from the requirements of

the Companies Act 2006. In the opinion of the directors these properties are held primarily for their

investment potential and so their current value is of more significance than any measure of

consumption and to depreciate them would not give a true and fair view. The provisions of the FRSSE

(effective January 2015) in respect of investment properties have therefore been adopted in order to

give a true and fair view. If this departure from the Act had not been made, the profit for the year

would have been reduced by depreciation.

However, the amount of depreciation cannot reasonably be quantified and the amount which might

otherwise have been shown cannot be separately identified or quantified.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st September 2015

and 31st August 2016

109,326

DEPRECIATION

At 1st September 2015

101,593

Charge for year

2,620

At 31st August 2016

104,213

NET BOOK VALUE

At 31st August 2016

5,113

At 31st August 2015

7,733

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st September 2015

4,458,000

Additions

46,725

Revaluations

23,275

At 31st August 2016

4,528,000

NET BOOK VALUE

At 31st August 2016

4,528,000

At 31st August 2015

4,458,000

4.

CREDITORS

Creditors include an amount of £ 1,779,389 (2015 - £ 1,939,992 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

446,590

525,146

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2016

and 31st August 2015:

2016

2015

£

Mr A J Stanley

Balance outstanding at start of year

942

642

Amounts advanced

1,800

1,050

Amounts repaid

(4,000

)

(750

)

Balance outstanding at end of year

(1,258

)

942

7.	CONTROLLING INTEREST

The company does not have an outright controlling party.

8.	GOING CONCERN

The directors have reviewed the financial results for the year and are of the opinion that the company

has sufficient resources to continue trading for at least the next twelve months. As a result the going

concern basis of accounting has been adopted.