Fountaingate Properties Limited Small abbreviated accounts

FOUNTAINGATE PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 03229709

FOUNTAINGATE PROPERTIES LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

30 June 2016

BAULF-JAMES

Chartered Accountant

17-19 Station Road West

Oxted

Surrey

RH8 9EE

FOUNTAINGATE PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

30 June 2016

		2016	2015
Note		£	£
FIXED ASSETS	2
Tangible assets		229,756	230,161
		----------	----------

CURRENT ASSETS

Debtors	503	505
Cash at bank and in hand	6,264	4,523
	-------	-------
	6,767	5,028
CREDITORS: Amounts falling due within one year	158,196	165,700
	----------	----------
NET CURRENT LIABILITIES	( 151,429)	( 160,672)
	----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES	78,327	69,489

PROVISIONS FOR LIABILITIES	163	244
	---------	---------
	78,164	69,245
	---------	---------

CAPITAL AND RESERVES

Called up equity share capital	5	900	900
Profit and loss account		77,264	68,345
		---------	---------
SHAREHOLDERS' FUNDS		78,164	69,245
		---------	---------

For the year ended 30 June 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 accounts for the year in question in accordance with section 476; and

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

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 21 February 2017 , and are signed on their behalf by:

A G E Reynolds Director

Company Registration Number: 03229709

FOUNTAINGATE PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 JUNE 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings - 15% straight line

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 July 2015 and 30 June 2016	233,857
	----------

DEPRECIATION

At 1 July 2015	3,696
Charge for year	405
	----------
At 30 June 2016	4,101
	----------

NET BOOK VALUE

At 30 June 2016	229,756
	----------

At 30 June 2015	230,161
	----------

3. COMMITMENTS UNDER HIRE PURCHASE AND FINANCE LEASE AGREEMENTS

Future commitments under hire purchase and finance lease agreements are as follows:

	2016	2015
	£	£

4. RELATED PARTY TRANSACTIONS

The company was under the control of A G E Reynolds (Director) and his wife Mrs J E Reynolds (Director) throughout the current and previous year. A G E Reynolds together with his wife Mrs J E Reynolds are the majority shareholders. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.

5. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	900	900	900	900
	----	----	----	----