Abbreviated Company Accounts - COTSWOLD MORTGAGE SERVICES LIMITED

COTSWOLD MORTGAGE SERVICES LIMITED - Company Information

Registered Number 03074477

COTSWOLD MORTGAGE SERVICES LIMITED

Abbreviated Accounts

30 June 2016

COTSWOLD MORTGAGE SERVICES LIMITED Registered Number 03074477

Abbreviated Balance Sheet as at 30 June 2016

	Notes	2016	2015
		£	£
Called up share capital not paid		-	-
Fixed assets
Tangible assets	2	-	3,718
Investments	3	175,000	223,367
		175,000	227,085
Current assets
Cash at bank and in hand		22,654	20,999
		22,654	20,999
Prepayments and accrued income		317	-
Creditors: amounts falling due within one year		(9,524)	(21,702)
Net current assets (liabilities)		13,447	(703)
Total assets less current liabilities		188,447	226,382
Creditors: amounts falling due after more than one year		(91,449)	(96,284)
Total net assets (liabilities)		96,998	130,098
Capital and reserves
Called up share capital		17,003	17,003
Revaluation reserve		4,247	15,240
Profit and loss account		75,748	97,855
Shareholders' funds		96,998	130,098

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 7 March 2017

And signed on their behalf by:
A F Farmer, Director

COTSWOLD MORTGAGE SERVICES LIMITED Registered Number 03074477

Notes to the Abbreviated Accounts for the period ended 30 June 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible assets depreciation policy
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Improvements to land & buildings 10% Straight line
Fixtures, fittings, tools and equipment 15% Reducing balance

2Tangible fixed assets

	£
Cost
At 1 July 2015	22,594
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 30 June 2016	22,594
Depreciation
At 1 July 2015	18,876
Charge for the year	3,718
On disposals	-
At 30 June 2016	22,594
Net book values
At 30 June 2016	0
At 30 June 2015	3,718

3Fixed assets Investments
"Investment properties are shown at their open market value. The surplus or deficit arising from the annual valuation is transferred to the 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 Statement of Standard Accounting Practice 19 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 and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view."

Investment property was valued on 6th August 2016 at £175,000 causing an impairment of £48,367 which has been recognised in the profit & loss.