Standfast Properties Limited

STANDFAST PROPERTIES LIMITED - Company Information

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Registered number: 05611541

Abbreviated accounts

For The Year Ended 30 November 2016

Tyler Redmore Chartered Accountants

Standfast Properties Limited

Company No. 05611541

Abbreviated Balance Sheet 30 November 2016

Abbreviated Balance Sheet

		2016		2015
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	2		220,001		220,569

			220,001		220,569
CURRENT ASSETS
Debtors		365		381
Cash at bank and in hand		7,741		15,134

		8,106		15,515
Creditors: Amounts Falling Due Within One Year		(104,837 )		(120,557 )

NET CURRENT ASSETS (LIABILITIES)			(96,731 )		(105,042 )

TOTAL ASSETS LESS CURRENT LIABILITIES			123,270		115,527

NET ASSETS			123,270		115,527

CAPITAL AND RESERVES
Called up share capital	3		1,000		1,000
Revaluation reserve			49,664		49,664
Profit and Loss Account			72,606		64,863

SHAREHOLDERS' FUNDS			123,270		115,527

Standfast Properties Limited

Company No. 05611541

Abbreviated Balance Sheet (continued) 30 November 2016

For the year ending 30 November 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 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

On behalf of the board

Mr I S Grant

08/03/2017

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Standfast Properties Limited

Notes to the Abbreviated Accounts

For The Year Ended 30 November 2016

Notes to the Abbreviated Accounts

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

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

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

25% reducing balance

1.4. Investment properties

In accordance with the Financial Reporting Standard for Smaller Entities freehold properties are treated as investment properties and are included in the balance sheet at their open market value. The directors regularly review property values and any adjustment is taken to the Revalution Reseve. Depreciation is not appropriate. The directors consider that this departure from the provisions of the Companies Act 2006, requiring property to be depreciated, is required in order to show a true and fair view.

2. Tangible Assets


	Total
Cost	£
As at 1 December 2015	223,864

As at 30 November 2016	223,864

Depreciation
As at 1 December 2015	3,295
Provided during the period	568

As at 30 November 2016	3,863

Net Book Value
As at 30 November 2016	220,001

As at 1 December 2015	220,569

Revaluations

The investment property class of fixed assets was revalued on 30 November 2016 by the directors who are internal to the company. The class of asset has a current market value of £220,000 (£2015- £220,000) and a carrying historic cost of £170,336.

The last external valuation of the property was on 30 November 2014.

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Standfast Properties Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 30 November 2016

3. Share Capital

	Value	Number	2016	2015
Allotted, called up and fully paid	£		£	£
Ordinary shares	1	1000	1,000	1,000

4. Ultimate Controlling Party

The company's ultimate controlling party are the directors by virtue of their ownership of 100% of the issued share capital in the company.

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