Babich Limited - Period Ending 2016-06-30

Registration number: 05888114

Babich Limited

Unaudited abbreviated accounts

for the year ended 30 June 2016
 

Babich Limited
Contents

Abbreviated balance sheet 1 to 2

Notes to the abbreviated accounts 3 to 4

Babich Limited
(Registration number: 05888114)
Abbreviated balance sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			1,790,646			755,732
Current assets
Cash at bank and in hand					72,913			40,049
Creditors: amounts falling due within one year					(56,357)			(37,174)
Net current assets					16,556			2,875
Total assets less current liabilities					1,807,202			758,607
Creditors: amounts falling due after more than one year					(793,719)			(705,123)
Net assets					1,013,483			53,484
Capital and reserves
Called up share capital		3			2			2
Revaluation reserve					933,672			-
Profit and loss account					79,809			53,482
Shareholders' funds					1,013,483			53,484

The notes on pages 3 to 4 form an integral part of these abbreviated accounts.
Page 1

Babich Limited
(Registration number: 05888114)
Abbreviated balance sheet at 30 June 2016
......... continued

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 director acknowledges his 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 January 2015).

Approved by the director on 22 March 2017

.........................................
Mr J Tiplady
Director

The notes on pages 3 to 4 form an integral part of these abbreviated accounts.
Page 2

Babich Limited
Notes to the abbreviated accounts for the year ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents rental income which is recognised on a straight line basis over the length of the lease.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation rate and method
Office Equipment	25% straight line

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of freehold investment properties or leasehold investment properties where the lease has over 20 years to run. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date. Deferred tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductable temporary differences can be utilised.

Page 3

Babich Limited
Notes to the abbreviated accounts for the year ended 30 June 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost or valuation
At 1 July 2015		764,643			764,643
Revaluations		924,761			924,761
Additions		101,457			101,457
At 30 June 2016		1,790,861			1,790,861
Depreciation
At 1 July 2015		8,911			8,911
Charge for the year		215			215
Revaluation		(8,911)			(8,911)
At 30 June 2016		215			215
Net book value
At 30 June 2016		1,790,646			1,790,646
At 30 June 2015		755,732			755,732

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £ 1 each		2			2			2			2

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