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| 2 |
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| CARTLEACH LIMITED |
| Company Number - 1736255 |
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| ABBREVIATED BALANCE SHEET |
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| 31 March 2016 |
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| 2016 |
2015 |
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Notes |
£ |
£ |
£ |
£ |
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| CAPITAL AND RESERVES |
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| Called up share capital |
5 |
2 |
2 |
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| Revaluation reserve |
34,547 |
34,547 |
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| Profit and loss account |
1,281,685 |
1,321,023 |
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| SHAREHOLDERS' FUNDS |
1,316,234 |
1,355,572 |
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These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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For the financial year ended 31 March 2016, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.
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The members have not required the company to obtain an audit.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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| Approved by the board on 29 March 2017. |
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) |
| ......................... |
) B J LEBRECHT |
| Director |
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| 3 |
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| CARTLEACH LIMITED |
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| NOTES TO THE ABBREVIATED ACCOUNTS |
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| FOR THE YEAR ENDED 31 MARCH 2016 |
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| 1 |
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ACCOUNTING POLICIES |
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BASIS OF ACCOUNTING |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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TANGIBLE FIXED ASSETS AND DEPRECIATION |
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Tangible assets other than freehold land and investment properties are depreciated at the following annual rates in order to write off each asset over its estimated useful life.
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Fixtures and fittings - 20% reducing balance
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TANGIBLE FIXED ASSETS-INVESTMENT PROPERTY |
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No depreciation is provided on property owned by the company in accordance with |
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the Financial Reporting Standard for Smaller Entities as this is investment property. |
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In so doing the company is invoking the true and fair override permitted by the |
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Financial Reporting Standard For Smaller Entities. |
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PROVISIONS |
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Provisions are set up only where it is probable that a present obligation exists as a |
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result of an event prior to the balance sheet date and that a payment will be required |
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in settlement that can be estimated reliably. Where material, provisions are |
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calculated on a discount basis. |
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DEFERRED TAXATION |
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Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
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COMPANY PROPERTIES |
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The properties are valued annually by the directors at the end of the financial year |
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on an open market basis assuming they are tenanted, with the company's share of |
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any resulting surplus or deficit being transferred to the revaluation reserve. |
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TURNOVER |
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Turnover represents commissions earned, net surpluses from joint property syndicates and rental income.
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| 4 |
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| CARTLEACH LIMITED |
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| NOTES TO THE ABBREVIATED ACCOUNTS |
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| FOR THE YEAR ENDED 31 MARCH 2016 |
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INVESTMENTS IN JOINT PROPERTY SYNDICATES |
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This represents capital introduced by the company into the syndicates plus accrued |
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surpluses less deficiencies but without revaluing the syndicate properties. |
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Some of the syndicates in which the company is a participator have borrowings |
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which are secured on the syndicate's properties. |
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The company accounts for its syndicate investments under the "equity accounting" |
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basis and thus the company's share of such borrowings is not included in these |
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accounts. |
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| 2 |
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FIXED ASSETS |
| Tangible |
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| fixed |
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| assets |
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| £ |
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Cost or valuation |
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At 1 April 2015 |
274,739 |
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and 31 March 2016 |
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Depreciation |
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At 1 April 2015 |
10,776 |
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Charge for year |
108 |
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At 31 March 2016 |
10,884 |
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Net Book Values |
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At 31 March 2016 |
263,855 |
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At 1 April 2015 |
263,963 |
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| 3 |
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INVESTMENT IN JOINT PROPERTY SYNDICATES |
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Investment at 1 April 2015 |
131,694 |
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Deficit for the Year |
(52,230 |
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| 79,464 |
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Repaid |
(59,448 |
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Investment at 31 March 2016 |
20,016 |
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