Mainsfield Estates Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 05870736 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

FOR

MAINSFIELD ESTATES LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

J Schischa

SECRETARY:

J Dreyfuss

REGISTERED OFFICE:

2 Gilda Crescent

London

N16 6JP

REGISTERED NUMBER:

05870736 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

2

-

85

Investment property

3

-

1,394,122

-

1,394,207

CURRENT ASSETS

Debtors

-

1,915

Cash at bank

-

10,737

-

12,652

CREDITORS

Amounts falling due within one year

4

188,195

189,980

NET CURRENT LIABILITIES

(188,195

)

(177,328

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(188,195

)

1,216,879

CREDITORS

Amounts falling due after more than one
year

4

324,923

1,125,000

NET (LIABILITIES)/ASSETS

(513,118

)

91,879

CAPITAL AND RESERVES

Called up share capital

5

2

Profit and loss account

(513,120

)

91,877

SHAREHOLDERS' FUNDS

(513,118

)

91,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 25 April 2017 and were signed by:

J Schischa - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

Turnover represents net rent receivable, excluding value added tax.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

In accordance with Financial Reporting standard for Smaller Entities (effective April 2008), no depreciation or

amortisation is provided in respect of freehold investment properties nor on leasehold investment properties

having an unexpired term of more than twenty years. This departure from the requirements of the Companies Act

2006, for all properties to be depreciated, is necessary, as the directors consider that this accounting policy

results in the financial statements giving true and fair view.

Investment properties

Investment Properties are included in the Balance Sheet at historical cost, which is not in accordance with

Financial Reporting Standard for Smaller Entities(effective April 2008), which requires such properties to be

stated at current market value.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

and 31 July 2016

305

DEPRECIATION

At 1 August 2015

220

Charge for year

85

At 31 July 2016

305

NET BOOK VALUE

At 31 July 2016

-

At 31 July 2015

85

3.	INVESTMENT PROPERTY

Total

£

COST

At 1 August 2015

1,394,122

Disposals

(1,394,122

)

At 31 July 2016

-

NET BOOK VALUE

At 31 July 2016

-

At 31 July 2015

1,394,122

4.

CREDITORS

Creditors include an amount of £ 331,160 (31.7.15 - £ 1,125,000 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.7.16

31.7.15

£

Repayable otherwise than by instalments

324,923

1,125,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.16

31.7.15

value:

£

2

Ordinary

£1

2