Abbreviated Company Accounts - MOUNTFIELD FARM PROPERTIES LIMITED
Abbreviated Company Accounts - MOUNTFIELD FARM PROPERTIES LIMITED
Registered Number NI073399
MOUNTFIELD FARM PROPERTIES LIMITED
Abbreviated Accounts
31 August 2016
MOUNTFIELD FARM PROPERTIES LIMITED Registered Number NI073399
Abbreviated Balance Sheet as at 31 August 2016
| Notes | 2016 | 2015 | |
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| £ | £ | ||
| Current assets | |||
| Stocks |
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| Creditors: amounts falling due within one year |
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| Net current assets (liabilities) |
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| Total assets less current liabilities |
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| Total net assets (liabilities) |
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| Capital and reserves | |||
| Called up share capital | 2 |
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| Profit and loss account |
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| Shareholders' funds |
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For the year ending 31 August 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
And signed on their behalf by:
MOUNTFIELD FARM PROPERTIES LIMITED Registered Number NI073399
Notes to the Abbreviated Accounts for the period ended 31 August 2016
1Accounting Policies
Basis of measurement and preparation of accounts
The financial statements are prepared in Sterling, which is the functional currency of the entity and rounded to the nearest £1.
Turnover policy
Valuation information and policy
Other accounting policies
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Those that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:
1) valuation of stock
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Corporation tax is recognised on taxable profit for the current and past periods. Corporation tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.