NETWORK_ESTATES_LIMITED - Accounts

NETWORK ESTATES LIMITED - Company Information

Print Friendly Version

Company Registration No. 03840385 (England and Wales)

NETWORK ESTATES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

NETWORK ESTATES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

NETWORK ESTATES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,450,000

1,175,000

Current assets

Debtors

7,505

9,242

Cash at bank and in hand

163,036

47,799

170,541

57,041

Creditors: amounts falling due within one year

(41,851)

(525,733)

Net current assets/(liabilities)

128,690

(468,692)

Total assets less current liabilities

1,578,690

706,308

Creditors: amounts falling due after more than one year

(1,331,969)

(691,969)

246,721

14,339

Capital and reserves

Called up share capital

100

Revaluation reserve

290,997

15,997

Profit and loss account

(44,376)

(1,758)

Shareholders' funds

246,721

14,339

For the financial year ended 30 September 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 of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 20 June 2017

D J Lees

Director

Company Registration No. 03840385

NETWORK ESTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable in the year net of value added tax.

1.4

Tangible fixed assets and depreciation

Freehold investment properties comprises £1,450,000 in respect of Cherwell Business Centre which is included at a value the directors consider to be the open market value at 30 September 2016.

In accordance with Statement of Standard Accounting Practice 19, no amortisation or depreciation is provided in respect of freehold properties. The directors consider that this accounting policy, which represents a departure from the statutory accounting rules, is necessary to provide a true and fair view. The financial effect of the departure from these rules cannot reasonably be quantified as depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

1.5

Stocks

Stocks of dealing properties and development Work in Progress are shown at the lower of cost and net realisable value. Cost comprises the direct cost of purchase, related professional costs and the cost of any improvements and development of the property. Net realisable value is the directors' estimate of the net amounts recoverable from a disposal at the balance sheet date.

Fixed assets

Tangible assets

Cost or valuation

At 1 October 2015

1,175,000

Revaluation

275,000

At 30 September 2016

1,450,000

At 30 September 2015

1,175,000

NETWORK ESTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

200 Ordinary shares of of 50p each

100