ACEARETROFIT_PROPERTY_LIM - Accounts

ACEARETROFIT PROPERTY LIMITED - Company Information

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Company Registration No. 9102509 (England and Wales)

ACEARETROFIT PROPERTY LIMITED

ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 29 JUNE 2016

ACEARETROFIT PROPERTY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ACEARETROFIT PROPERTY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

29 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,044,349

632,600

Current assets

Debtors

5,655

3,719

Cash at bank and in hand

8,998

2,948

14,653

6,667

Creditors: amounts falling due within one year

(907,147)

(637,068)

Net current liabilities

(892,494)

(630,401)

Total assets less current liabilities

151,855

2,199

Capital and reserves

Called up share capital

100

Revaluation reserve

120,081

Profit and loss account

31,674

2,099

Shareholders' funds

151,855

2,199

For the financial Period ended 29 June 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 Period 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 8 June 2017

Mr J W Braxton

Director

Company Registration No. 9102509

ACEARETROFIT PROPERTY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 29 JUNE 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 for rental income.rental income.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life ..

Fixtures, fittings & equipment

20% straight line

Tangible fixed assets includes investment properties valued by the director on an existing use open market value basis.

Depreciation is provided only on those properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise been charged cannot be separately identified or quantified.

ACEARETROFIT PROPERTY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 29 JUNE 2016

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 July 2015

632,600

Additions

293,166

Revaluation

120,081

At 29 June 2016

1,045,847

Depreciation

At 1 July 2015

Charge for the period

1,498

At 29 June 2016

1,498

Net book value

At 29 June 2016

1,044,349

At 30 June 2015

632,600

Share capital

2016

2015

Allotted, called up and fully paid

100 ordinary shares of £1 each

100