SKY_PROPERTIES_(SCOTLAND) - Accounts

SKY PROPERTIES (SCOTLAND) LIMITED - Company Information

Print Friendly Version

SKY PROPERTIES (SCOTLAND) LIMITED

SC397400

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

30 SEPTEMBER 2016

MESTON REID & CO.

CHARTERED ACCOUNTANTS

12 CARDEN PLACE

ABERDEEN

AB10 1UR

SKY PROPERTIES (SCOTLAND) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

SKY PROPERTIES (SCOTLAND) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,400,000

Current assets

Debtors

29,115

1,163

Cash at bank and in hand

16,786

2,739

45,901

3,902

Creditors: amounts falling due within one year

(226,002)

(124,157)

Net current liabilities

(180,101)

(120,255)

Total assets less current liabilities

1,219,899

1,279,745

Creditors: amounts falling due after more than one year

(688,858)

(835,053)

531,041

444,692

Capital and reserves

Called up share capital

Revaluation reserve

295,181

Profit and loss account

235,858

149,509

Shareholders' funds

531,041

444,692

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 21 June 2017

Mr Ronald Watt

Director

Company Registration No. SC397400

SKY PROPERTIES (SCOTLAND) 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 for the rental of investment property.

1.4

Tangible fixed assets and depreciation

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment 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 directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Revenue recognition

Rental income is recognised over the period to which it relates.

Fixed assets

Tangible assets

Cost or valuation

At 1 October 2015 & at 30 September 2016

1,400,000

At 30 September 2015

1,400,000

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

327,647

346,896

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary shares of £1 each