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EXCHANGE STREET PROPERTIES LIMITED
REGISTERED NUMBER: 08676412
ABBREVIATED BALANCE SHEET
AS AT 31 OCTOBER 2016
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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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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 October 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 10 July 2017.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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EXCHANGE STREET PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company. The director intends to sell all properties and therefore no items are held as fixed assets
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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. The company has appropriated the investment property into stock as at 31 October 2016. It has been valued at its market value of £245,000 and reduced by the held over gain of £10,820.
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2.SHARE CAPITAL
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Authorised, allotted, called up and fully paid
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10 Ordinary shares of £1 each
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3.RELATED PARTY TRANSACTIONS
Other creditors includes an amount due to M Goucher, a director of the company, of £4,833 (2015 £109,808). The company paid M Goucher £4,833 (2015 £4,808) for motor expenses during the year. During the year, the company received a loan from its parent company, Worcester and Regional Properties Limited of £255,000 (2015 £135,000) , and £265,000 (2015 £Nil) was repaid. The company was charged a management fee from Worcester and Regional Properties Limited of £20,000 (2015 £Nil). The amount owed to the parent company at the year end was £543,204 (2015 £533,204) and is included in amounts owed to group undertakings .
Page 2
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EXCHANGE STREET PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
4.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The ultimate parent undertaking is Worcester and Regional Properties Limited, a company registered in England and Wales. The company is controlled by M Goucher by virtue of his shareholding in the parent company, Worcester and Regional Properties Limited.
Page 3
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