Nunn_Properties_&_Finance - Accounts

NUNN PROPERTIES & FINANCE LIMITED - Company Information

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Nunn Properties & Finance Limited

Unaudited Abbreviated Accounts

For the year ended 31 October 2016

Company Registration No. 01900359 (England and Wales)

Nunn Properties & Finance Limited

Contents

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

Nunn Properties & Finance Limited

Abbreviated Balance Sheet

As at 31 October 2016

Page 1

2016

2015

Notes

Fixed assets

Tangible assets

4,025,075

4,025,088

Current assets

Debtors

6,520

6,002

Cash at bank and in hand

7,359

8,766

13,879

14,768

Creditors: amounts falling due within one year

(39,040)

(37,135)

Net current liabilities

(25,161)

(22,367)

Total assets less current liabilities

3,999,914

4,002,721

Creditors: amounts falling due after more than one year

(1,144,180)

(1,144,304)

2,855,734

2,858,417

Capital and reserves

Called up share capital

100

Revaluation reserve

3,562,138

Profit and loss account

(706,504)

(703,821)

Shareholders' funds

2,855,734

2,858,417

For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit.

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 31 July 2017

Mr A.A. Nunn

Director

Company Registration No. 01900359

Nunn Properties & Finance Limited

Notes to the Abbreviated Accounts

For the year ended 31 October 2016

Page 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).

Going concern

The company meets its day to day working capital requirements through a bank loan and overdraft facility which is repayable on demand, and financial support provided by the director. The company expects to operate within the facility currently agreed with the company's bankers. These views are based on the company's plans. The directors therefore believe it appropriate to prepare these financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the bank loan and overdraft facilities by the company's bankers.

1.2

Changes in accounting policies

The accounting policies remain unchanged from the prior year.

1.3

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).

1.4

Turnover

Turnover represents the total amount receivable by the company in the ordinary course of business in respect of property rental income.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land 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, as follows:

Land and buildings

nil

Fixtures, fittings & equipment

15% reducing balance

In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), certain of the company's properties are held for long-term investment and included in the Balance Sheet at their open market values. The surpluses or deficits on annual revaluation of such properties are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Leasehold properties are not amortised where the unexpired term is over twenty years. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

1.6

Deferred taxation

In accordance with the Financial Reporting Standard for Smaller Entities, deferred tax is recognised as a liability or asset if transactions or events that give the company the obligation to pay more tax in future or a right to pay less tax in future have occurred by the balance sheet date.

Nunn Properties & Finance Limited

Notes to the Abbreviated Accounts (Continued)

For the year ended 31 October 2016

Page 3

Fixed assets

Tangible assets

Cost or valuation

At 1 November 2015 & at 31 October 2016

4,028,351

Depreciation

At 1 November 2015

3,263

Charge for the year

At 31 October 2016

3,276

Net book value

At 31 October 2016

4,025,075

At 31 October 2015

4,025,088

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

1,144,180

1,144,304

The aggregate amount of creditors for which security has been given amounted to £1,144,180 (2015 - £1,144,304).

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100