Abbreviated Company Accounts - PAYTONE LIMITED

Abbreviated Company Accounts - PAYTONE LIMITED

PAYTONE LIMITED - Company Information

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Registered Number 03361802

PAYTONE LIMITED

Abbreviated Accounts

31 October 2016

PAYTONE LIMITED Registered Number 03361802

Abbreviated Balance Sheet as at 31 October 2016

Notes 2016 2015
£ £
Fixed assets
Investments 2 5,250,000 4,400,000
5,250,000 4,400,000
Current assets
Debtors 3 760 252,043
Cash at bank and in hand 598,134 507,020
598,894 759,063
Creditors: amounts falling due within one year 4 (180,709) (218,157)
Net current assets (liabilities) 418,185 540,906
Total assets less current liabilities 5,668,185 4,940,906
Creditors: amounts falling due after more than one year 4 (1,564,476) (1,689,418)
Total net assets (liabilities) 4,103,709 3,251,488
Capital and reserves
Called up share capital 5 1,000 1,000
Revaluation reserve 2,154,946 1,304,946
Profit and loss account 1,947,763 1,945,542
Shareholders' funds 4,103,709 3,251,488
  • For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 31 July 2017

And signed on their behalf by:
B S Cooper, Director

PAYTONE LIMITED Registered Number 03361802

Notes to the Abbreviated Accounts for the period ended 31 October 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment property and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
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.

Other accounting policies
Cash flow:

The financial statements do not include a Cash Flow Statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).

Investment Properties:

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 directors, necessary in order to give a true and fair view of the financial position of the company.

Foreign currencies:

Monetary assets and liabilities denominated in foreign currencies are translated into sterling rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Profit and Loss Account.

2Fixed assets Investments
The valuation at 31 October 2016 was £5,250,000 (2015: £4,400,000), with a surplus on revaluation of £850,000.

The 2016 valuations were made by Allsop LLP, on an open market value for existing use basis.

3Debtors
2016
£		 2015
£
Debtors include the following amounts due after more than one year 0 250,000
4Creditors
2016
£		 2015
£
Instalment debts due after 5 years 1,068,476 1,209,418
5Called Up Share Capital
Allotted, called up and fully paid:
2016
£		 2015
£
670 A Ordinary shares of £1 each 670 670
330 B Ordinary shares of £1 each 330 330