SHELHAR PROPERTIES LIMITED - Filleted accounts

SHELHAR PROPERTIES LIMITED - Company Information

SHELHAR PROPERTIES LIMITED
Registered number:		04906816
Balance Sheet
as at 31 December 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		225,000			225,000

Current assets
Debtors	3	-			522
Cash at bank and in hand		12,370			12,206
		12,370			12,728

Creditors: amounts falling due within one year	4	(1,492)			(1,493)

Net current assets			10,878			11,235

Total assets less current liabilities			235,878			236,235

Creditors: amounts falling due after more than one year	5		(152,381)			(152,381)



Net assets			83,497			83,854

Capital and reserves
Called up share capital			1			1
Revaluation reserve	7		64,073			64,073
Profit and loss account			19,423			19,780

Shareholder's funds			83,497			83,854

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




S.E. Price
Director
Approved by the board on 15 July 2017

SHELHAR PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 December 2016


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover represents the rent receivable from tenants.

	Investment properties
	Investment properties are revalued annually and any surplus or deficit is dealt with through the fair value reserve. No depreciation is provided in respect of investment properties.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Tangible fixed assets
								Land and buildings
£
	Fair value
	At 1 January 2016							225,000
	At 31 December 2016							225,000

	Depreciation
	At 31 December 2016							-

	Fair value
	At 31 December 2016							225,000
	At 31 December 2015							225,000


	Freehold land and buildings:					2016		2015
£							£
	Historical cost					160,927		160,927
	Cumulative depreciation based on historical cost					-		-
						160,927		160,927



3	Debtors					2016		2015
£							£

	Other debtors					-		522


4	Creditors: amounts falling due within one year					2016		2015
£							£

	Corporation tax					1,161		1,131
	Other creditors					331		362
						1,492		1,493


5	Creditors: amounts falling due after one year					2016		2015
£							£

	Bank loans					152,381		152,381


6	Loans					2016		2015
£							£
	Creditors include:
	Amounts payable otherwise than by instalment falling due for payment after more than five years					152,381		152,381


	Secured bank loans					152,381		152,381




7	Fair value reserve					2016		2015
£							£

	At 1 January 2016					64,073		64,073

	At 31 December 2016					64,073		64,073


8	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	S.E. Price
	Loan	522		-		(522)		-

		522		-		(522)		-


9	Related party transactions

	The company paid a dividend of £5,000 to the director on her ordinary shares.


10	Controlling party

	The company is controlled by the director.


11	Other information

	SHELHAR PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	3, Newmarket Avenue
	Lancaster
	LA1 4NG

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