OWARK_RESIDENTIAL_PROPERT - Accounts

OWARK RESIDENTIAL PROPERTIES LIMITED - Company Information

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Company Registration No. 6000653 (England and Wales)

OWARK RESIDENTIAL PROPERTIES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

OWARK RESIDENTIAL PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

OWARK RESIDENTIAL PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

98,259

Current assets

Debtors

357

354

357

354

Creditors: amounts falling due within one year

(47,590)

(43,497)

Net current liabilities

(47,233)

(43,143)

Total assets less current liabilities

51,026

55,116

Creditors: amounts falling due after more than one year

(81,122)

(30,096)

(26,006)

Capital and reserves

Called up share capital

1,000

Profit and loss account

(31,096)

(27,006)

Shareholders' funds

(30,096)

(26,006)

For the financial year ended 30 November 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 2 August 2017

S W Hashimi

J Thompson

Director

Company Registration No. 6000653

OWARK RESIDENTIAL PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for rental income.

1.3

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.

No depreciation or amortisation is provided in respect of freehold or leaseholds of over 50 years. The requirement of Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRSSE. However, the directors believe that, as these properties are not held for consumption but investment, to depreciate them would not give a true and fair view, and that it is necessary to adopt FRSSE in order to give a true and fair view. 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.

Properties are included at their full cost in the accounts once an irrevocable contract has been entered into.

Fixed assets

Tangible assets

Cost

At 1 December 2015 & at 30 November 2016

98,259

At 30 November 2015

98,259

Share capital

2016

2015

Allotted, called up and fully paid

510 Class 'A' Ordinary shares of £1 each

510

245 Class 'B' Ordinary shares of £1 each

245

245 Class 'C' Ordinary shares of £1 each

245

1,000