CHELTENHAM_LAND_SECURITIE - Accounts

CHELTENHAM LAND SECURITIES LIMITED - Company Information

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Company Registration No. 01966305 (England and Wales)

CHELTENHAM LAND SECURITIES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

CHELTENHAM LAND SECURITIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

CHELTENHAM LAND SECURITIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

2 & 3

2,921,720

2,659,484

Current assets

Debtors

241,686

60,057

Cash at bank and in hand

599

108

242,285

60,165

Creditors: amounts falling due within one year

(1,197,131)

(290,478)

Net current liabilities

(954,846)

(230,313)

Total assets less current liabilities

1,966,874

2,429,171

Creditors: amounts falling due after more than one year

(792,247)

(899,770)

1,174,627

1,529,401

Capital and reserves

Called up share capital

100

Revaluation reserve

1,100,838

1,300,830

Profit and loss account

73,689

228,471

Shareholders' funds

1,174,627

1,529,401

For the financial year ended 30 June 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 13 September 2017

Mr A Henry

Director

Company Registration No. 01966305

CHELTENHAM LAND SECURITIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 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).

1.2

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).

1.3

Turnover

Turnover represents amounts receivable for rent and services provided in th UK net of VAT and net realised income and gains from UK property investments.

1.4

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.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Revenue recognition

Rental income consists of gross rental income on an accruals basis.

Revenue in respect of investment and other income represents investment income earned on an accruals basis.

A property is regarded as sold when the significant risks and returns have been transferred to the buyer. For conditional exchanges, sales are recognised as the conditions are satisfied.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. No provision has been made for deferred tax on gains recognised on revaluing property to its market value as the company does not intend to sell the revalued assets.

1.7

Investments in property syndicates

The company has joint interests in properties which are owned by syndicates of similar participators. The investments are stated at the net cost of participation in the syndicates plus accumulated surpluses less deficiences and drawings from the syndicates. No revaluation of the underlying properties has been reflected in the financial statements.

CHELTENHAM LAND SECURITIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2016

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 July 2015

2,384,814

Additions

454,992

Revaluation

(199,992)

At 30 June 2016

2,639,814

At 30 June 2015

2,384,814

Property investments

Investments in property syndicates

Balance b/fwd

274,670

Net surpluses and gains for the year

15,353

Repayments

(8,117)

At 30 June 2016

281,906

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given over company assets amounted to £106,000 (2015 - £105,000).

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

149,980

The aggregate amount of creditors for which security has been given amounted to £792,247 (2015 - £899,770).

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100