Tutis Properties Limited - Accounts to registrar - small 17.2

Tutis Properties Limited - Accounts to registrar - small 17.2

TUTIS PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 07948763 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

TUTIS PROPERTIES LIMITED

TUTIS PROPERTIES LIMITED (REGISTERED NUMBER: 07948763)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TUTIS PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2016







DIRECTOR: G A Marino





REGISTERED OFFICE: 10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA





REGISTERED NUMBER: 07948763 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand
Chartered Accountants
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA
Page 1
TUTIS PROPERTIES LIMITED (REGISTERED NUMBER: 07948763)

BALANCE SHEET
31 DECEMBER 2016

2016 2015
Notes £    £   
FIXED ASSETS
Tangible assets 4 22,465 19,587
Investment property 5 9,734,590 9,186,539
9,757,055 9,206,126

CURRENT ASSETS
Debtors 6 524,618 481,464
Cash at bank 236,781 342,814
761,399 824,278
CREDITORS
Amounts falling due within one year 7 (784,740 ) (600,461 )
NET CURRENT (LIABILITIES)/ASSETS (23,341 ) 223,817
TOTAL ASSETS LESS CURRENT
LIABILITIES
9,733,714
9,429,943

CREDITORS
Amounts falling due after more than one
year
8
(13,102
)
-

PROVISIONS FOR LIABILITIES (4,156 ) (2,703 )
NET ASSETS 9,716,456 9,427,240

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 7,749,900 7,749,900
Retained earnings 1,966,356 1,677,140
9,716,456 9,427,240

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The notes form part of these financial statements

Page 2 continued...
TUTIS PROPERTIES LIMITED (REGISTERED NUMBER: 07948763)

BALANCE SHEET - continued
31 DECEMBER 2016


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 September 2017 and were signed by:





G A Marino - Director


The notes form part of these financial statements

Page 3
TUTIS PROPERTIES LIMITED (REGISTERED NUMBER: 07948763)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016

1. STATUTORY INFORMATION

Tutis Properties Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents rental income receivable, excluding Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33.33% on cost, 25% on cost and 25% on reducing balance

Investment property
In accordance with the Financial Reporting Standard 102, no depreciation is provided in respect of freehold
properties held as investments. This is a departure from the requirements of the Companies Act 2006 which
requires all properties to be depreciated. Such properties are held for investment and not for consumption and
the directors consider that to depreciate them would not give a true and fair view. The directors consider that this
policy results in the accounts giving a true and fair view.

FRS 102 also requires that deferred tax be recognised on fair value gains. Previously under UK GAAP deferred
tax was only recognised when a binding commitment to sell assets held under the revaluation model existed at
the balance sheet date. However no deferred tax liability has been recognised on transition due an overall capital
loss being crystallised should the properties be sold for the disclosed valuation.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

Page 4 continued...
TUTIS PROPERTIES LIMITED (REGISTERED NUMBER: 07948763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2016 31,920
Additions 19,704
Disposals (17,500 )
At 31 December 2016 34,124
DEPRECIATION
At 1 January 2016 12,333
Charge for year 8,076
Eliminated on disposal (8,750 )
At 31 December 2016 11,659
NET BOOK VALUE
At 31 December 2016 22,465
At 31 December 2015 19,587

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 19,704
At 31 December 2016 19,704
DEPRECIATION
Charge for year 4,926
At 31 December 2016 4,926
NET BOOK VALUE
At 31 December 2016 14,778

Page 5 continued...
TUTIS PROPERTIES LIMITED (REGISTERED NUMBER: 07948763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2016 9,186,539
Additions 548,051
At 31 December 2016 9,734,590
NET BOOK VALUE
At 31 December 2016 9,734,590
At 31 December 2015 9,186,539

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Trade debtors 56,994 56,215
Other debtors 467,624 425,249
524,618 481,464

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Hire purchase contracts 876 -
Trade creditors 9,626 -
Taxation and social security 73,823 107,098
Other creditors 700,415 493,363
784,740 600,461

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2016 2015
£    £   
Hire purchase contracts 13,102 -

9. FIRST YEAR ADOPTION

The transition to FRS 102A has not resulted in any changes to accounting policy selection, the recognition,
measurement or presentation of assets, liabilities or classification and presentation of income and expenditure in
relation to the period ended 31 December 2015. As such the reported profit has remained unchanged.


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