Campsie Real Limited - Filleted accounts

Campsie Real Limited - Filleted accounts

CAMPSIE REAL LIMITED - Company Information

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Registered number
NI018116
Campsie Real Limited
Filleted Accounts
31 December 2016
Campsie Real Limited
Registered number: NI018116
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 1,182,756 1,183,782
Current assets
Debtors 4 38,848 45,655
Cash at bank and in hand 376,204 273,919
415,052 319,574
Creditors: amounts falling due within one year 5 (139,137) (82,313)
Net current assets 275,915 237,261
Total assets less current liabilities 1,458,671 1,421,043
Provisions for liabilities (6,500) (6,700)
Net assets 1,452,171 1,414,343
Capital and reserves
Called up share capital 400 400
Revaluation reserve 6 582,853 582,853
Profit and loss account 868,918 831,090
Shareholders' funds 1,452,171 1,414,343
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
M G A Black
Director
Approved by the board on 26 September 2017
Campsie Real 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 (as applied to small entities by section 1A of the standard).
Turnover
Turnover comprises rents from the letting of commercial properties excluding value added tax.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 Employees 2016 2015
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2016 1,149,999 47,619 15,906 1,213,524
Additions - 1,442 - 1,442
At 31 December 2016 1,149,999 49,061 15,906 1,214,966
Depreciation
At 1 January 2016 - 13,838 15,904 29,742
Charge for the year - 2,468 - 2,468
At 31 December 2016 - 16,306 15,904 32,210
Net book value
At 31 December 2016 1,149,999 32,755 2 1,182,756
At 31 December 2015 1,149,999 33,781 2 1,183,782
4 Debtors 2016 2015
£ £
Trade debtors 34,905 35,276
Other debtors 3,943 10,379
38,848 45,655
5 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 82,049 37,548
Corporation tax 35,059 17,619
Other creditors 22,029 27,146
139,137 82,313
6 Revaluation reserve 2016 2015
£ £
At 1 January 2016 582,853 582,853
At 31 December 2016 582,853 582,853
7 Other information
Campsie Real Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
8 Campsie Real Estate
McLean Road
Eglinton
Londonderry
BT47 3XX
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