Springfield Property Renovations Limited - Accounts to registrar (filleted) - small 17.3
Springfield Property Renovations Limited - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
Springfield Property Renovations Limited |
Unaudited Financial Statements For The Year Ended 31 March 2017 |
Springfield Property Renovations Limited (Registered number: 04404348) |
Contents of the Financial Statements |
For The Year Ended 31 March 2017 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Springfield Property Renovations Limited |
Company Information |
For The Year Ended 31 March 2017 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
Springfield Property Renovations Limited (Registered number: 04404348) |
Abridged Balance Sheet |
31 March 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
Springfield Property Renovations Limited (Registered number: 04404348) |
Notes to the Financial Statements |
For The Year Ended 31 March 2017 |
1. | STATUTORY INFORMATION |
Springfield Property Renovations Limited is a |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with |
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date |
of transition to FRS 102 Section 1A is 1 April 2015. |
Turnover |
Turnover represents rental income receivable for the period. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
All assets have been fully depreciated. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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. |
Investment property |
In accordance with FRS 102 no depreciation is provided in respect of freehold investment properties. These |
properties are not held for consumption and are subject to periodic revaluation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Springfield Property Renovations Limited (Registered number: 04404348) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2017 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
DEPRECIATION |
At 1 April 2016 |
and 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2016 |
Additions |
Revaluations | 46,830 |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
Fair value at 31 March 2017 is represented by: |
£ |
Valuation in 2017 | 875,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2017 | 2016 |
£ | £ |
Cost | 580,880 | 352,710 |
Investment property was valued on an open market basis on 31 March 2017 by D E Knight, a director of the company |
. |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2017 | 2016 |
£ | £ |
Repayable by instalments |
Bank loans more than 5 years by instalments |
419,054 |
126,525 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank loans |
The bank borrowings are secured by a fixed charge over the company's investment properties. |
Springfield Property Renovations Limited (Registered number: 04404348) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2017 |
8. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
Revaluation of investment property | 33,835 | 29,918 |
Deferred |
tax |
£ |
Balance at 1 April 2016 |
Charge to Income Statement during year |
Balance at 31 March 2017 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2016 |
Net surplus on revaluation in year |
At 31 March 2017 |
11. | RELATED PARTY DISCLOSURES |
As at 31 March 2017 there was a loan due to the director of £95,793 (2016: £84,805). The loan is interest free |
and payable on demand. |