Flats 4 Students Limited - Period Ending 2017-03-31
Flats 4 Students Limited - Period Ending 2017-03-31
Company registration number:
for the Year Ended
Flats 4 Students Limited
Contents
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Flats 4 Students Limited
(Registration number: 09880956)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
|||
Deferred tax liabilities |
(125) |
(147) |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss reserve |
|
|
|
Total equity |
|
|
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
|
Page 1
Flats 4 Students Limited
Statement of Changes in Equity
for the Year Ended 31 March 2017
Share capital |
Profit and loss reserve |
Total |
|
At 1 April 2016 |
|
|
|
Movement in year : |
|||
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 March 2017 |
|
|
|
Share capital |
Profit and loss reserve |
Total |
|
At 1 April 2015 |
|
- |
|
Movement in year : |
|||
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 March 2016 |
|
|
|
Page 2
Flats 4 Students Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 1102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. This is the first year in which the financial statements have been prepared under FRS102 Section 1A. There were no restatements required to the prior year as a result of transition to FRS102 Section 1A.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 3
Flats 4 Students Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 4
Flats 4 Students Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Plant and machinery |
Total |
|
Cost or valuation |
||
At 1 April 2016 |
|
|
At 31 March 2017 |
|
|
Depreciation |
||
At 1 April 2016 |
|
|
Charge for the year |
|
|
At 31 March 2017 |
|
|
Carrying amount |
||
At 31 March 2017 |
|
|
At 31 March 2016 |
|
|
Debtors |
2017 |
2016 |
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Page 5
Flats 4 Students Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
- |
|
Corporation tax |
2,792 |
4,908 |
|
Other creditors |
|
|
|
|
|
Related party transactions |
Summary of transactions with entities with joint control or significant interest
A Company in which Mr A Rochford is a shareholder
As at 31 March 2017 £9,890 (2016 - £264) was owed to Rochford Property Investments Limited.
Rochford Property Partnership
A partnership in which Mr A Rochford is involved ceased trading 29/04/16.
As at 31 March 2017 the company owed £ nil (2016 - £9,651) to the partnership.
Page 6