Owens Properties Limited Small abridged accounts

Owens Properties Limited Small abridged accounts

OWENS PROPERTIES LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Owens Properties Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 05798367
OWENS PROPERTIES LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2017
OWENS PROPERTIES LIMITED
ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2017
Contents
Page
Officers and Professional Advisers
1
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements
2
Abridged Statement of Financial Position
3
Notes to the Abridged Financial Statements
5
OWENS PROPERTIES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The Board of Directors
R Evans-Southall
A R Owens
L Ellington
R A Owens
J F Owens
Registered Office
Glendale House
Woden Road West
Wednesbury
West Midlands
WS10 7SF
Accountants
Langard Lifford Hall Limited
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
OWENS PROPERTIES LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF OWENS PROPERTIES LIMITED
YEAR ENDED 30 APRIL 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Owens Properties Limited for the year ended 30 April 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Langard Lifford Hall Limited Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
13 October 2017
OWENS PROPERTIES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 April 2017
2017
2016
Note
£
£
£
£
Fixed assets
Investments
4
416,370
416,370
Current assets
Debtors
9,107
31,917
Cash at bank and in hand
111,001
83,562
------------
------------
120,108
115,479
Creditors: amounts falling due within one year
21,701
38,091
------------
------------
Net current assets
98,407
77,388
------------
------------
Total assets less current liabilities
514,777
493,758
Creditors: amounts falling due after more than one year
241,790
241,790
------------
------------
Net assets
272,987
251,968
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
272,887
251,868
------------
------------
Shareholders funds
272,987
251,968
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2017 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 abridged 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 abridged financial statements .
OWENS PROPERTIES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 April 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 13 October 2017 , and are signed on behalf of the board by:
A R Owens
J F Owens
Director
Director
Company registration number: 05798367
OWENS PROPERTIES LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2017
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Glendale House, Woden Road West, Wednesbury, West Midlands, WS10 7SF.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration of rents receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts
Investment properties
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Investments
£
Cost
At 1 May 2016 and 30 April 2017
416,370
------------
Impairment
At 1 May 2016 and 30 April 2017
–
------------
Carrying amount
At 30 April 2017
416,370
------------
At 30 April 2016
416,370
------------
5. Related Party Transactions
The company was under the control of R Evans-Southall throughout the current and previous year. R Evans-Southall is a director and executor of the shareholder's estate. Included within consultancy fees are payments to Seconique Plc (a company under common control) of £5,760 (2016: £9,600). Included within accruals and deferred income is an amount due to Seconique Plc of £Nil (2016: £9,600). Wulfruna Investments Limited is a company under common control. Included within other creditors due within one year is an amount due to Wulfruna Investments Limited of £3,000 (2016: £3,000). Included within other creditors due after more than one year is an amount due to the Estate of J J Owens (Deceased) of £241,790 (2016: £241,790). J J Owens was a director and shareholder of the company.
6. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the year.