Abbreviated Company Accounts - WINWOOD ESTATES (SUSSEX) LIMITED

Abbreviated Company Accounts - WINWOOD ESTATES (SUSSEX) LIMITED


Registered Number 06755172

WINWOOD ESTATES (SUSSEX) LIMITED

Abbreviated Accounts

31 March 2014

WINWOOD ESTATES (SUSSEX) LIMITED Registered Number 06755172

Abbreviated Balance Sheet as at 31 March 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 57,000 62,000
57,000 62,000
Current assets
Debtors 8,012 8,975
Cash at bank and in hand 22,448 522
30,460 9,497
Creditors: amounts falling due within one year (70,715) (64,089)
Net current assets (liabilities) (40,255) (54,592)
Total assets less current liabilities 16,745 7,408
Total net assets (liabilities) 16,745 7,408
Capital and reserves
Called up share capital 3 100 100
Revaluation reserve 9,000 6,000
Profit and loss account 7,645 1,308
Shareholders' funds 16,745 7,408
  • For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 24 December 2014

And signed on their behalf by:
J W Winter, Director
D J Winter, Director

WINWOOD ESTATES (SUSSEX) LIMITED Registered Number 06755172

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents rental income receivable and commission from investment properties.

Tangible assets depreciation policy
Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Other accounting policies
Deferred tax

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

Financial statements

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2Tangible fixed assets
£
Cost
At 1 April 2013 62,000
Additions 0
Disposals (5,000)
Revaluations 0
Transfers 0
At 31 March 2014 57,000
Depreciation
At 1 April 2013 0
Charge for the year 0
On disposals 0
At 31 March 2014 0
Net book values
At 31 March 2014 57,000
At 31 March 2013 62,000
3Called Up Share Capital
Allotted, called up and fully paid:
2014
£
2013
£
100 Ordinary shares of £1 each 100 100