Ribble Valley Property Management Limited Filleted accounts for Companies House (small and micro)

Ribble Valley Property Management Limited Filleted accounts for Companies House (small and micro)

RIBBLE VALLEY PROPERTY MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03882932
RIBBLE VALLEY PROPERTY MANAGEMENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2017
RIBBLE VALLEY PROPERTY MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2017
2017
2016
Note
£
£
£
£
FIXED ASSETS
Tangible assets
4
157,172
157,723
CURRENT ASSETS
Debtors
5
–
330
Cash at bank and in hand
1,962
2,299
-------
-------
1,962
2,629
CREDITORS: amounts falling due within one year
6
69,404
69,093
--------
--------
NET CURRENT LIABILITIES
67,442
66,464
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
89,730
91,259
CREDITORS: amounts falling due after more than one year
7
76,099
85,221
--------
--------
NET ASSETS
13,631
6,038
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
13,531
5,938
--------
-------
SHAREHOLDERS FUNDS
13,631
6,038
--------
-------
These 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 statement of comprehensive income has not been delivered.
For the year ending 30 November 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RIBBLE VALLEY PROPERTY MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2017
These financial statements were approved by the board of directors and authorised for issue on 17 August 2018 , and are signed on behalf of the board by:
M.J. Noone
Director
Company registration number: 03882932
RIBBLE VALLEY PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 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 65 Whalley Road, Read, Burnley, Lancashire, BB12 7PN.
2. STATEMENT OF COMPLIANCE
These 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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
(c) Revenue recognition
The turnover shown in the profit and loss account represents the invoice value of goods supplied in the year.
(d) Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% per annum reducing balance
(g) Financial instruments
Basic financial instruments are recognised at amortised cost.
4. TANGIBLE ASSETS
Freehold Property
Fixtures & Fittings
Total
£
£
£
Cost
At 1 December 2016 and 30 November 2017
155,518
43,262
198,780
---------
--------
---------
Depreciation
At 1 December 2016
–
41,057
41,057
Charge for the year
–
551
551
---------
--------
---------
At 30 November 2017
–
41,608
41,608
---------
--------
---------
Carrying amount
At 30 November 2017
155,518
1,654
157,172
---------
--------
---------
At 30 November 2016
155,518
2,205
157,723
---------
--------
---------
5. DEBTORS
2017
2016
£
£
Trade debtors
–
330
----
----
6. CREDITORS: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
8,775
8,240
Trade creditors
4,221
4,736
Accruals and deferred income
600
600
Corporation tax
1,622
1,244
Director loan accounts
54,186
54,273
--------
--------
69,404
69,093
--------
--------
The bank borrowings are secured by the company.
7. CREDITORS: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
76,099
85,221
--------
--------
The bank borrowings are secured by the company.
8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102.
9. RELATED PARTY TRANSACTIONS
The company was under the control of the director, Mr. M.J. Noone throughout the year by virtue of his 100% shareholding. No transactions with related parties were undertaken such as are required to be disclosed under the provisions of FRS 102 Section 1A.
10. TRANSITION TO FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
No transitional adjustments were required in equity or profit or loss for the year.