W_&_S_PROPERTIES_LIMITED - Accounts
W_&_S_PROPERTIES_LIMITED - Accounts
Company Registration No. 03517135 (England and Wales)
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(83,205 )
(90,376 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
3
(381,236 )
(386,036 )
Provisions for liabilities
(174 )
(204 )
468,456
475,319
Capital and reserves
Called up share capital
4
Revaluation reserve
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2014
- 2 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 30 December 2014
Director
Company Registration No. 03517135
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Fixtures, fittings & equipment
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
1
Accounting policies
(Continued)
- 4 -
1.6
Deferred taxation
Deferred taxation is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised for tax purposes.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued asset and the resulting gain or loss has been recognised in the financial statements. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued asset and the resulting gain or loss has been recognised in the financial statements. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2013 & at 31 March 2014
711,739
Depreciation
At 1 April 2013
9,122
Charge for the year
153
At 31 March 2014
9,275
Net book value
At 31 March 2014
702,464
At 31 March 2013
702,617
3
Creditors: amounts falling due after more than one year
2014
2013
£
£
The aggregate amount of creditors for which security has been given amounted to £381,236 (2013 - £386,036).
The total amount outstanding after 5 years amounts to £381,236 (2013 - £386,036).
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 5 -
4
Share capital
2014
2013
£
£
Allotted, called up and fully paid
5
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Angela Slater - loan account
-
(10,838)
35,538
-
38,775
(14,075)
Ian Slater - loan account
-
(11,313)
35,539
-
38,775
(14,549)
(22,151)
71,077
-
77,550
(28,624)
Other transactions
During the year the company continued to trade with IGS Property Management Ltd and BP Property Developments Ltd, both companies of which I G Slater and A Slater are directors. During the year the company made purchases of £691 (2013: £576) from IGS Property Management Ltd. The company also made sales of £7,813 (2013: £1,311) to BP Property Developments Ltd. At the year end the net balance due from BP Property Developments Ltd was £200,052 (2013: £171,732) and the amount due to IGS Property Management Limited was £7,000 (2013:nil). The company is also owed £22,000 (2013:£37,000) by N&T Services Limited, a company of which Mr and Mrs Slater are also directors.