Edwards & Co (Property) Limited - Period Ending 2014-04-30

Registration number: 03580996

Edwards & Co (Property) Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2014
 

Reilly McMordie Limited
Chartered Certified Accountants
4 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

Edwards & Co (Property) Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Edwards & Co (Property) Limited
for the Year Ended 30 April 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Edwards & Co (Property) Limited for the year ended 30 April 2014 set out on pages 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 http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Edwards & Co (Property) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Edwards & Co (Property) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Edwards & Co (Property) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Edwards & Co (Property) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Edwards & Co (Property) Limited. You consider that Edwards & Co (Property) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Edwards & Co (Property) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Reilly McMordie Limited
Chartered Certified Accountants
4 Ambassador Place
Stockport Road
Altrincham
Cheshire
WA15 8DB

27 January 2015

Page 1

Edwards & Co (Property) Limited
(Registration number: 03580996)
Abbreviated Balance Sheet at 30 April 2014

		Note			2014 £			(As restated) 2013 £
Fixed assets
Tangible fixed assets					1,736,454			1,886,454
Investments					50			50
					1,736,504			1,886,504
Current assets
Debtors		3			154,224			158,520
Cash at bank and in hand					67,946			26,240
					222,170			184,760
Creditors: Amounts falling due within one year					(189,963)			(188,026)
Net current assets/(liabilities)					32,207			(3,266)
Total assets less current liabilities					1,768,711			1,883,238
Creditors: Amounts falling due after more than one year					(465,024)			(560,200)
Net assets					1,303,687			1,323,038
Capital and reserves
Called up share capital		5			3			3
Capital redemption reserve					1			1
Profit and loss account					1,303,683			1,323,034
Shareholders' funds					1,303,687			1,323,038

For the year ending 30 April 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 27 January 2015 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Edwards & Co (Property) Limited
(Registration number: 03580996)
Abbreviated Balance Sheet at 30 April 2014
......... continued

.........................................
Mr Nigel Maxwell Hunter
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Edwards & Co (Property) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Changes in accounting policy

Income from rental of investment properties previously disclosed as other operating income is now included in turnover. This is a change in the companies previous policy in respect of turnover which only included amounts received for supply of services. The change in accounting poilcy has had no effect on the current year's profit. The comparative figures for 2013 have been re-stated to reflect the change of policy.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of rents and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
Computer equipment	3 years straight line

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: (i) 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. (ii) No depreciation is provided in respect of leasehold investment properties where the lease has over 20 years to run. 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.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Page 4

Edwards & Co (Property) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

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.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 May 2013		1,886,454			50			1,886,504
Disposals		(150,000)			-			(150,000)
At 30 April 2014		1,736,454			50			1,736,504
Depreciation
At 30 April 2014		-			-			-
Net book value
At 30 April 2014		1,736,454			50			1,736,504
At 30 April 2013		1,886,454			50			1,886,504

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Hexdale Limited	Ordinary shares	100%	Dormant

Page 5

Edwards & Co (Property) Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

3

Debtors

Debtors includes £38,886 (2013 - £45,136) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		95,200			93,989
Amounts falling due after more than one year		465,024			560,200
Total secured creditors		560,224			654,189

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		105,341			165,200

5	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		3			3			3			3

Page 6