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INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED
REGISTERED NUMBER:
00538054
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ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
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Creditors:
amounts falling due within one year
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Total assets less current liabilities
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 2 to 3 form part of these abbreviated accounts.
- 1 -
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INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
1.
Accounting Policies
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment properties
and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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Turnover comprises revenue recognised by the company in respect of rent receivable for the year.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) investment properties are included in the financial statements at their open market value and are not depreciated. This is a departure from the Companies Act 2006 which requires all fixed assets, except land, to be depreciated. The surplus or deficit on the annual revaluation is transferred to a revaluation reserve, except where the deficit reduces the property below its historical cost, in which case it is taken to the profit and loss account
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2.
Tangible fixed assets
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At 1 August 2015 and 31 July 2016
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At 1 August 2015 and 31 July 2016
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- 2 -
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INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
3.
Share capital
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Allotted, called up and fully paid
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5,500
Ordinary
shares of £
1
each
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- 3 -
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