Company Registration No. 00740387 (England and Wales)
ENNISON PROPERTIES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2016
ENNISON PROPERTIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ENNISON PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
5 APRIL 2016
05 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,751,751
1,502,335
Current assets
Debtors
15,077
4,347
Cash at bank and in hand
46,248
53,266
61,325
57,613
Creditors: amounts falling due within one year
(4,695)
(10,166)
Net current assets
56,630
47,447
Total assets less current liabilities
1,808,381
1,549,782
Capital and reserves
Called up share capital
3
30
30
Share premium account
23,476
23,476
Revaluation reserve
1,726,404
1,476,404
Profit and loss account
58,471
49,872
Shareholders' funds
1,808,381
1,549,782
For the financial year ended 5 April 2016 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 16 December 2016
L Palmer
Director
Company Registration No. 00740387
ENNISON PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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
Turnover represents amounts receivable for rent and services.
1.4
Tangible fixed assets and depreciation
In accordance with FRSSE, the investment property portfolio of the company is revalued annually on an open market value basis by appropriately qualified external valuers. Any revaluation surplus or deficit arising is taken to the revaluation reserve except where the deficit is considered to be permanent. Permanent deficit are taken to the profit and loss account.
No depreciation or amortisation is provided in respect of freehold or leaseholds of over 50 years held as investment properties. The requirement of the Companies Act legislation is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRSSE. The directors believe that, as these properties are not held for consumption but investment, to depreciate them would not give a true and fair view, and that it is necessary to adopt FRSSE in order to give a true and fair view. Depreciation 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.
Investment properties are included at their full cost in the accounts once an irrevocable contract has been entered into.
Investment properties are reported as sold at the date of exchange of a sale contract.
Depreciation is provided on other fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Land and buildings Freehold
0%
Fixtures, fittings & equipment
25% Reducing Balance
ENNISON PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 6 April 2015
1,504,824
Revaluation
250,000
At 5 April 2016
1,754,824
Depreciation
At 6 April 2015
2,489
Charge for the year
584
At 5 April 2016
3,073
Net book value
At 5 April 2016
1,751,751
At 5 April 2015
1,502,335
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
30 Ordinary Shares of £1 each
30
30