Friday Properties Limited
|
Registered number |
Abbreviated Balance Sheet |
01511176
|
as at 31 May 2016
|
|
|
Notes |
|
|
2016 |
|
|
2015 |
£ |
£ |
|
Fixed assets |
Tangible assets |
2 |
|
|
449 |
|
|
599 |
Investments |
3 |
|
|
700,000 |
|
|
700,000 |
|
|
|
|
700,449 |
|
|
700,599 |
|
Current assets |
Stocks |
|
|
1,081 |
|
|
- |
Debtors |
|
|
23,755 |
|
|
22,228 |
Cash at bank and in hand |
|
|
250,674 |
|
|
244,301 |
|
|
|
275,510 |
|
|
266,529 |
|
Creditors: amounts falling due within one year |
|
|
(140,156) |
|
|
(151,686) |
|
Net current assets |
|
|
|
135,354 |
|
|
114,843 |
|
Net assets |
|
|
|
835,803 |
|
|
815,442 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
4 |
|
|
2 |
|
|
2 |
Revaluation reserve |
|
|
|
604,798 |
|
|
604,798 |
Profit and loss account |
|
|
|
231,003 |
|
|
210,642 |
|
Shareholders' funds |
|
|
|
835,803 |
|
|
815,442 |
|
|
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
|
|
|
|
Mrs V M Eccles |
Director |
Approved by the board on 27 February 2017
|
|
Friday Properties Limited
|
Notes to the Abbreviated Accounts |
for the year ended 31 May 2016
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
Turnover |
|
Turnover represents rent receivable.
|
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: |
|
Equipment - |
25% p.a. on the reducing balance basis
|
|
|
Investment properties |
|
Investment properties are valued at the balance sheet date and included in the accounts at their open market value, with changes in their value being reflected as movements on the revaluation reserve. In accordance with the Financial Reporting Standard for Smaller Entities, the company departs from the legal requirement in the Companies Acts to charge depreciation on investment properties in order to satisfy the overriding requirement for the accounts to give a true and fair view of the company's results.
|
|
|
Stocks |
|
Towards the end of the year, the company incurred some initial costs in relation to a trading venture. These costs have been carried forward as work in progress at 31 May 2016. Stocks are valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Provision for deferred tax on revaluations of the company's investment properties is only made in the event that a binding agreement has been made to sell a property at its revalued amount at the balance sheet date. |
|
|
2 |
Tangible fixed assets |
£ |
|
Cost |
|
At 1 June 2015 |
1,953 |
|
At 31 May 2016 |
1,953 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2015 |
1,354 |
|
Charge for the year |
150 |
|
At 31 May 2016 |
1,504 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
449 |
|
At 31 May 2015 |
599 |
|
|
|
|
|
|
|
|
3 |
Investment properties |
£ |
|
|
Valuation |
|
At 1 June 2015 |
700,000 |
|
|
At 31 May 2016 |
700,000 |
|
|
|
|
|
|
|
|
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The company's investment property has been valued by the directors as at 31 May 2016 on an open market basis by reference to a professional valuation undertaken on the company's behalf. The historical cost of the property at 31 May 2016 amounted to £95,202 (2015: £95,202) and the potential liability for taxation on the disposal of the property at its balance sheet value amounted to approximately £26,000 (2015: £28,500). No provision has been made for deferred taxation since there are no plans to sell the property.
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|
|
|
4 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
2 |
|
2 |
|
2 |
|
|
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5 |
Ultimate controlling party |
|
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The company is a fully owned subsidiary of Barnston Holdings Limited. The directors, Mrs V M Eccles and Mr R C Eccles, are also directors of Barnston Holdings Limited and jointly own its entire issued share capital.
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