Company Registration No. 02313575 (England and Wales)
VALET PARKING LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
VALET PARKING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
VALET PARKING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,002,056
1,002,056
Current assets
Debtors
4,335
2,275
Cash at bank and in hand
69,168
101,782
73,503
104,057
Creditors: amounts falling due within one year
(233,462)
(272,498)
Net current liabilities
(159,959)
(168,441)
Total assets less current liabilities
842,097
833,615
Creditors: amounts falling due after more than one year
(302,542)
(354,292)
539,555
479,323
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
539,455
479,223
Shareholders' funds
539,555
479,323
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 26 September 2016
Hinchley Nominees Limited
Director
Company Registration No. 02313575
VALET PARKING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Going concern
The company is expected to generate positive cash flows for the foreseeable future from its activities and the directors believe that the company is well placed to manage its business risks successfully. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
1.2
Turnover
Turnover represents the total amounts of rent receivable by the company.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% per annum on cost
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.
1.4
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015 & at 31 December 2015
1,006,657
Depreciation
At 1 January 2015 & at 31 December 2015
4,601
Net book value
At 31 December 2015
1,002,056
At 31 December 2014
1,002,056
VALET PARKING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100