Registered Number 02356452
PREMAN LIMITED
Abbreviated Accounts
5 April 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Debtors |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Revaluation reserve |
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Profit and loss account |
( |
( |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Land and buildings - see note below
Fixtures, fittings
and equipment - 15% per annum reducing balance
Freehold investment properties
In accordance with the Financial Reporting Standard for Smaller Entities (FRSSE) (effective January 2015) as it incorporates SSAP 19, the investment property is revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. No depreciation is provided in respect of the investment property.
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in the FRSSE. The directors consider that, because the property is not held for consumption, but for its investment potential, to depreciate it would not give a true and fair view, and that it is necessary to adopt the FRSSE in order to give a true and fair view.
If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, depreciation cannot be reasonably quantified because 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.
Other accounting policies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the exchange rate ruling at the reporting date. Transactions in foreign currencies are recorded at the average rate for the year. All gains and losses are taken to the Profit and Loss account.
£ | |
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Cost | |
At 6 April 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 5 April 2016 |
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Depreciation | |
At 6 April 2015 |
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Charge for the year |
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On disposals |
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At 5 April 2016 |
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Net book values | |
At 5 April 2016 | 399,257 |
At 5 April 2015 | 399,248 |