Company Registration No. 02630016 (England and Wales)
ACORNSHIELD PROPERTIES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
ACORNSHIELD PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3
ACORNSHIELD PROPERTIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ACORNSHIELD PROPERTIES LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Acornshield Properties Limited for the year ended 30 September 2016 set out on pages 2 to 3 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Acornshield Properties Limited, as a body, in accordance with the terms of our engagement letter dated 20 October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Acornshield Properties Limited and state those matters that we have agreed to state to the Board of Directors of Acornshield Properties Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acornshield Properties Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Acornshield Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Acornshield Properties Limited. You consider that Acornshield Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Acornshield Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
Richard House
9 Winckley Square
Preston
PR1 3HP
21 March 2017
ACORNSHIELD PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
281,680
281,680
Current assets
Debtors
4,999
2,898
Cash at bank and in hand
139,146
184,339
144,145
187,237
Creditors: amounts falling due within one year
(12,114)
(11,089)
Net current assets
132,031
176,148
Total assets less current liabilities
413,711
457,828
Capital and reserves
Called up share capital
3
285,705
285,705
Share premium account
64,127
64,127
Revaluation reserve
(215,537)
(215,537)
Profit and loss account
279,416
323,533
Shareholders' funds
413,711
457,828
For the financial year ended 30 September 2016 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 21 March 2017
Mr B J Kevill
Director
Company Registration No. 02630016
ACORNSHIELD PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
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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).
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 rental payments on the investment properties. Rents are credited to the profit and loss account when they fall due.
1.4
Tangible fixed assets and depreciation
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. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or it's reversal , on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
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.
1.5
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 October 2015 & at 30 September 2016
281,680
At 30 September 2015
281,680
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
285,705 Ordinary of £1 each
285,705
285,705