PEONIES LIMITED
REGISTERED NUMBER:
04246659
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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PEONIES LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 DECEMBER 2015
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 4 form part of these financial statements.
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PEONIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment properties
and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following annual bases:
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Investments held as fixed assets, other than investment properties, are shown at cost less provision for impairment.
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.
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2.
TANGIBLE FIXED ASSETS
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At 1 January 2015 and 31 December 2015
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Page 3
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PEONIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
3.
FIXED ASSET INVESTMENTS
Participating interests
The company has an investment in a company which own and manage the headlease and freehold to the investment properties.
Investment properties
The investment property has been revalued in the year to its open market value by Mrs E M Lapenna, a director of the company with considerable experience of the property market. The historic cost of the investment property at the balance sheet date was £2,178,614
(2014 - £2,178,614)
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The company has not let out the investment property during the current and prior years.
4.
SHARE CAPITAL
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Allotted, called up and fully paid
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2,290,000
Ordinary
shares of £
1
each
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5.
ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The company considers EMTO S.R.L., a company incorporated in Italy to be its parent undertaking and Mr C Buora and Mrs D Buora to be its ultimate controlling parties.
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