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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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Innisfree Properties Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Innisfree Properties Limited |
Innisfree Properties Limited (Registered number: 04437922) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Innisfree Properties Limited |
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Company Information |
for the Year Ended 31 May 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Stafford House |
Blackbrook Park Avenue |
Taunton |
Somerset |
TA1 2PX |
Innisfree Properties Limited (Registered number: 04437922) |
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Balance Sheet |
31 May 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Innisfree Properties Limited (Registered number: 04437922) |
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Balance Sheet - continued |
31 May 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Innisfree Properties Limited (Registered number: 04437922) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Innisfree Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first set of financial statements prepared by Innisfree Properties Limited in compliance with FRS 102 |
section 1A. |
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The company transitioned from previously extant UK GAAP to FRS 102 on 1 June 2015. An explanation of |
how the transition to FRS 102 has affected the reported financial position and financial performance is given in |
the notes. |
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Critical accounting estimates and judgements |
The directors are of the opinion that there are no estimates or assumptions that have a significant risk of causing |
a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Innisfree Properties Limited (Registered number: 04437922) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 June 2016 |
and 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Tax |
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Directors' current accounts | 25,902 | 24,860 |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 275,954 | 277,362 |
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7. | TRANSITION TO FRS 102 |
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These are the first financial statements that comply with FRS 102 Section 1A. The company transitioned to |
FRS102 Section 1A on 1 June 2015. |
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No transitional adjustments were required in equity or profit or loss for the year. |