REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016 |
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SECOND AVENUE PORTFOLIO LIMITED |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016 |
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FOR |
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SECOND AVENUE PORTFOLIO LIMITED |
SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
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Page |
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Abbreviated Balance Sheet | 1 |
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Notes to the Abbreviated Accounts | 3 |
SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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ABBREVIATED BALANCE SHEET |
31 MARCH 2016 |
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31.3.16 | 31.3.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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Investment property | 3 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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Revaluation reserve |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
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. |
SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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ABBREVIATED BALANCE SHEET - continued |
31 MARCH 2016 |
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The financial statements were approved and authorised for issue by the Board of Directors on
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SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The balance sheet shows the company has net current liabilities at 31 March 2016. This position is due |
to directors' current account balances. These balances will not be repaid in the foreseeable future |
unless the company's cash flow allows. On this basis, the directors have prepared the financial |
statements on the going concern basis. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention as modified by the |
revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller |
Entities (effective January 2015). |
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Turnover |
Turnover represents rental income in respect of properties owned or managed by the company. Rental |
income is recognised when the company obtains the right to consideration under the contractual |
agreement with the tenant. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
The investment property is revalued annually at its open market value in accordance with FRSSE |
(effective January 2015). The surplus or deficit on revaluation is transferred to a revaluation reserve |
except where the deficit is expected to be permanent, in which case it is taken to the profit and loss |
account. |
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No depreciation is provided on the investment property which is a departure from the requirements of |
the Companies Act 2006. In the opinion of the director the property is held primarily for its investment |
potential and so its current value is of more significance than any measure of consumption and to |
depreciate it would not give a true and fair view. The provisions of FRSSE (effective January 2015) in |
respect of investment properties have therefore been adopted in order to give a true and fair view. |
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If this departure from the Companies Act 2006 had not been made the profit or loss for the year would |
have been reduced by depreciation. However, the amount of depreciation cannot reasonably be |
quantified and the amount which might otherwise have been shown cannot be separately identified or |
quantified. |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
over the period of the lease. |
SECOND AVENUE PORTFOLIO LIMITED (REGISTERED NUMBER: 05726794) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2015 |
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Additions |
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At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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3. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 April 2015 |
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Revaluations |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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4. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.16 | 31.3.15 |
value: | £ | £ |
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Ordinary | £1 |
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