Registered Number 07577014
OVESTIS REAL ESTATE LIMITED
Abbreviated Accounts
31 December 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Called up share capital not paid |
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Fixed assets | |||
Investments | 2 |
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Current assets | |||
Cash at bank and in hand |
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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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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
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
Freehold buildings – 2% on cost or revalued amounts
Plant and machinery – 15% on cost
Fixtures and fittings – 10% on cost
Motor vehicles – 25% on cost
No depreciation is provided on freehold land
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Research
Expenditure on research is written off in the year in which it is incurred.
Intangible assets amortisation policy
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstance indicate that the carrying value of an asset may not be fully recoverable.
Valuation information and policy
Where listed shares are held as a current asset investment, the following information must be disclosed:
(a) the aggregate market value of those investments where it differs from their
Balance sheet amount; and
(b) both the market value and the stock exchange value of any investments, of
Which the market value is taken as being higher than the stock exchange
Value.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Fixed Asset Investments
Fixed Asset Investments are stated in the balance sheet at cost less any provision made for impairment in value. Such investments are classified as current assets when regarded as available for sale.
Other accounting policies
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
2
Fixed assets Investments