Company Registration No. 07684176 (England and Wales)
HIGHWORTH PROPERTY INVESTMENTS LIMITED
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
HIGHWORTH PROPERTY INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
HIGHWORTH PROPERTY INVESTMENTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HIGHWORTH PROPERTY INVESTMENTS LIMITED FOR THE YEAR ENDED 31 JULY 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006,
we
have prepared for your approval the financial statements of Highworth Property Investments Limited for the year ended 31 July 2016 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com
/
rulebook
.
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/factsheet163.
It is your duty to ensure that Highworth Property Investments 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 Highworth Property Investments Limited. You consider that Highworth Property Investments 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 Highworth Property Investments 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 accounts.
DBH
20 December 2016
Chartered Certified Accountants
16 Dorcan Business Village
Murdock Road, Dorcan
Swindon
Wiltshire
SN3 5HY
HIGHWORTH PROPERTY INVESTMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
828,567
1,022,680
Current assets
Debtors
8,360
4,234
Cash at bank and in hand
271,925
297,283
280,285
301,517
Creditors: amounts falling due within one year
(664,139)
(404,564)
Net current liabilities
(383,854)
(103,047)
Total assets less current liabilities
444,713
919,633
Creditors: amounts falling due after more than one year
-
(580,000)
444,713
339,633
Capital and reserves
Called up share capital
3
103
103
Revaluation reserve
74,171
46,748
Profit and loss account
370,439
292,782
Shareholders' funds
444,713
339,633
For the financial year ended 31 July 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 18 December 2016
Mr D S Tiney
Mrs C Tiney
Director
Director
Company Registration No. 07684176
HIGHWORTH PROPERTY INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings 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 rents receivable and amounts receivable for consultancy services net of VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets include investment properties valued by the directors on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% straight line basis.
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
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.
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.
HIGHWORTH PROPERTY INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 August 2015
1,026,509
Additions
1,806
Revaluation
60,897
Disposals
(255,884)
At 31 July 2016
833,328
Depreciation
At 1 August 2015
3,829
On disposals
(599)
Charge for the year
1,531
At 31 July 2016
4,761
Net book value
At 31 July 2016
828,567
At 31 July 2015
1,022,680
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary A Shares of £1 each
100
100
3 Ordinary B Shares of £1 each
3
3
103
103