Company Registration No. 08308713 (England and Wales)
PROPERTY WEALTH CREATION LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
PROPERTY WEALTH CREATION LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PROPERTY WEALTH CREATION LTD
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
537,201
305,000
Current assets
Stocks
-
33,484
Debtors
1,833
8,614
Cash at bank and in hand
133,904
239,150
135,737
281,248
Creditors: amounts falling due within one year
(389,060)
(347,809)
Net current liabilities
(253,323)
(66,561)
Total assets less current liabilities
283,878
238,439
Capital and reserves
Called up share capital
3
1
1
Revaluation reserve
202,340
183,216
Profit and loss account
81,537
55,222
Shareholder's funds
283,878
238,439
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has 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 24 February 2017
D Sawyer
Director
Company Registration No. 08308713
PROPERTY WEALTH CREATION LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
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 amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets include investment properties valued by the director on an existing use open market basis.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective
January 2015
), 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 director 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.
1.5
Stock
Work in progress is valued at the lower of cost and net realisable value.
1.6
Revenue recognition
Rental income arising from investment properties is accounted for on a straight-line basis over the lease terms.
Income in regards to property sales is recognised upon legal completion.
Income in respect to commissions is earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance of services.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 June 2015
305,000
Additions
213,077
Revaluation
19,124
At 31 May 2016
537,201
At 31 May 2015
305,000
PROPERTY WEALTH CREATION LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of 1p each
1
1