Company Registration No. 08717642 (England and Wales)
ESSEX ROAD DEVELOPMENT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
ESSEX ROAD DEVELOPMENT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ESSEX ROAD DEVELOPMENT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
5,000,000
4,000,000
Current assets
Debtors
20,712
1,900,561
Cash at bank and in hand
157,782
163,399
178,494
2,063,960
Creditors: amounts falling due within one year
(2,418,236)
(457,420)
Net current liabilities/(assets)
(2,239,742)
1,606,540
Total assets less current liabilities
2,760,258
5,606,540
Creditors: amounts falling due after more than one year
-
(2,200,000)
2,760,258
3,406,540
Capital and reserves
Called up share capital
3
3
3
Revaluation reserve
2,760,254
1,938,793
Profit and loss account
1
1,467,744
Shareholders' funds
2,760,258
3,406,540
For the financial year ended 31 October 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 31 July 2017
V Goldstein
Director
Company Registration No. 08717642
ESSEX ROAD DEVELOPMENT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 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 rent s receivable f or the investment property.
rent
s receivable f
or the investment property.
1.4
Tangible fixed assets and depreciation
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:
Tangible fixed assets include investment properties which are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with SSAP 19 which, unlike the Companies Act 2006, does not require depreciation of investment properties, except for properties held on a lease, which should be depreciated over the term of the lease, where the unexpired term is 20 years or less. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 November 2015
4,281,638
Additions
178,539
Revaluation
539,823
At 31 October 2016
5,000,000
At 31 October 2015
4,000,000
ESSEX ROAD DEVELOPMENT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary "A" of £1 each
1
1
1 Ordinary "B" of £1 each
1
1
1 Ordinary "C" of £1 each
1
1
3
3